What happens if salary account is not used?

What happens if salary account is not used?

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.

What happens to Kotak salary account after resignation?

Your Kotak Bank corporate salary account will continue, however, if salary is not credited for 2 consecutive months and the Average monthly balance (AMB) is not maintained as per product variant, your account will attract non-maintenance charges. Hi !

Can I close Kotak salary account online?

Unfortunately, you cannot close your Kotak account online; instead, you must visit a nearby branch to finish the process.

How many days will it take to close salary account?

It will take you approximately a week to 10 days to close your other relationships connected with the bank account you wish to close. Only after all those are done can you proceed with closing your bank account. To carry out the account closure process, an account holder needs to visit the branch personally.

Is salary account a zero balance account?

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.

Can I convert my salary account to zero balance account?

The bank is a financial institution where individuals can deposit or withdraw their money. There are many types of accounts in a Bank. Salary Account is one of them. Zero Balance Requirement – Salary accounts generally do not require the account holder to maintain a minimum balance for the account to remain active.

Can salary account have zero balance?

Is there any charges for closing Kotak bank account?

Closure of account due to revision of charges will not be subject to account closure charges. Standard Charges (in Rs.) 500 p.m.

How can I close my Kotak salary account?

Answers

1. Download the account closure form and print it out.
2. If you have any dues or the outstanding fees then you have to keep that amount ready.
3. Sign the form.
4. Visit the branch and ask the account manager or the PR person in the branch.
5. Get the necessary signature of the person on the form.

Why is my salary not credited?

In case of any discrepancy or non-payment of salary one can approach the labour commissioner to seek redressal. 3. Cases that come to the labour court must be decided upon within a three-month period. If the matter is not resolved by the labour commissioner the same can be pursued in a court of law by the employee.

Can I convert my salary account to saving account?

In case of a job change, the salary account is converted automatically to a savings account if no salary is credited to the account for more than 3 months. Moreover, once the salary account is converted into a savings account, the benefits related to the salary account are no longer offered.

Can I pay salary to my wife?

Thus, it is very clear that if the husband makes payment of commission or salary, etc. to his wife from his proprietary concern or a partnership firm or a corporate entity, then such payment of either a salary or commission paid to the wife would not be treated as the income of the wife because the same would be …

What is Kotak Mahindra Bank Platina salary account?

Kotak Mahindra Bank provides Platina Salary Account that comes with the features and benefits of premium banking. Platina Salary Account from Kotak Mahindra Bank is a no strings attached zero balance savings account. You can earn up to 6\% p.a. interest on your savings account balance over Rs 1 lakhs and up to Rs 1 crore.

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 happens if SALARY is not credited in Kotak Bank salary account?

When your salary is not credited in your kotak bank salary account for period of 2 months it gets automatically converted in to edge savings account in which you have to maintain 10000 pm,if you does not maintain such Ammount bank levy changes for non maintenance pm. , Deep interest. Student and practioner You should see the charges directory .

What happens if a bank account is not in use?

In absence of sufficient funds bank is entitled to put a penalty charge on your account,so you can either start maintaining minimum balances in your account or you can close the account in order to avoid unnecessary charges month on month for the account that you are not using. There is no need to worry.