Question: Can I Convert My Saving Account Into Salary Account?

Can I change my salary account to another bank?

One can have salary account in any bank of his choice as banks have migrated to CBS and linked through RBI for interbank fund transfer mechanism like NEFT/RTGS.

Now banks have introduced IMPS interbank transfer which makes transfer instantaneous.

The employee can make a choice where to keep his salary account..

Is salary account and savings account same?

A Salary Account is opened by an organization with the purpose of crediting the salary to the employee. A Savings Account can be opened by anyone with Aadhar card to deposit money for the purpose of holding or saving it with the bank. … A Salary Account is created by the employer. Anyone can open a Savings Account.

What are the benefits of salary account?

The main benefits of the salary account are – Zero balance account and free unlimited transactions across ATMs of any bank, free ATM-cum-debit card, an additional ATM card for the joint account holder, free Internet banking, free multicity cheques etc.

What happens to salary account after leaving job?

Here’s what happens to your salary account after you leave your job: … These zero balance salary accounts are offered with a critical condition of salary credit by your employer or else the account is converted to a normal savings bank account if the salary is not credited for consecutive three months.

Can I have 2 current accounts?

A lot of people seem to think you can only have one bank account at a time. But you can actually have multiple current accounts with various banks. Having more than one bank account should not affect your credit score, unless you try to open loads of new ones in a very short space of time.

Can we deposit amount 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 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.

Why is salary credited and not debited?

You are going by the Golden rule of accounting “Debit what comes in, credit what goes out”. There is also another rule “Debit all losses and expenses, credit all incomes and gains”. Your salary is your income. Hence, “Salary is credited” to your account.

Can salary be reversed?

Payroll Reversal. Reversing Payroll is where you can reverse a Payroll you have processed. Once a Payroll has been Process it can not be deleted, therefore if you made a mistake, you need to reverse what you have done by matching or entering the details of what needs to be reversed in the Payroll reversal screen.

Which is the best bank to open 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 if salary is not credited in salary account?

When there is no salary credit in the salary or zero balance account for continuous three months, the account will be treated as savings account and individuals need to maintain required Average Quarterly Balance (AQB) as suggested by the bank.

Does salary account have 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 salary account be transferred?

The same ATM cum Debit Card issued to the Salary Account can be linked to Employee Reimbursement Account. … However for transfer of an account, you would to need to submit an application/ request letter to your home branch or get your Account transferred through Internet Banking.

Can we open two accounts in same bank?

You can’t have 2 accounts in the same bank as you will be having only 1 customer id. But you can have 1 single account and 1 joint account in the same bank.

How can I change my HDFC account to salary account?

Download HDFC Bank Mobile Banking App through play store and do not log in to the App.Just click on “. . . More” and then select “Salary Account Services”Click on “Update Employer Details” and.After entering all the details click on Generate OTP. … In order to convert your Savings account into a Salary accou.