Question: Can We Convert Savings Account To Salary Account?

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.

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Does salary account have minimum balance?

Salary account There is no minimum balance requirement. It can help you pay utility bills, transfer money, withdraw, and so on. Plus, most banks offer debit and credit cards which can be used while shopping as well as earn reward points, get discounts, cash-backs and much more!

Can I convert my salary account to zero balance account?

Can I convert my salary account to zero balance savings account? … 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.

Which account is best for salary?

The following is the list of best 5 salary accounts available in India:Kotak Platina Salary Account.SBI Corporate Salary Package.HDFC Bank Classic Salary Account.Citibank Suvidha Salary Account.Axis Bank Prime 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.

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 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.

Can I convert my SBI account to zero balance account?

SBI gives its customers the option to convert their existing savings accounts to BSBD account, free of cost. 3) There is no minimum balance requirement nor any upper limit. 4) This SBI zero-balance account can be opened by any individual provided he/she has valid KYC documents.

What is benefit 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.

Who opens a salary account?

Open a Salary Account in 3 easy steps. Salary Accounts can only be opened when an employer ties up with a bank. With this tie-up, the employer can transfer the monthly salaries in bulk in respective Salary Accounts of the employees.

Can we deposit in salary account?

You can put in cash in the Salary Account anytime but be aware that if the monthly number of ‘over-the-counter transactions’ done for the account crosses the specified number, it may attract a small fee. Over-the-counter transactions include depositing cheques, cash and withdrawing cash.

How can I convert my saving account to salary account?

You would need to intimate your employer about your existing Bank details, so that the monthly salary credits are routed through the same account. You would also need to intimate your Bank branch for the required change in employer mapping with the Bank.

How can I convert my saving account to salary account in HDFC?

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.

Which is better salary account or savings account?

Salary Accounts usually don’t come with a minimum balance requirement, while banks require that you maintain a certain amount of minimum balance in your Savings Account. If you open an Insta Saving Account, you can use even the Saving Account without requiring a minimum balance for up to a year.

Which bank is best for savings account?

Best Banks for Savings AccountBanks for Savings AccountInterest RatesKotak Bank3.50% – 4.00%HDFC Bank3.00% – 3.50%SBI2.70% – 2.70%ICICI Bank3.00% – 3.50%6 more rows