Quick Answer: Can I Withdraw From Salary Account?

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..

Can I transfer money in my salary account?

Yes, you can deposit money in your salary account maintained with the HDFC Bank. You can use the account as a regular account for typical banking transactions. The account can also be used to withdraw the money either from the bank’s branches or ATM’s or using net banking services.

Can we deposit amount in 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.

What will happens to salary account after resignation?

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. On conversion, the charges schedule and average monthly balance requirement of regular savings account comes into effect.

What is hold salary?

Hold Salary Payout helps hold the salary of employees whose details are yet to be verified or are incomplete in greytHR. It has no impact on salary processing of concerned employee.

How can I convert my saving 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.

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. …

Can I close my salary account?

No. The only way to close your HDFC Salary account is to visit any HDFC branch in your area and fill in the account closure form – Account Closure Form . For more details on what all is required to close the account you can even call their customer care – Find the HDFC Bank Phone Banking Number for your City .

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 bank a real 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.

Is salary account mandatory?

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?

One main criteria of salary account is regular credit of salary. If salary credit stops and there is salary credit for three months and account holder does not close the account, such account gets converted to normal saving account with requirement of minimum monthly average balance as per location.

Can a company take back salary?

Alberta: The employer may deduct an overpayment from regular wages or vacation pay, with written permission specifying the exact dollar amount. Saskatchewan: The employer may deduct an overpayment from regular wages, so long as the correction is made in the next pay run.

What is final settlement in HR?

Final settlement is the procedure required to be followed by the employer after the employee has resigned and or terminated from the organization. … Deductions Repayment: Any outstanding loans which have been advanced to employees have to be generally fully repaid from the final settlement amount due to the employee.

Can we change 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 personal account?

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

What is notice period salary?

If a notice period such as one month is required for an employer to terminate a contract, a ‘payment in lieu of notice’ is immediate compensation at an amount equal to that an employee would have earned as salary or wages by working through the whole notice period: for example, one month’s salary.

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.