• 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.

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    Savings Account Reviews

  • Page 1 of 32 1 2 3 4 5
    • Bank Bazaar Debit Card
      "GOOD"
      INDUSIND BANK LTD
      0.5 4.0/5 "Great!"
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      Was this review helpful? 0
      , new delhi
      Reviewed on May 23, 2018
    • Bank Bazaar Debit Card
      "Best"
      INDUSIND BANK LTD
      0.5 4.5/5 "Excellent!"
      Bank bazaar is doing very great job . we really need this type of technology in our country and they are contributing through their beautiful idea and working on that too with a clear and genuine way. Sometimes people just think of bring change but some are actually working on it without giving hassle to any of their customers.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 20, 2018
    • Bank Bazaar Debit Card
      "Very helpful"
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
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      , new delhi
      Reviewed on May 19, 2018
    • Bank Bazaar Debit Card
      "VERY NICE .ACCESS TO EASY AND EASY TO TRANSACTION.THANK YOU."
      YES BANK
      0.5 5.0/5 "Blown Away!"
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      , chennai
      Reviewed on May 18, 2018
    • Bank Bazaar Debit Card
      "FANTASTIC"
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      REALLY FANTASTIC. VERY EASY TO CREATE NEW ACCOUNT...CREATED WITHIN 5 MINS, CONGRATS AND THANK YOU FOR YOUR KIND SUPPORT BANK BAZAAR. AM SEARCHING FOR A ZERO BANK BALANCE ACCOUNT AND FINALLY I GOT THAT WITH THE HELP OF BANK BAZAAR. THANK YOU GOOD
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      , hyderabad
      Reviewed on May 18, 2018
    • Bank Bazaar Debit Card
      "Nice Work"
      YES BANK
      0.5 3.0/5 "Satisfactory"
      Nice work you people are doing, really super. Bank Bazaar is very platform in total service Bank Bazaar is a very important process and very fast process in terms of loan& Other services, am waiting for response my application so not to say good or bad this site today time many banker site available internet but not to complete work to good waiting for bankbazaar to respond. its awesome Its very easy to use, It will make you smile its awesome.
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      , chennai
      Reviewed on May 17, 2018
    • Bank Bazaar Debit Card
      "FANTASTIC"
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      REALLY FANTASTIC. VERY EASY TO CREATE NEW ACCOUNT...CREATED WITHIN 5 MINS, CONGRATS AND THANK YOU FOR YOUR KIND SUPPORT BANK BAZAAR. AM SEARCHING FOR A ZERO BANK BALANCE ACCOUNT AND FINALLY I GOT THAT WITH THE HELP OF BANK BAZAAR. THANK YOU
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      , pondicherry
      Reviewed on May 16, 2018
    • Bank Bazaar Debit Card
      "Thank you "
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
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      , bangalore
      Reviewed on May 15, 2018
    • Bank Bazaar Debit Card
      "NICE "
      INDUSIND BANK LTD
      0.5 4.5/5 "Excellent!"
      I like it its very fast in creating account thank you bank bazaar. You people are good in creating bank accounts u r doing good job. I am searching for a zero bank balance account and finally I got that with the help of bank bazaar thank u bank bazaar. I will ask my friends and colleges to refer/use this site for their financial requirement.
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      , jaipur
      Reviewed on May 13, 2018
    • Bank Bazaar Debit Card
      "Good"
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      I like it its very fast in creating account thank you bank bazaar. You people are good in creating bank accounts u r doing good job. I am searching for a zero bank balance account and finally I got that with the help of bank bazaar thank u bank bazaar. I will ask my friends and colleges to refer/use this site for their financial requirement.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 08, 2018
    • Bank Bazaar Debit Card
      "V good and good service"
      INDUSIND BANK LTD
      0.5 4.5/5 "Excellent!"
      Thank bank bazzar Nice work bank and bank bazar Bank bazaar service is very good, it would be good if bank bazaar gives the exact update on the bank partner. I know bank bazaar for more than 6 months time. The customer support service is excellent with the bank bazaar team and they will give immediate response to the customers.
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      , noida
      Reviewed on Apr 29, 2018
    • Bank Bazaar Debit Card
      "HELPFUL IN OPENING ACCOUNT"
      YES BANK
      0.5 5.0/5 "Blown Away!"
      ITS AN AWESOME PLATFORM TO OPEN AN SAVING ACCOUNT. I LOVE THIS SITE. THERE CUSTOMER RELATIONS DAMNN GOOD TO CUSTOMER. THEY NEVER BETRAYED CUSTOMERS. IN THE SENSE THAT THEY ARE ALWAYS HELPFUL TO US. ALL THE THINGS ARE GETTING DONE BY THIS SITE. WE DON'T HAVE TO DO NOTHING. FROM THIS SITE U CAN APPLY FOR EDUCATIONS LOAN, CAR LOAN, ETC. AND U CAN APPLY FOR DEBIT CARD WITH NO HECTIC. THIS SITE IS AWESOME. I AM PROUD OF BANK BAZZAR.COM
      Was this review helpful? 0
      , manipal
      Reviewed on Apr 26, 2018
    • Bank Bazaar Debit Card
      " Life Insurance, Health Insurance and Car Insurance etc.You "
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      Bank products like Savings Account, Credit Card, Fixed Deposit etcBANK BAZAAR is a good platform for all the financial products .I am not satisfied with the customer service and responses. The process was taking a long time other than that The website is user friendly .The web portals accuracy and speed is very good otherwise I am very much comfortable accessing this site.
      Was this review helpful? 0
      , new delhi
      Reviewed on Apr 24, 2018
    • Bank Bazaar Debit Card
      "Band and bank bazar"
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      Nice work bank and bank bazar Bank bazaar service is very good, it would be good if bank bazaar gives the exact update on the bank partner. I know bank bazaar for more than 6 months time. The customer support service is excellent with the bank bazaar team and they will give immediate response to the customers.
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      , gurgaon
      Reviewed on Apr 16, 2018
    • Bank Bazaar Debit Card
      "Not to say good or bad"
      YES BANK
      0.5 4.5/5 "Excellent!"
      I am waiting for response my application so not to say good or bad this site today time many banker site available internet but not to complete work to good waiting for bankbazaar to respond. its awesome Its very easy to use, It will make you smile its awesome.
      Was this review helpful? 0
      , noida
      Reviewed on Apr 14, 2018
    • Bank Bazaar Debit Card
      "Better for open new savings account and credit card"
      YES BANK
      0.5 4.0/5 "Great!"
      Bank bazzar is very platform in total service Bank bazaar is a very important process and very fast process in terms of loan& Other service, Bank bazaar is a very short process are credit score and process my experience is very help in my life with bank bazaar,,my friend is very interested in this service .
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      , new delhi
      Reviewed on Apr 11, 2018
    • Bank Bazaar Debit Card
      "Awesome appreciate your help with this is a good though."
      YES BANK
      0.5 5.0/5 "Blown Away!"
      Really awesome this is good to see this type of applications really awesome that is the reason, I am happy to apply for this card @ bank bazar. This site bank bazaar is one of my favorite application and it would be great if this is advertised @ all perimeters like all social media app and this would give more results.
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      , nellore
      Reviewed on Apr 11, 2018
    • Bank Bazaar Debit Card
      "its awesome "
      YES BANK
      0.5 5.0/5 "Blown Away!"
      Its very easy to use Its make me smile its awesome I want it and when u dont know your credit score so you can visit this site its very usefull ans very easy to use it i love it and again its awesome and now i have my credit score woooowwwwwwiiiiiiiieeeeeee
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      , ahmedabad
      Reviewed on Apr 02, 2018
    • Bank Bazaar Debit Card
      "Same family life settlement Bank are currently debit card "
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      Personal Bank saving Lifestyle ok ,family savings account life settlement issues etc. but no problem I love bankbaaar live family savings personal account currently no problem AFI general welcome please lifestyle same welcome Bank Bazaar..
      Was this review helpful? 0
      , coimbatore
      Reviewed on Apr 02, 2018
    • Bank Bazaar Debit Card
      "Bank bazzar is very platform in total service "
      YES BANK
      0.5 5.0/5 "Blown Away!"
      Bank bazaar is a very important process and very fast process in terms of loan& Other service, Bank bazaar is a very short process are credit score and process my experience is very help in my life with bank bazaar,,my friend is very interested in this service .
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      , nasik
      Reviewed on Mar 31, 2018
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