Is it mandatory to convert savings account to salary account?

It depends on the bank and you can apply to convert your Savings Account to your Salary Account. This is possible when you change your job, and you’re the organization happens to have a banking relationship with the same bank for its employees’ Salary Accounts.

Can my salary be paid into my savings account?

You can credit your monthly salary into a savings account only if your employer gives you an option that you can share the details of your savings account for salary credit, but it will not have the perks of a salary account.

Can salary be credited in current account?

Similarly for a current account. You cannot open it, when you have salary and other money going into it.

Is salary account compulsory?

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 is difference between salary account and savings account?

One important difference to know, apart from the above is that a salary account may entitle you to an easier loan, as well as credit cards….Savings Account.

	Salary account	Savings account
Who can Open	Employer	Anyone
Purpose	Credit of salary	To encourage Savings
Minimum Balance	No Minimum Balance	Minimum Balance Required

What happens if salary is not credited in salary account Icici bank?

There is no need to maintain any minimum balance in the salary account. Interest will not be paid for the salary account. In case if the salary does not get credited to the salary account continuously for three months, then the salary account will be considered as savings bank account.

Can we get passbook for salary account with Icici bank?

Identity proof – Passport, Voter’s ID card, Driver’s licence, PAN card,etc….Eligibility for ICICI Bank Salary Account for Employees.

Particulars	Charges
Bank statements	Free monthly e-mail statement Free monthly statement to be collected from branch
Passbook	Free

How do I ask my salary to be credited?

Assignment Point

1. Sub: Request for Salary Credited in Account. Dear Sir, I am writing to you because I would like to discuss why my salary for this month has not been accredited into my account.
2. Another format, [mail format] To: Receiver mail Address- [email protected].
3. Sub: Mail to HR Salary not Credited. Whom it may concern,

Can salary be credited to any saving bank account?

Its free tool can help you retire comfortably. Yes, salary can be credited to any saving bank account and even it’s possible for current account as well. It’s not mandatory to convert your saving to salary account.

How to manage your savings account effectively?

One way is by setting a separate savings account and salary account. Your savings account is where you can park your monthly savings. And you can use your salary account to make all your payments such as utility bills. A savings bank account helps you address your liquidity needs, and it is principal to your investment activity.

What are the requirements for opening a savings account?

Credit of salary. To encourage Savings. Minimum Balance. No Minimum Balance. Minimum Balance Required. Convertibility. If the salary is not credit for 3 consecutive months, it is considered as savings account. One can convert to salary account , if the bank allows. Interest rates.

Can a joint account be opened in a salaried bank account?

Salary account is opened in the name of employee oñly. So if the savings bank account is in the name of employee only it can be converted to a salary account. Joint accounts are not permitted in salary accounts. However, one can nominate another in his salary account. A salary account is no different, it is actually a savings bank (SB) account.