Question: Which Account Is Best For Salary?

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..

How can I make a salary slip?

Components of Salary Slip#1 Basic Salary. The Basic salary of the employee is around 35- 50% of the total salary. … #2 Dearness Allowance (DA) … #3 Housing Rent Allowance (HRA) … #4 Conveyance Allowance. … #5 Leave Travel Allowance (LTA) … #6 Medical Allowance. … #7 Bonus Allowance. … #8 Other Allowances.More items…•

What is the 3 golden rules of accounts?

Take a look at the three main rules of accounting: Debit the receiver and credit the giver. Debit what comes in and credit what goes out. Debit expenses and losses, credit income and gains.

What happens to 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.

Can I convert my salary account to saving 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.

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.

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.

Is PAN card mandatory for salary account?

The new norm will be applicable to employees whose salary is above the threshold of Rs 2.5 lakh a year. Furnishing of PAN or Aadhaar number is mandatory for the employees in case of receipt of any sum or income or amount, on which tax is deductible.

What is the golden rule for real account?

The golden rule for real accounts is: debit what comes in and credit what goes out. Example: Payment made for a loan. In this transaction, cash goes out and the loan is settled.

Is Goodwill a real account?

Is Goodwill a Nominal Account? No, goodwill is not a nominal account. It is an intangible real account. These accounts represent assets which cannot be seen, touched or felt but they can be measured in terms of money.

What type of account is a salary account?

Savings AccountBy definition, a Salary Account is a type of Savings Account, in which the employer of the account holder deposits a fixed amount of money as ‘salary’ every month. Who can open a Salary Account? A business (employer) has to tie-up with a bank to open Salary Accounts for its employees.

Is salary real account?

Salary account is an expense account and is a nominal account.

Can I transfer money in my 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.

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!

Can bank employees see your accounts?

Unless a teller had access to your personal identification information, then they wouldn’t be able to look up your account information. There are, however, employees in a bank who’s line of work involves your bank balances and information. … Also, banks keep very close track on who views an 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 …

Can we convert salary account to joint account?

Yes you can, Just talk to bank manager. they will convert your salary account into joint account or just get a add on card if you want. Contact your bank they will help you out.

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 can I remove salary slip?

Getting a salary slip or pay slipHuman Resources/ Finance/ Administration department of your employer.Payroll service provider who manages salaries and wages for your employer on outsourcing basis.Your bank can also give your pay slip if your earnings go directly into your bank account.

What if salary account is not closed?

If you are planning for a new salary account, it is better to close the account or maintain AQB as per bank guidelines. … If there is no transaction in account for two years, other than interest credit in savings/current account, the bank will classify it as dormant or inoperative account.

Do we get interest 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. …

Can we keep money in salary?

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.

Can I convert my salary account to zero balance account?

Can I convert my salary account to zero balance savings account? … Also, you would be unable to convert your existing account to a zero balance account. We would advise you to convert the existing salary account to general savings account, with a monthly average balance to be maintained at minimum of Rs.

What is difference between saving account and salary 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.

How can I convert my savings account to zero balance?

A simple one-page application form has to be filled in by the SBI savings account customer to get the account converted to BSBD account and submitted to the home branch where he or she is maintaining the account.