How much cash can be deposited in salary account?
Individuals who deposit cash above Rs. 2.5 lakh and senior citizens who deposit cash above Rs. 5 lakh may be scrutinised. Any amount within the specified limit will be excluded from scrutiny considering that the money is from household savings, cash withdrawals, earlier income, and so on.
Can I transfer money into 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.
Can I deposit salary in savings account?
Typically, yes—many direct deposit programs allow you to send your paycheck to a savings or checking account, and some even allow you to split it between the two. Savings accounts usually have transaction limits and typically have higher interest rates than checking accounts, so people tend to use these to save.
Is it good to keep money in salary account?
Yes, salary accounts are zero balance accounts. This means that any salaried individual can open an account with zero balance. Is it safe to keep money in a salary account? It is safe to keep money in a salary account.
What is difference between salary account and savings account?
Difference between Salary Account and Savings Account : A Salary Account is opened by an organization with the purpose of crediting the salary to the employee. A Savings Account can be opened by anyone with Aadhar card to deposit money for the purpose of holding or saving it with the bank.
Can salary account be a demat account?
Many banks offer a free demat account and a free investment account along with salary account. It is an industry-wide practice to offer a free demat account for the first year. After the first year, the demat account holder is expected to pay the annual fee in the range of Rs 400 to Rs 500.