Question: Can I Change My Salary Account To Another Bank?

Can salary account be transferred?

However for transfer of an account, you would to need to submit an application/ request letter to your home branch or get your Account transferred through Internet Banking.

You would need to intimate your employer about your existing Bank details, so that the monthly salary credits are routed through the same account..

Can your bank see your transactions?

Generally, bank representatives at most institutions can access statements, deposit details, canceled check images and other transactional details for open accounts.

What is safest bank to put your money in?

1. Wells Fargo & CompanyWells Fargo & Company (NYSE:WFC) is the undisputed safest bank in America, now that JP Morgan Chase & Co.

What 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.

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.

How do I change my salary account from one bank to another?

This can be done by getting in touch with the respective bank’s relationship manager or by going to the nearest branch. In case of State Bank of India, a customer can inform the bank’s branch regarding the change in employer through a letter.

Can I change my salary account to savings account?

If the salary has not been credited to your Salary Account for a certain period of time (usually three months) then the bank will convert your Salary Account into a regular Savings Account with a minimum balance requirement.

Can bank employees see your accounts?

Unless a teller had access to your personal identification information, then they wouldn’t be able to look up your account information. There are, however, employees in a bank who’s line of work involves your bank balances and information. … Also, banks keep very close track on who views an 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.

Can I convert my salary account to zero balance account?

Can I convert my salary account to zero balance savings account? … Also, you would be unable to convert your existing account to a zero balance account. We would advise you to convert the existing salary account to general savings account, with a monthly average balance to be maintained at minimum of Rs.

Can I open a savings account without a job?

Yes, you can open a saving account without a job. But for credit card account you will need to show you have an income to repay the credit card. To open an account you will need a passport or a driver license, some sort of utility bill or an ID that can show your residential address.

What happens to salary account after leaving job?

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.

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 it OK to have 2 bank accounts?

As long as you can manage the accounts, there is no problem opening as many accounts that best fit whatever your needs are. At the bare minimum, we recommend getting at least two accounts, one for checking and the other for saving.

Can you keep money accidentally paid into your bank account?

In a nutshell, no. Legally, if a sum of money is accidentally paid into your bank or savings account and you know it doesn’t belong to you, then you must pay it back.

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. …

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.

How much cash can be deposited in salary account?

You can deposit money in your salary account. If the amount you deposit is more than Rs. 50,000/— the bank may ask your PAN No. Salary account is like savings account.