Quick Answer: Which Bank Salary Account Is Best?

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..

Who opens a salary account?

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.

Is HDFC better than SBI?

Some of the key results of the comparison between the two banks are: Lowest Interest rate of SBI Personal Loan is 9.60%, which is lower than the lowest interest rate of HDFC Bank at 10.50%. … HDFC Bank can be a better option if you are looking for a high value amount.

Is salary account is a real account?

Salary account is an expense account and is a nominal account.

Which HDFC salary account is best?

HDFC Bank offers several types of Salary Accounts suited for different sectors and needs.Premium Salary Account: For select corporates as priority service. … Regular Salary Account: Debit card hero! … Defense Salary Account: Especially made for defense personnel. … Classic Salary Account: Comes with better security features.More items…

What are the benefits of HDFC 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.

Is HDFC good for salary account?

HDFC Salary Account In a premium salary account there is free zero balance. There is also a Salary Family Account for your family members. At a time when SBI has also started charging heavily for not maintaining minimum balance, this zero balance from HDFC Bank makes it one of the best salary accounts in the country.

Which is better HDFC or Axis?

Both Axis Bank and HDFC Limited follow the same formula when it comes to ascertaining the loan amount. But, in terms of interest rates, HDFC is a better option as its highest rate is 8%. Whereas, Axis Bank Home Loan Interest rates are can go upto 8.55%.

Can I have two salary accounts?

Yes, you can. There is no rule that bars employees from having two salary accounts in two banks. … The condition for an account to qualify as a salary account, is a monthly salary credit. This is possible, only if you receive two salaries in a month, or a separate reimbursement account is needed.

Is Axis good bank?

Axis Bank is the third-largest bank in the private banking sector in India and hence it is very safe to invest. … The bank offers different loans and fee-based products and services to large and mid-corporate customers.

Can I convert saving 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.

Which type of account is salary?

By definition, a Salary Account is a type of Savings Account, in which the employer of the account holder deposits a fixed amount of money as ‘salary’ every month. It is an expense account and is a nominal account.

Can we change salary account?

Continuing a salary account usually makes matters easy since you don’t have to close an account and open a new one. … 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.

What happens to salary account after resignation?

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.

Which bank is best for salary account for TCS?

Exclusive Offers for TCS employeesUnlimited access to 12,000+ Axis Bank ATMs and 3700+ branches.Free withdrawals from any bank ATM across the country.Free Online NEFT transactions.

Which is best private bank?

HDFC Bank. Established in the year 1994, Housing Development and Finance Corporation Ltd. is headquartered in Mumbai. … ICICI Bank. … Axis Bank. … Kotak Mahindra Bank. … Yes Bank. … Federal Bank. … IndusInd Bank. … RBL Bank.More items…•

Is HDFC better or Icici?

HDFC has an average customer ratings of 4.5, while ICICI Bank has an average customer rating of 4.1, based on which it is clear that HDFC has a high customer service focus, an easy Home Loan process and a quick turnaround.

How many bank accounts should a person have?

two accountsAt the bare minimum, we recommend getting at least two accounts, one for checking and the other for saving. Divide your monthly income or salary into two portions. Deposit the amount that you usually spend each month into the checking account and put the additional funds into your savings 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. …

How much money can I deposit in my salary account?

You can deposit money in your salary account. If the amount you deposit is more than Rs. 50,000/— the bank may ask your PAN No. Salary account is like savings account.

Which bank is best for salary account Quora?

If you want Salary Accounts with minimum deductions and Good benefits then go with any PSB like SBI, BOB, IDBI and if you wish account with Maximum deductions and maximum benefits then choose any private bank like HDFC, AXIS, ICICI.