Quick Answer: Which Type Of Account Is Salary?

Is salary account and savings account same?

So, what exactly is the difference between a Savings Account and a Salary Account.

While a Salary Account is usually opened with the purpose of an employer crediting the salary to the employee, a Savings Account is opened to deposit money for the purpose of holding or saving it with the bank..

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.

Is salary account mandatory?

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!

How much money can I deposit in my 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.

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.

Can we get salary in savings account?

This depends on the type of account and bank. One can also transfer your savings account to salary account if your employer account is with same bank, provided if your bank permits….Savings Account.Salary accountSavings accountWho can OpenEmployerAnyonePurposeCredit of salaryTo encourage Savings3 more rows•Feb 28, 2020

How can I convert my saving account to salary account?

You would need to intimate your employer about your existing Bank details, so that the monthly salary credits are routed through the same account. You would also need to intimate your Bank branch for the required change in employer mapping with the Bank.

How do I create a salary account?

Open a Salary Account in 3 easy stepsPAN Card.Aadhaar Card.Voter ID Card.Driving License.Passport.An ID card issued by the Central or State Government.Public Sector Units (PSUs) and/or NREGA Job Card.

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 salary account is a real account?

answer? Nominal account is an account which is related and associated to losses, expenses, income and gain. But Outstanding salary is a personal account because it relates to actual persons. As the salary is due but not yet paid, so it doesn’t come under nominal account.

Can I transfer money in my salary account?

You can put in cash in the Salary Account anytime but be aware that if the monthly number of ‘over-the-counter transactions’ done for the account crosses the specified number, it may attract a small fee. Over-the-counter transactions include depositing cheques, cash and withdrawing cash.