Does salary account comes under saving account?

Does salary account comes under saving account?

As the name says, a salary account is basically opened by your employer to credit your salary. However, one should keep in mind, if the salary does not credit for consecutive three months than the account is considered as savings account and minimum balance maintenance is required.

Can bank waive off non maintenance charges?

Banks are allowed to charge non-maintenance of minimum balance penalty to the customers but there is no cap on the charges. The penal charges have to be approved by the bank’s board.

Can we have salary account and savings account in same bank?

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. Anyone can open a Savings Account.

What is non maintenance charges in Kotak?

Charges for non maintenance of minimum monthly average balance. 5\% of the shortfall in required AMB per month. Fund Transfers. NEFT / RTGS / Fund Transfer (Through Netbanking / Mobile Banking) Nil.

Can salary account be used for other purposes?

The salary account is created for employees by their employer for the purpose to credit salary directly into their accounts. And you can use your salary account to make all your payments such as utility bills.

What happens if minimum balance is not maintain in Kotak Mahindra Bank?

Few lenders such as Bank of Maharashtra, Kotak Mahindra Bank and, Axis Bank have revised their charges for non-maintenance of minimum balance effective August 1, 2020. If a customer fails to maintain this amount in an account, the bank will now charge a penalty of up to Rs 75 per month.

Can salary account be blocked by employer?

Originally Answered: Can my company block my salary account after pay monthly salary to me? No, you have to give application to the branch to close it. However the salary a/c will get converted into normal savings a/c if salary is not credited to the a/c for more than 3/6/12 months (Varies from bank to bank).

Why salary is not credited in Kotak Mahindra bank account?

As far i understand your salary is not getting credited in kotak mahindra banks account because salary accounts does not have any minimum balance requirement,so if salary doesnt comes it becomes a savings accounts which are not zero balance.

Should I continue my savings account with Kotak Bank?

However, since the bank mentioned is Kotak which offers a higher rate on savings accounts than other banks, you may want to consider the benefits. If there is a locker, FD, online trading account or loan that you have availed from the bank, you might as well continue the savings account for operational convenience. Looking to retire comfortably?

What are the benefits of switching from salary account to savings account?

Freedom From Debit Card Charges – Debit cards offered with salary accounts usually come with a waiver of annual charges or issuance charges. Following a job switch, a salary account automatically gets converted to a Savings account, if salary is not credited to the account for a period of 3 months.

Can I convert my old salary account to a savings account?

Before you convert your old salary account (held with a previous employer) to a savings account, do check with your new employer if they would allow you to continue holding on to your existing salary account. This is possible if the new organization too holds accounts with the same bank as your previous employer.