Should we convert savings account to salary account?

You would need to intimate your employer about your existing Bank details, so that the monthly salary credits are routed through the same account. You would also need to intimate your Bank branch for the required change in employer mapping with the Bank. 23.

Is salary account better than savings account?

A Savings account can be opened by anyone, the main purpose of this account is to encourage savings….Savings Account.

	Salary account	Savings account
Who can Open	Employer	Anyone
Purpose	Credit of salary	To encourage Savings
Minimum Balance	No Minimum Balance	Minimum Balance Required

Is it good to have salary account?

With the salary account, you can get preferential rates on Citibank products such as personal loan, home loan, car loan, credit cards. You could also get a powerful debit card for your payment and transactions, as well as gain 24X7 access to the convenient digital banking platforms for easy management.

Which is better for salary account?

The following is the list of best 5 salary accounts available in India: Kotak Platina Salary Account. SBI Corporate Salary Package. Citibank Suvidha Salary Account.

Can I transfer my savings account to my salary account?

In the savings account, if you fail to maintain minimum balance, then you will be charged with fee or penalty. This depends on the type of account and bank. One can also transfer your savings account to salary account if your employer account is with same bank, provided if your bank permits.

What are the benefits of having a salary account?

The major benefit of having a salary account is a Zero minimum balance facility. Now every bank is charging some charges if the account holder doesn’t maintain a minimum balance in his account. So in order to avoid these minimum balance charges, you must convert your savings account into a salary account.

How to manage your savings account effectively?

One way is by setting a separate savings account and salary account. Your savings account is where you can park your monthly savings. And you can use your salary account to make all your payments such as utility bills. A savings bank account helps you address your liquidity needs, and it is principal to your investment activity.

How to avoid minimum balance charges on savings account?

So in order to avoid these minimum balance charges, you must convert your savings account into a salary account. In order to covert a savings account to a salary account, we need to write a formal letter to the bank’s branch manager.