Is Salary Account And Savings Account Same?

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..

Can I close my salary account?

The salary account is not closed by the bank automatically. They are not permitted to close the account unless you request for the same. Banks can only freeze the accounts if there are no transactions in the account for a particular period.

Can we use savings account as salary account?

It depends on the bank and you can apply to convert your Savings Account to your Salary Account. This is possible when you change your job, and you’re the organization happens to have a banking relationship with the same bank for its employees’ Salary Accounts. … Anyone can open a Savings Account.

How can I convert my savings 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.

Can I open salary account online?

If you are eligible, the application for Easy Access Salary Account can be made online or at your nearest Axis Bank branch. Make sure all your documents are in order for a hassle-free account opening process. To be able to open an Easy Access Salary Account, you need to submit certain documents.

Is salary account is a real account?

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

Can we have salary account and savings account in same bank?

Additional savings bank account While your salary account with the new employer can also perform the functions of a regular savings bank account, an additional savings account can be used as a primary account for making payments for investments or receiving funds from other sources.

Which type of account is salary account?

Savings AccountBy 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.

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.

What is premium salary account?

For employees across the country, HDFC Bank has rolled out the Premium Salary Account which is a customised salary account that is offered to select corporates. This salary account is a zero balance account and comes with the benefits of a free Accidental Death Cover up to Rs.

Which is better salary account or savings account?

There are different type of savings account based on the services you look and ready to maintain minimum balance….Savings Account.Salary accountSavings accountPurposeCredit of salaryTo encourage SavingsMinimum BalanceNo Minimum BalanceMinimum Balance Required3 more rows•Feb 28, 2020

Is salary account necessary?

While a Salary Account is usually opened with the purpose of an employer crediting the salary to the employee, a Savings Account is opened to deposit money for the purpose of holding or saving it with the bank….Personal loanFixed depositCredit CardSavings AccountCar LoanEasyEMI

What happens to salary account after resignation?

After this, the account would be treated as a regular savings account with the requirement to maintain the minimum balance. In case you do not make such intimation and if no salary stream is credited to the account for six months, the bank by itself would convert the account into a savings account.

What type of expense is salary?

Examples of direct and indirect expenses – Rent, light, salaries, wages, sales, etc.

How much money can I deposit in my salary account?

“Cash deposits of over Rs 2.5 lakh will reflect in your Form 26AS and you will be asked to explain the source of the cash,” says Gupta. For current accounts, the threshold limit for cash deposits between 9 November and 30 December will be Rs 12.5 lakh.

What is a good savings account?

More top choices for the best savings accounts Alliant Credit Union, 0.55% savings APY with $5 minimum to open account (read full review), funds insured by the NCUA. … Sallie Mae Bank, 0.70% savings APY with no minimum to open account (read full review), Member FDIC.

Which type of account is bank account?

An example of a Real Account is a Bank Account. A Personal account is a General ledger account connected to all persons like individuals, firms and associations. An example of a Personal Account is a Creditor Account. A Nominal account is a General ledger account pertaining to all income, expenses, losses and gains.

Which bank 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.Jan 10, 2020

Can I change my salary account?

If you are working in government sector, you can change your salary account by submitting details of your new salary account to concerned department.

What is the difference between salary account and current account?

Key difference: A salary account is a bank account designed and offered mainly to salaried persons. A current account, on the other hand, is an account which is designed to suit the needs of businessman, firms, companies, public enterprises, etc. Each one has its own benefits and advantages.

Can I convert my SBI saving account to salary account?

Existing SBI saving account can also be converted to salary accounts, according to the lender. State Bank of India or SBI offers the facility of opening a salary package account, which is a special savings account offered to salaried customers.

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