Quick Answer: How Do You Check Whether My Account Is Salary Account Or Not?

What if salary account is not closed?

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..

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.

Is salary credit or debit?

You are going by the Golden rule of accounting “Debit what comes in, credit what goes out”. There is also another rule “Debit all losses and expenses, credit all incomes and gains”. Your salary is your income. Hence, “Salary is credited” to your account.

Is interest paid on salary account?

Salary Account. 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 use salary account for trading?

you cannot use salary account to do trading. If you wish to do trading use some other savings account or current account. If you use your salary account for trading then bank will call you and it also lead inspections and all.

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.

Why savings accounts are bad?

Low interest: Getting a low return on your money is a key disadvantage of a savings account. … That said, you may get better interest rates at credit unions than at traditional banks, and there are money market and high-yield online savings accounts that will often offer an even higher interest rate.

Which bank is best 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.Citibank Suvidha Salary Account.Axis Bank Prime Salary Account.

Which HDFC salary account is best?

Salary Account Benefits & Why to Open it with HDFC BankPremium Salary Account: For select corporates as priority service. … Regular Salary Account: Debit card hero! … Defense Salary Account: Especially made for defense personnel. … Classic Salary Account: Comes with better security features.More items…

How do you know whether my account is salary account or not?

If the account is opened for other purpose , salaries can be credited to the account. You may visit the respective bank to check..you may also know if your employer has instructed to open the bank account in a perticular bank at the time of employment paper processing.

How do you check my HDFC account is salary account or not?

To do HDFC Balance Enquiry, account holders will be required to SMS “bal” to 5676712. For example, if an account holder wants to check HDFC Bank Account Balance, he/she will be required to type “bal” and send it to 5676712. User will receive an SMS showing the current balance in his / her account.

Is it necessary to open salary account?

All their banking needs are being taken care by a particular bank. Employers maintain one single bank account for making salary or other payments related to salary through this account. … Your other banking transactions can be done through your existing bank account. Hence it is better to have new Salary account.

Does salary account have minimum balance?

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.

How can I convert my HDFC account to salary account?

Download HDFC Bank Mobile Banking App through play store and do not log in to the App.Just click on “. . . More” and then select “Salary Account Services”Click on “Update Employer Details” and.After entering all the details click on Generate OTP. … In order to convert your Savings account into a Salary accou.

How do you check if my Icici account is salary account or not?

You can also ask one of your colleagues in the office about your company bankers & also visit the nearest branch of your official banker in the place nearest to your official residence, which you might have filled up in your joining report forms. This is how you can find out whether you have a salary account or not.

Is my account savings or checking?

Checking Account vs. Savings Account. A checking account is a type of bank deposit account that is designed for everyday money transactions. … Savings accounts have higher interest rates than checking accounts, meaning it is better to let large sums of money (e.g., an emergency fund) sit in savings instead of checking.

Is current account and salary account same?

​Whereas the current account is mainly for business, companies, public enterprises, firms and so on. This account is useful for a person who does many transactions on daily basis as there is no limit of number of transactions. There is no interest paid for the amount held in the account.

How do I know my account type?

Like others have already answered, you can check the account type from your cheque book, or you can call up the branch to know the details. You can also check your account details online, by signing in through your credentials and checking the account summary.

Is salary account a savings account?

Salary account is a type of saving account where you salary gets credited. Usually a bank will offer more benefits to a salary account because it is a fixed source of CASA. Every month ‘x’ amount will be credited to the account. more benefits would be like- zero balance account etc.

How can I convert my Icici account to salary account?

Your ICICI bank savings account can be converted into Salary savings account only if your company has a tie up with ICICI bank for all the employees salary account in ICICI bank, in that case you just need to fill a form with the details of your existing ICICI bank account and submit to your HR team and it will be …