My bank account shows my earned income as a fund transfer rather than as a salary
How can I convert my saving account to salary account?
Converting savings account to salary account is possible if the bank permits. For instance, if you have a savings account in a bank and your new employer also has a tie-up with the same bank, the regular savings account can be converted into a salary account.
What is the difference between salary account and normal account?
While a Salary Account is usually opened with the purpose of an employer crediting the salary to the employee, a Savings Account is opened to deposit money for the purpose of holding or saving it with the bank. Both Savings and Salary Accounts can be opened as an Insta Account.
When you earn money and place it into your account it is called a?
Key Takeaways. In financial terms, “deposit” means placing money into the care of a bank or other financial institution.
Why my salary account is showing saving account?
It depends on the bank and you can apply to convert your Savings Account to your Salary Account. This is possible when you change your job, and you’re the organization happens to have a banking relationship with the same bank for its employees’ Salary Accounts. Who can open the account?
What happens if salary is not credited in 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. Therefore, it is obvious that all the facilities and benefits associated with the Salary Account are replaced by that of a Regular Savings Account.
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 I transfer money to salary account?
Though banks allow depositing cash in Salary Accounts, there might be instances when you might need to declare the source of the money – whether earned from another source or gifted by someone. This depends on the amount of cash being deposited; if it is large, then declaration of the source is necessary.
Should I convert 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.
Are salary account and checking account are same?
The salary account is opened by the employer to credit the salary of its employee to the same account. A current account is usually opened by businessmen, firms, traders, and advocates who have to do a lot of transactions on a daily basis.
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