Does Salary Account Have Interest?

Can I convert my SBI saving account to salary account?

Can it be converted to Salary account.

Yes.

Existing saving account with SBI can also be converted to CSP account.

Four variants, namely Silver, Gold, Diamond and Platinum are available, depending on the level of the employee’s gross monthly salary or Rank/ Designation of the employee..

Can I convert my salary account to zero balance account?

Can I convert my salary account to zero balance savings account? … Also, you would be unable to convert your existing account to a zero balance account. We would advise you to convert the existing salary account to general savings account, with a monthly average balance to be maintained at minimum of Rs.

How interest is calculated on salary account?

Calculation of interest on Savings AccountInterest on savings account= Daily balance*Rate of interest* (No. of days/365)Interest= Principal*Rate of interest.Interest: 100,000*8%= 8000.Total Maturity value: 100,000+8000= Rs. 1,08,000.Interest (6 months): 100,000*5.5%= 5500.Pre-Maturity Value (6 months): Rs. 1,05,500.

Is Icici Bank better than HDFC?

Employee Ratings. ICICI Bank scored higher in 2 areas: Work-life balance and % Recommend to a friend. HDFC Bank scored higher in 6 areas: Overall Rating, Career Opportunities, Compensation & Benefits, Senior Management, CEO Approval and Positive Business Outlook. Both tied in 1 area: Culture & Values.

What is premium salary account?

For employees across the country, HDFC Bank has rolled out the Premium Salary Account which is a customised salary account that is offered to select corporates. This salary account is a zero balance account and comes with the benefits of a free Accidental Death Cover up to Rs.

Which bank is best for salary account?

Top 5 Salary Accounts in India, 2020Kotak Platina Salary Account.SBI Corporate Salary Package.HDFC Bank Classic Salary Account.Citibank Suvidha Salary Account.Axis Bank Prime Salary Account.

Can we deposit in 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.

What is the meaning of salary?

A salary is a form of payment from an employer to an employee, which may be specified in an employment contract. It is contrasted with piece wages, where each job, hour, or other unit is paid separately, rather than on a periodic basis. … In accounting, salaries are recorded on payroll accounts.

Is Icici good for salary account?

The ICICI Bank Salary Account for employees is a zero-balance account and comes with benefits such as a free debit card and cheque book when opening the account, reward points for every transaction made, net banking, phone banking facilities and so on.

Is it safe to keep money in salary account?

The answer is : YES. Having more than 1 account is always advisable. … If you keep all your money in Salary account, which is having a Debit card and Internet banking facility, there is very high chance of spending more money. So to keep unnecessary expenses in check, you should have more than 1 account.

Which salary account is best in HDFC?

HDFC Bank offers several types of Salary Accounts suited for different sectors and needs.Premium Salary Account: For select corporates as priority service. … Regular Salary Account: Debit card hero! … Defense Salary Account: Especially made for defense personnel. … Classic Salary Account: Comes with better security features.More items…

Can we have 2 salary accounts?

However, if you are asked to open an account with a different bank at your new workplace, you must choose between closing the previous salary account and maintaining the minimum required balance. Weigh your needs for multiple accounts and act accordingly.

Who opens a salary account?

Open a Salary Account in 3 easy steps. Salary Accounts can only be opened when an employer ties up with a bank. With this tie-up, the employer can transfer the monthly salaries in bulk in respective Salary Accounts of the employees.

Is salary account savings or current?

By definition, a Salary Account is a type of Savings Account, in which the employer of the account holder deposits a fixed amount of money as ‘salary’ every month. Who can open a Salary Account? A business (employer) has to tie-up with a bank to open Salary Accounts for its employees.

Do we get interest on salary account HDFC?

HDFC Bank Salary Account Interest Rate 3.50% p.a. *Usually, banks consider salary account as a type of savings account only. Therefore, they provide the same savings account interest rate on salary account as well.

What are the benefits of salary account?

The main benefits of the salary account are – Zero balance account and free unlimited transactions across ATMs of any bank, free ATM-cum-debit card, an additional ATM card for the joint account holder, free Internet banking, free multicity cheques etc.

Can I convert savings account to salary account?

On the other hand, if your bank permits, you can convert your Savings Account to your Salary Account. This is possible if you change your job, and your new employer happens to have a banking relationship with the same bank for its employees’ Salary Accounts.

What is the minimum balance for salary account in SBI?

State Bank of India or SBI offers the facility of opening a salary package account, which is a special savings account offered to salaried customers. According to SBI’s website- sbi.co.in, a salary package account is a zero balance account. This means that monthly average balance (MAB) rule is not applicable.