There are many types of accounts opened in banks. Salary of most people in the country comes to the savings account. The salary account rules are different from those of a savings account. Both accounts are opened according to different requirements. For your information, let us know that the salary account is the account which is opened by the employer. Salary is transferred to this account. Banks take money from the company’s account and transfer it to salary accounts. Big shock: this bank reduced interest rate on savings account, new rates apply from today
There is no need for minimum balance in salary account, whereas, if you talk about saving account then it can be opened by any person, there is no role of the company in it. No minimum balance is required in the salary account, however it is necessary to keep a minimum balance in a savings account, which varies by different banks.
You can change your savings account to a salary account
If the salary has not been added to the salary account for a certain period of time (normally three months), the bank will convert the salary account into a regular savings account requiring minimum balance. On the other hand, if the bank approves, you can convert your savings account into a salary account. You can do this when you change your job and your new employer wants to open your salary account with the same bank.
What is the difference between salary and savings accounts
- The rate of interest on salary and savings account remains the same.
- The bank pays interest at the rate of about 4% in your salary account.
- Whereas a corporate salary account can be opened by someone who takes salary from the company.
- A salary account opens your employer, while anyone can open a savings account.
- If you have changed your job, and you have not closed or changed your salary account, then keep a minimum balance in it.
- Failure to do so, the bank may impose maintenance fees or fines on the savings account.
Benefits of SBI Salary Account
- Zero balance account
- Free unlimited transaction from any bank’s ATM
- Free ATM cum Debit Card
- ATM card for joint account holder
- Free internet banking
- Free multicity check
- 35% off on locker charge
- Free draft, SMS alert, online NEFT / RTGS
- Overdraft facility for 2 months salary