Question: What Happens If I Don’T Close My Salary Account?

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..

What is the benefit of salary account?

However, there are certain common benefits that come with a Salary Account – zero minimum balance, free cheque book / passbook / e-statements, Debit Cards, NetBanking, Phone Banking, online fund transfer, Demat Account/services, loan conveniences, Credit Card offers, utility bill payments, etc.

Can a company freeze your salary account?

It is the Bank which can freeze the account. … If it is a salary account, and if you have quit the company, then the employer can write to the Bank accordingly. In which case, the account continues but any benefits accrued because of the nature of the account(salary account) are withdrawn.

How much does it cost to close a bank account?

Potential Costs When Closing A Savings AccountFeeCostStop Payment Fee$30–$36Monthly Maintenance Fee$2–$16ACH Transfer Fee$0–$5Wire Transfer Fee$24–$35 (Domestic Outgoing)$15–$20 (Domestic Incoming) Plus Service Fee (e.g., $20; varies by bank)2 more rows•Jul 24, 2015

What happens if you have 0 in your bank account?

A charge does not necessarily mean a debit. If it is debited, you’ll be charged an overdraft fee, which can be charged even if you don’t have overdraft protection. … When my balance fell below the minimum required, they extracted their fee every month until the balance hit zero, then they closed the account.

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.

Do banks care if you close your account?

Ultimately, there is no threat to the branch staff if someone closes their account and brings their money to a competitor. We’re not going to get fired. We don’t get paid based on the amount of money the bank holds in deposits.

Will a bank account automatically close if it reaches zero balance?

Often banks will automatically close-out an account that has a statement cycle (generate a statement) and is at a zero balance, unless it has been flagged to prevent automatic closure. … After 60–90 days with a zero balance the account may be closed automatically.

Can I convert my SBI saving account to salary account?

Can it be converted to Salary account? Yes. Existing saving account with SBI can also be converted to CSP account. … Four variants, namely Silver, Gold, Diamond and Platinum are available, depending on the level of the employee’s gross monthly salary or Rank/ Designation of the employee.

Is it necessary to close salary account?

While it is better to close your old salary account after a job switch, there may be situations where carrying on with your existing salary account would make more sense. Salary accounts offer higher benefits than regular savings accounts without any minimum average balance (MAB) requirements.

Which salary account is best?

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.

What happens if I stop using my bank account?

If a current account or savings account is left inactive for a specified period of time it will be declared dormant by the bank, meaning it’s inactive or no longer in use. But if there’s any money left in it, you may still be able to track down the account and reclaim any funds.

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.

Can a bank close your account for being rude?

As to the titular question, you are not entitled to a bank account and the bank can close your account whenever they want for any (non-discriminatory) reason or no reason.

Is it smart to close a bank account?

Closing a bank account won’t directly affect your credit. It could, however, cause you difficulties and affect your credit score if it’s been closed with a negative balance.

What will happen if my BDO account is zero balance?

Falling Below Minimum Balance Fee will be collected if account falls below the required minimum MADB for two consecutive months. Account Dormancy Fee will be collected if account is dormant and falls below the minimum MADB. A savings account is dormant if it has no client-initiated activity for two (2) years.

Can I convert savings account to salary account?

On the other hand, if your bank permits, you can convert your Savings Account to your Salary Account. This is possible if you change your job, and your new employer happens to have a banking relationship with the same bank for its employees’ Salary Accounts.