Question: Is Salary Account And Savings Account Same?

Who can open salary account?

Salary Accounts can only be opened when an employer ties up with a bank….InstaAccountOperational mobile number.Aadhaar number.PAN number.Individuals must be above 18 years and should not have an existing HDFC Bank Salary/Savings Account..

What happens if you dont close 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?

Can it be converted to Salary account? Yes. Existing saving account with SBI can also be converted to CSP account.

Is salary account same as current account?

In case of ATM withdrawal if you have a salary account or zero balance account you should opt for the savings account. Thus, while a savings accounts caters to an individuals, a current account would cater to a business person. … Salaried individuals should not open a current account, unless they have a business.

Which bank is better for salary account?

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.

Is salary account necessary?

Salary accounts offer higher benefits than regular savings accounts without any minimum average balance (MAB) requirements. However, as the higher benefits are offered on the basis of the salary account, banks convert salary accounts into regular savings accounts when the employees quit their jobs.

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.

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 type of account is a 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. Who can open a Salary Account? A business (employer) has to tie-up with a bank to open Salary Accounts for its employees.

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.

Is salary account is a real account?

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

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.