Question: What Happens To Salary Account After Resignation?

Can I convert salary account to saving account?

An employer will credit the salary to the employee’s bank account on a monthly basis.

If the salary is not credited to the employees’ bank account continuously for more than three months, then the salary account will be treated as savings bank account..

What are the benefits of HDFC salary account?

Here’s how you save with your HDFC Bank Premium Salary AccountCategoryBenefit / FeaturesInsurance cover on salary accountRs.30 lakh Accident CoverSavings on Shopping with Debit Card1% CashBack on every Rs.100/- spent*2.5% surcharge waiver at all fuel pumps**Insurance cover on Debit CardUp to Rs.60 lakh Accident Cover6 more rows

What happens if salary is not credited in salary 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 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 it necessary to close bank account?

To ensure good housekeeping of one’s finances, it is advisable to close bank accounts that are not used actively. Before opting for closure, delink the account if it is being used as a registered bank account for any investments, loans, trading, credit card payments, deposits, NACH mandates or standing instructions.

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 interest paid on 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. …

What is the difference between salary account and normal 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.

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.

What happens to HDFC salary account?

1. HDFC’s Core Banking System will automatically convert your Salary account to Savings account due to non-credit of salary which happens every month. … HDFC’s Core Banking System will automatically convert your Salary account to Savings account due to non-credit of salary which happens every month.

Can money be deposited 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 happens to HDFC 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.

Does salary account have minimum balance?

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!

What happens if your bank account is closed?

As soon as you receive notice that your bank has closed your account, you need to take immediate action in order to be able to continue to pay your bills and manage your money. … The bank can hold any money that you currently owe in overdraft fees and charges, but you may need that money to pay your rent and other bills.

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 .