Quick Answer: Can I Save My Money In Salary Account?

How can I save money from my salary?

Let’s jump into the steps that will help you save money:Make A Budget For Yourself.

Set Realistic Financial Goals.

Create An Emergency Fund.

Save Tax By Investing Wisely.

Get Rid Of Your Debt.

Pay Yourself First.

Start Using Real Cash..

Which bank is best for salary account?

Top Salary AccountsKotak Platina Salary Account.SBI Corporate Salary Package.HDFC Bank Classic Salary Account.Citibank Suvidha Salary Account.Axis Bank Prime Salary 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 salary account taxable?

Salary includes: Basic Salary or the fixed component of salary as per the terms of employment. Fees, Commission and Bonus that the employee gets from the employer. Allowances that the employer pays the employee to meet his personal expenses. Allowances are taxed either fully, partially or are exempt.

What type of account is salary?

Account TypesAccountTypeDebitSALARIES EXPENSEExpenseIncreaseSALARIES PAYABLELiabilityDecreaseSALESRevenueDecreaseSALES DISCOUNTSContra RevenueIncrease90 more rows

Can I deposit extra money in my 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 transfer money from 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.

How much money can be deposited in a savings account?

Thus, as cash deposits and withdrawals of Rs 10 lakh or more in a bank account in a financial year are required to be reported to the tax authorities, you need to be careful if you are exceeding the prescribed threshold. This limit is Rs 50 lakh and more in case of current accounts.

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.

Is salary account a real account?

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

How much cash we can deposit in salary account?

Minimum deposit amount under the Deposit Scheme is Rs. 45,000 and additionally deposits may be made in multiples of Rs. 5,000. There is no restriction on maximum amount of deposits that may be made.

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.

What happens 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 earn interest?

One important difference to know, apart from the above is that a salary account may entitle you to an easier loan, as well as credit cards….Savings Account.Salary accountSavings accountInterest ratesNo Interest paid4%-6% interest is paid4 more rows•Feb 28, 2020

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