Can We Change Our Salary Account?

Can I convert my salary account to zero balance account?

Accounts Topics Also, you would be unable to convert your existing account to a zero balance account.

We would advise you to convert the existing salary account to general savings account, with a monthly average balance to be maintained at minimum of Rs.

10,000.00 or as applicable..

What happens if I don’t close my salary account?

If your bank account is no longer useful, best is to close the account. … The bank starts deducting charges for non maintenance of minimum balance. A senior executive of ICICI bank said, “We normally inform the employers in case the salaried account is discontinued due to non credit of salaries.

Which bank is best for salary account?

Top 5 Salary Accounts in India, 2020Kotak Platina Salary Account.SBI Corporate Salary Package.HDFC Bank Classic Salary Account.Citibank Suvidha Salary Account.Axis Bank Prime Salary Account.

What happens if I stop using my bank account?

If activity stops in a bank account, the financial institution will eventually classify it as inactive, dormant and then finally abandoned. State laws vary regarding the process banks must follow for managing bank accounts which appear to have been abandoned.

Is current account and salary account same?

Primary difference between savings and current account No interest is normally paid on a current account, while you get regular and periodic interest in the case of a savings bank account. Salaried individuals should not open a current account, unless they have a business.

Is it safe to keep money in salary account?

The answer is : YES. Having more than 1 account is always advisable. … If you keep all your money in Salary account, which is having a Debit card and Internet banking facility, there is very high chance of spending more money. So to keep unnecessary expenses in check, you should have more than 1 account.

Does salary account give interest?

As the name says, a salary account is basically opened by your employer to credit your salary. However, the amount maintained in the account, will not be entitled for interest rate. …

Can I deposit cash in salary account?

Yes,deposits can be made in salary account. The bank won’t deny it, if your account is credited with some amount other than your monthly salary. If need arises,you should be able to justify the source of income/deposits i.e. whether you have earned it from somewhere or the money has been gifted by someone.

Can salary account be changed?

Usually, banks convert the salary account into a savings account if the salary credit does not take place for three consecutive months. We present some points that you need to watch out for, in case you decide to convert your old salary account into a savings account.

Can I change my salary account to savings account?

If the salary has not been credited to your Salary Account for a certain period of time (usually three months) then the bank will convert your Salary Account into a regular Savings Account with a minimum balance requirement.

What will happens to salary account after resignation?

However, as the higher benefits are offered on the basis of the salary account, banks convert salary accounts into regular savings accounts when the employees quit their jobs. On conversion, the charges schedule and average monthly balance requirement of regular savings account comes into effect.

Can we have 2 salary accounts?

However, if you are asked to open an account with a different bank at your new workplace, you must choose between closing the previous salary account and maintaining the minimum required balance. Weigh your needs for multiple accounts and act accordingly.