Quick Answer: Do We Get Interest On Salary Account?

Is salary account a savings account?

By 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..

Can I open salary account?

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.

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.

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.

What is the minimum balance for salary account in SBI?

The Bank offers attractive interest rates provides facilities like free debit card, mobile banking and net banking, 25% discount on locker facilities (Corporate Salary Package) etc….Table of Contents.BankState Bank of IndiaCategorySBI Special Salary AccountMinimum Balance Requirements (MAB)Nil2 more rows

How much cash can be deposited in salary account?

However, cash deposit up to Rs 25,000 per day can be deposited in non-home branch, but beyond this limit there is Rs 5 per thousand charged subject to minimum Rs 150. If you are a third-party person, then upto Rs 25,000 per day cash deposit is allowed.

Which bank account is best?

8 Best Zero Balance Savings Account In IndiaIDFC First Bank Pratham Savings Account. … YES Bank Smart Salary Advantage. … IndusInd Bank-Indus Online Savings Account. … DBS-DigiSavings. … Kotak Mahindra Bank-811 Digital Bank Account. … HDFC Bank – Basic Savings Bank Deposit Account. … SBI – Basic Savings Bank Deposit Account. … Standard Chartered Basic Savings Bank Deposit 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.

Do we get interest on salary account HDFC?

HDFC Bank Salary Account Interest Rate 3.50% p.a. *Usually, banks consider salary account as a type of savings account only. Therefore, they provide the same savings account interest rate on salary account as well.

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.

Can I convert my savings account to salary account?

Can it be converted to Salary account? Yes. Existing saving account with SBI can also be converted to CSP account.

Which savings account earns most money?

High-yield savings accounts are a type of savings account, complete with FDIC protection, which earn a higher interest rate than a standard savings account. The reason that it earns more money is that it usually requires a larger initial deposit, and access to the account is limited.

What is the interest of 1 lakh in SBI?

2.75%Interest Rates on Savings Bank DepositsSavings Bank deposit slabsExisting Rate of InterestSB Deposit accounts with balances upto Rs. 1 lakh2.75% p.aSB Deposit accounts with balances above Rs. 1 lakhi) 2.75% p.a. for balance upto Rs. 1 lakh ii) 2.75% p.a. for balance above Rs. 1 lakh.

Which bank gives highest interest rate on salary account?

Axis Bank Prime Salary AccountInterest @ 3.50%Suitable for those with monthly salary bracket of Rs. 25,000 – Rs. … First 5 cash withdrawal or up to Rs. … Other bank ATMs – Daily up to Rs. … Daily shopping limit of Rs. … Personal Accident Cover – Rs. … For those with a monthly salary of more than Rs.

Can we deposit in 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.

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.

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.