Quick Answer: Can Money Be Deposited In Salary Account?

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..

Which 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.

How much money can be deposited in a salary account?

After that subject to a minimum of Rs 150 in the same month will be charged. The third party limit would be Rs 50,000 per day. Rs 5 will be charged per thousand rupees after that subject to a minimum of Rs 150.

Can we transfer money in 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.

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.

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.

Is Icici good for salary account?

The ICICI Bank Salary Account for employees is a zero-balance account and comes with benefits such as a free debit card and cheque book when opening the account, reward points for every transaction made, net banking, phone banking facilities and so on.

Does salary account get 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. …

What is difference between saving account and salary account?

A Salary Account is opened by an organization with the purpose of crediting the salary to the employee. A Savings Account can be opened by anyone with Aadhar card to deposit money for the purpose of holding or saving it with the bank. … A Salary Account is created by the employer. Anyone can open a Savings Account.

What happens if salary is not credited in salary account?

If your salary is not credited in the Salary Account for three successive months, then your account is converted from a Regular Salary Account to a Regular Savings Account. Therefore, it is obvious that all the facilities and benefits associated with the Salary Account are replaced by that of a Regular Savings Account.

What are the benefits of salary account?

The main benefits of the salary account are – Zero balance account and free unlimited transactions across ATMs of any bank, free ATM-cum-debit card, an additional ATM card for the joint account holder, free Internet banking, free multicity cheques etc.

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 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.

Who opens a salary account?

Salary Accounts can only be opened when an employer ties up with a bank.

Is salary account necessary?

Cannot be opened by an individual, your employer has to open a salary account for you. There is no minimum balance requirement. It can help you pay utility bills, transfer money, withdraw, and so on.