Whoever said wishes don’t come true hasn’t explored our offers!

Converting Salary Account to Savings Account – Things To Remember

Savings Account
  • Instant money transfer
  • 24x7 ATM withdrawals
  • Attractive rate of interest

Every employed individual will have the working knowledge about what a Salary Account is. These are accounts which are opened by employers for the purpose of crediting the salary of their employees. Salary accounts for employees are usually opened with the same bank with which the company holds accounts and conducts banking transactions. On the other hand, you can open a Savings account with a bank of your preference where you can put money as and when is convenient and available. A salary account does come with its own set of advantages which are:

  • Zero Balance Requirement – Salary accounts usually do not require the holder to maintain a minimum balance for the account to remain active.
  • Free Drafts & Pay Orders – Salary accounts often provide account holders the facility of drafts and pay orders, free of charge.
  • 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. Though the agreement of a salary account lies between the bank and the account holder, but after conversion, salary accounts will no longer offer you the same benefits as before. So, if you are undergoing or about to undergo the process of converting your salary account to a savings account, here are a few things to remember which can be extremely helpful.

Salary Account & Your New Job

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. If it is possible, it will save you a fair bit of paperwork which you’d have to submit in order to open a new salary account, and also one more account to manage.

Do You Need Another Savings Account?

In case your new employer does not have an account with the bank where you previously held your salary account, do give it some thought, whether or not you’d like to create an additional savings account of that salary account. Now, there are two ways to go about this. If your previous salary account was the first account you’ve ever held, then it is advisable to convert that salary account to a regular savings account. This way, you will have a savings account in addition to your existing salary account where you can get receive credits from other sources and make payments for your investments like Systematic Investment Plans (SIPs), EMIs for a loan or insurance which you may have taken.

Check For The Minimum Balance Requirements

Savings accounts usually require the holder to maintain a certain amount as minimum account balance. Your converted savings account may not be an exception. So, whenever you are converting a salary account with one bank to a regular savings account, do check beforehand the minimum balance which you will be required to maintain for that account. This is important because, banks do levy varying amounts , which may sometimes be quite high, as penalties for non-maintenance the required minimum balance in savings accounts. For instance, Axis Bank and ICICI require savings account holders in urban and metro areas to maintain a minimum balance of Rs 10,000. However, banks like Standard Chartered require account holders to maintain a minimum balance of Rs 25,000 for a savings account.

Branch Locations

When it comes to banking, another factor which comes into play is your bank’s branch location. Though a majority of banking functions can now be done online via the internet or mobile banking, there are several other banking services which can be availed only at the branch location. There are many services that can only be availed at bank premises. This is why it is important to find out whether or not the bank you’re converting your salary account with has a branch nearby for easy access. Ideal locations would be near your office / workplace or your house, making it easily accessible.

Branch and ATM Density

One of the primary factors which influences our choice for a bank would be its accessibility. Before you consider to convert your old salary account with a particular bank to a savings account, do find out whether or not the bank has a robust and easily accessible branch as well as ATM network, not just near your house or workplace but also at places and areas which you might frequent. Banks like SBI, ICICI, PNB, HDFC, Kotak Mahindra and more have a wide spread network of branches and ATMs, making it easy for its customers to have access to banking facilities, especially in times of urgent need.

Remember To Change Your Communication Address

When it comes to salary accounts, more often than not, we provide our workplace address for bank related communication purposes. However, when you convert the same salary account to a savings one, the do always remember to change the address for communication as well. Otherwise, all information of your account related activity like monthly statements, credit / debit card bills to more sensitive information like internet banking / mobile banking passwords, debit/credit card PIN, cheque books, etc., will continue to be sent to your now ex office address and are at a risk of being misused. To prevent that from happening, do remember to change your mailing (snail mail and email) address once you have switched from one workplace to another.

Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

Savings Account
Net Banking
Mobile Banking
Savings Account By Top Banks
Savings Account By Banks

Savings Account Reviews

Page 1 of 38 1 2 3 4 5
  • Bank Bazaar Debit Card
    "Best servise for bank bazar"
    YES BANK
    0.5 4.5/5 "Excellent!"
    Bank bazar service is best for cobil scor provide persnal loan , atm card ,etc. ... ....................................................................................................................thanks bank bazar
    Was this review helpful? 6
    , ambala
    Reviewed on Mar 07, 2019
  • Bank Bazaar Debit Card
    "san rem"
    YES BANK
    0.5 4.0/5 "Great!"
    Thank you very much ........ It's very simple to open new account ... And I am very comfortable with this your bankbazar site and app..... And my self I recommend to my frnds also... For credit cards also show which is suitable for me.. thanks alot for your service
    Was this review helpful? 21
    , chennai
    Reviewed on Feb 18, 2019
  • Bank Bazaar Debit Card
    "Experience"
    YES BANK
    0.5 3.5/5 "Pretty good"
    First time experience of opening bank account Let's see what happens. I hope everything going good. I will refer my friends to if IM able to opening my account through bank bazaar. And also need help in mutual funds investment. Thanks.
    Was this review helpful? 16
    , new delhi
    Reviewed on Feb 17, 2019
  • Bank Bazaar Debit Card
    "Customer satisfaction "
    YES BANK
    0.5 5.0/5 "Blown Away!"
    I visited a number of sites on regards in the above matter, but what ever the response I got through bank bazar was marvellous and extra ordinary.... Thanq for providing such easy platform for getting in touch to obtain the debit cards so easily.
    Was this review helpful? 11
    , hyderabad
    Reviewed on Feb 16, 2019
  • Kotak Debit Card
    "Better"
    KOTAK MAHINDRA BANK
    0.5 4.0/5 "Great!"
    I am having a Platinum Debit card from Kotak Mahindra Bank. The daily withdrawal limit is sufficient. I don't get any benefits on the card but its easily accessible everywhere. I got a hidden charges of 150 rupees which was debited from my account. There is no charges for other ATM swipes and there is no limitation.
    Was this review helpful? 37
    , mumbai
    Reviewed on Jan 28, 2019
  • Kotak Debit Card
    "Worst Kotak 811 services"
    KOTAK MAHINDRA BANK
    0.5 0.5/5 "Unacceptable"
    Opened an account in December 2018 not received any call from customer care for document completion till yet also visited the nearest branch and no action has been taken . Worst services of this bank . Even the executive and staff has not been responsible and their behavior is also very rude.
    Was this review helpful? 46
    , new delhi
    Reviewed on Jan 16, 2019
  • Bank Bazaar Debit Card
    "NICE "
    YES BANK
    0.5 3.0/5 "Satisfactory"
    I am impressed with the quality of the service that is being offered here. It was so easy to apply for the Debit Card. Something of this nature should truly be an easy thing and because of Bank Bazaars commitment to help me, I can safely say, "Yes"! I have gotten through!!
    Was this review helpful? 31
    , bangalore
    Reviewed on Jan 12, 2019
  • Bank Bazaar Debit Card
    "saving account is life saving "
    YES BANK
    0.5 4.5/5 "Excellent!"
    Thank you very much ........ It's very simple to open new account ... And I am very comfortable with this your bankbazar site and app..... And my self I recommend to my frnds also... For credit cards also show which is suitable for me.. thanks alot for your service
    Was this review helpful? 26
    , udaipur
    Reviewed on Jan 11, 2019
  • Bank Bazaar Debit Card
    "veer"
    YES BANK
    0.5 3.5/5 "Pretty good"
    Thank you very much ........ It's very simple to open new account ... And I am very comfortable with this your bankbazar site and app..... And my self I recommend to my frnds also... For credit cards also show which is suitable for me.. thanks alot for your service
    Was this review helpful? 27
    , chennai
    Reviewed on Jan 11, 2019
  • Bank Bazaar Debit Card
    "Regarding debit card"
    YES BANK
    0.5 4.0/5 "Great!"
    It's good to have a debit card online. It makes the person able to travel anywhere in the world without carrying the bag of money. It creates the safety of money and person has more faith on it. It makes the person able to face any money transaction related problems.
    Was this review helpful? 22
    , jaipur
    Reviewed on Jan 10, 2019
  • Bank Bazaar Debit Card
    "Savings account is mostly i am using"
    YES BANK
    0.5 5.0/5 "Blown Away!"
    I am impressed with the service provided by Bankbazaar.com because they are mostly provide the offers and best deals and gifts also providing so many of the people are choose the relevant bank for shopping, movie ticket etc .and travel..so car loan bike loan are provided to impress people.
    Was this review helpful? 33
    , chennai
    Reviewed on Jan 04, 2019
  • Bank Bazaar Debit Card
    "Thank you"
    YES BANK
    0.5 4.0/5 "Great!"
    Thank you very much ........ It's very simple to open new account ... And I am very comfortable with this your bankbazar site and app..... And my self I recommend to my frnds also... For credit cards also show which is suitable for me.. thanks alot for your service
    Was this review helpful? 30
    , chennai
    Reviewed on Dec 30, 2018
  • Bank Bazaar Debit Card
    "Service"
    YES BANK
    0.5 4.5/5 "Excellent!"
    I am impressed with the quality of the service that is being offered here. It was so easy to apply for the Debit Card. Something of this nature should truly be an easy thing and because of Bank Bazaars commitment to help me, I can safely say, "Yes"! I have gotten through!!
    Was this review helpful? 38
    , new delhi
    Reviewed on Dec 29, 2018
  • Bank Bazaar Debit Card
    "DC REVIEWS"
    YES BANK
    0.5 3.5/5 "Pretty good"
    hi this is manikanta iam really happy to open this account and easy to create my account. Iam waiting for my new account for this bank ,.and am really impressed this bank and giving personal loan also I would like to thank everyone who are present there.
    Was this review helpful? 28
    , chennai
    Reviewed on Dec 27, 2018
  • Bank Bazaar Debit Card
    "Thank you"
    YES BANK
    0.5 4.5/5 "Excellent!"
    Thank you very much ........ It's very simple to open new account ... And I am very comfortable with this your bankbazar site and app..... And my self I recommend to my frnds also... For credit cards also show which is suitable for me.. thanks alot for your service
    Was this review helpful? 26
    , hyderabad
    Reviewed on Dec 26, 2018
  • Bank Bazaar Debit Card
    "Super "
    YES BANK
    0.5 5.0/5 "Blown Away!"
    Fantastic method quick response neat order for the processing given below perfect rules and regulations have lot of the security question and the answers given to be easily identify no if question is more and very simple to keep in memory as well.
    Was this review helpful? 35
    , tiruchirapalli
    Reviewed on Dec 25, 2018
  • Bank Bazaar Debit Card
    "King of to apply debit card "
    YES BANK
    0.5 5.0/5 "Blown Away!"
    Wonderful chance to apply debit card to use the bank opportunity to apply debit card and also all the people to apply debit card for this bank so easy to get along with and without the people that I have been super busy with work and school work done
    Was this review helpful? 40
    , vijayawada
    Reviewed on Dec 21, 2018
  • Bank Bazaar Debit Card
    "Very neat and quick formalities "
    YES BANK
    0.5 5.0/5 "Blown Away!"
    Very fast registration done. It did not askany questions and moreover the drop down menu is gud enough to choose. Great service with great name .i will always recommend this to all my friends. It's quick. Great keep up the good work.bank bazaar was very responsive
    Was this review helpful? 40
    , bangalore
    Reviewed on Dec 14, 2018
  • Bank Bazaar Debit Card
    " i am reyaly happy to and easly i creat .nice responsess lik"
    YES BANK
    0.5 4.5/5 "Excellent!"
    hi this is manikanta iam really happy to open this account and easy to create my account. Iam waiting for my new account for this bank ,.and am really impressed this bank and giving personal loan also I would like to thank who are there every one
    Was this review helpful? 50
    , bangalore
    Reviewed on Dec 05, 2018
  • Bank Bazaar Debit Card
    "Let's see wat happens filled the application"
    YES BANK
    0.5 5.0/5 "Blown Away!"
    Hi Hi Let's see wat happens filled the application for zero balancaccount if it happens to be true then I will be the luckiest person and will be very thankful to the bankbazaar,kindly help me in opening this account .thakur vijayender Singh hi
    Was this review helpful? 42
    , hyderabad
    Reviewed on Dec 03, 2018
Common Loader Icon
Page 1 of 38 1 2 3 4 5

Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

Loading your search...
Close

Compare Multiple Savings Accounts. Apply Online and Get e-Approved instantly

  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.