Maintain Salary Account even after quitting job
It depends on case to case basis. Some banks keep it as salary account even after you quit job, some convert it to savings. A regular deposit of money doesn’t make it salary account. I had salary account in HDFC, changed jobs, continued the account, it’s got converted into savings.Jun 20, 2019
What happens if we don’t close your salary account?
After that one has to pay a penalty and regularise the account. If there is no transaction in the account for two years, other than interest credit in the salary account or savings account, the bank will classify it as dormant or inoperative account and freeze it.
Can we maintain salary account?
If your salary is not credited in the Salary Account for three successive months, then your account is converted from a Regular Salary Account to a Regular Savings Account.
What is a Salary Account?
| Salary Account | Savings Account |
|---|---|
| Zero-balance account | Minimum balance needs to be maintained on monthly/quarterly basis |
Can I convert my HDFC salary account to zero balance 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.
What happens to salary account?
Salary accounts offer higher benefits than regular savings accounts without any minimum average balance (MAB) requirements. However, as the higher benefits are offered on the basis of the salary account, banks convert salary accounts into regular savings accounts when the employees quit their jobs.
Can salary account zero balance?
Salary account comes with no MAB requirement. This means that if your account has no money in it, you will not be asked to close the account or pay any penalty on it. Also, salary account does not need a minimum opening balance. It can be opened with zero balance.
Will a bank account close automatically?
A bank generally can close your account at any time and for any reason—and sometimes without notifying you in advance. Reasons a bank may shut down your account include using your account very little or not at all, or bouncing too many checks.
What is the rule of salary account?
There is no rule of minimum balance in the salary account nor is there a penalty, but if you have a salary account opened by your previous employer, then it is important for you to know this rule.
How do I close my salary account?
To close the account, you need to pay the complete account. 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.
Is salary account mandatory?
Yes, employment confirmation is compulsory to open a premium salary account to ensure that you are an employee of the company.
Can my employer check my bank account?
Your employer can’t see what is in your bank account if they have your account number. It is a normal practice to get a void check in order to get the accurate account information required for a direct deposit. Now if they ask you for your online banking password, then you should worry.
Can HR verify my bank statement?
Yes. There are a couple of ways in getting it done. The HR in your new office or BGV agency can get in touch with the past company HR and verify the authenticity. Comparing the figures in appointment order, payslip, and bank statement would give indications of malpractices.
Can HR ask bank statement?
No HRD can ask for a bank statement, it is confidential and under no company policy they can ask it from the candidate.
How salary slip is verified?
Ask for proof of payment though bank, cheque etc. This can be verified through an account statement of the candidate’s bank account. There is always a likelihood that these could be fake/forged payslips. So a thorough check with HR to confirm that the payslip is genuine is still recommended.
Should I lie about my salary?
Lying about your salary in order to achieve more money from a new employer can backfire. In certain sectors for example, such as law or finance, there are stringent background checks involved – which can include looking into a candidate’s past employment in great detail. This could reveal things like your earnings.
How do companies verify salary history in India?
Some new employers will ask you to have your most recent employer send them a salary verification letter. This letter, preferably on company letterhead, confirms your dates of employment, your title, and your ending salary with the company.
Do banks verify payslips?
So for such employees, getting a personal loan becomes extremely difficult. This is because, lenders have no way to verify the source of income. In some companies or freelancing jobs, individuals are not given salary slip, which again creates problems when applying for a loan.
Can bank call my employer?
Mortgage lenders verify employment by contacting employers directly and requesting income information and related documentation. Most lenders only require verbal confirmation, but some will seek email or fax verification. Lenders can verify self-employment income by obtaining tax return transcripts from the IRS.
How do banks check your income?
Banks may ask to see as many as your last three pay stubs to verify your income, whether you work full-time or part-time. If you have several part-time jobs, be sure to bring in pay stubs from each job.
Is it illegal to not get payslips?
Employers must give all their employees and workers payslips, by law (Employment Rights Act 1996). Workers can include people on zero-hours contracts and agency workers. Agency workers get their payslips from their agency.
How do I get my payslip after resignation?
I have resigned from my job as per the company guidelines and my last working date is ________(your last working date). Here I would like to request you to issue my salary slip for the month of _______(month & year) which I need to submit to my new employer. So please issue my salary slip. Thanking you.
How long should you keep payslips?
HMRC suggests keeping payslips for at least 22 months after the end of the tax year they were issued in. However, if possible, it could be useful to hang on to all your payslips, or at least your P60s, so that you have evidence of things like National Insurance contributions later in life.