Question: Is It Necessary To Open Salary Account?

What happens if you dont close 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..

Can we open salary account without PAN card?

To open an account in any bank in Indiayou will need either PAN Numberor Form 60/61 (where PAN Number is not available).

Can I convert my SBI saving account to salary account?

Can it be converted to Salary account? Yes. Existing saving account with SBI can also be converted to CSP account. … Four variants, namely Silver, Gold, Diamond and Platinum are available, depending on the level of the employee’s gross monthly salary or Rank/ Designation of the employee.

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.

Is Aadhaar card mandatory for salary account?

On 26 September 2018, the apex court delivered its judgement which limited the mandatory use of Aadhaar only to schemes and benefits for which money was spent from the Consolidated Fund of India. The apex court clearly ruled that a person or account-holder cannot be forced to link his/her bank account/s with Aadhaar.

Is salary account necessary?

Salary account There is no minimum balance requirement. It can help you pay utility bills, transfer money, withdraw, and so on. Plus, most banks offer debit and credit cards which can be used while shopping as well as earn reward points, get discounts, cash-backs and much more!

Who can open salary account?

Open a Salary Account in 3 easy steps. 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.

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.

Which account is best for salary?

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 can I convert my Icici account to salary account?

In case the salary is not getting credited from new employer, you may visit the nearest ICICI Bank branch along with the letter from your new company Human Resource (HR), stating that your salary is getting credited to this account and get it duly stamped from your HR along with the latest pay slip and photo ID proof …

Is Icici Bank 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.

Is Pan necessary for opening bank account?

The Reserve Bank of India (RBI) has made Aadhaar and PAN cards mandatory for opening bank accounts. The updated circular said Aadhaar and PAN numbers must be quoted for new bank accounts. …