Regular salary earners can convert their ordinary savings account into a salary account by submitting a conversion form, identification, and employment-related documents to the bank.
Add informalnewz.com as a Preferred Source
Bank Account Convert: If you’ve recently started receiving a regular salary and your bank account is currently a simple savings account, you can now convert it to a salary account. A salary account not only has a lower minimum balance requirement, but also offers higher transaction limits, lower fees, and a host of banking features. The most important requirement for this conversion is that your employer agrees to deposit your salary into your bank account every month.
Required Documents and Application Process
You must submit certain documents to the bank to convert to a salary account. This includes an account conversion form provided by the bank, which can be obtained from the bank branch or website. You must also provide identity proof such as a PAN card, Aadhaar card, passport, voter ID, or driving license, and proof of address. Job-related documents such as a salary slip, appointment letter, or company ID card are also required. A written request letter must be submitted to the branch manager expressing your desire to convert the account to a salary account.
Process at the Bank Branch and Online Options
After all the documents are ready, you must visit the bank branch where your current savings account is held. Submit the conversion form and documents there. Some banks also offer the option of changing accounts online or through a mobile app, but this is only possible if the employer has a direct relationship with the bank. After the bank verifies the documents and employment, the account is converted to a salary account. The bank usually sends a notification via SMS or email upon completion of the process.
Why Providing Information Is Important
After changing accounts, it is crucial to ensure that your salary is credited to the correct account. To do this, it is mandatory to provide the new account details to the payroll department on time. An account remains a salary account only if you receive consistent salary. If salary credits are not received for 2 to 3 months, the bank may convert the account back to a regular savings account.
Read More: Phone Numbers Blocked: TRAI blocks 21 lakh phone numbers, learn how to complain on DND app
