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  • Converting Salary Account to Savings Account – Things To Remember

    Savings Account
    • Instant money transfer
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    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

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    • Bank Bazaar Debit Card
      "Service"
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      This is my first time with BANK BAZAAR . The customer service and responses was good. The website is every user friendly and its easy navigate . The web portal's accuracy and speed is also good.My overall experience was good so its recommendable.,
      Was this review helpful? 5
      , gurgaon
      Reviewed on Jul 16, 2018
    • Bank Bazaar Debit Card
      "Very Good"
      YES BANK
      0.5 5.0/5 "Blown Away!"
      Good online services for our Bankbazaar :) And Useful In formation For the best Oppurtionty Offers Extra facility's Good Responsibility Activities Nice Bank Account Debit Or Credit Card Availability And Easy To Software Workings Thank You Bank%azaar.
      Was this review helpful? 2
      , tirupati
      Reviewed on Jul 15, 2018
    • Bank Bazaar Debit Card
      "NICE BANK & NICE PERFORMANCE"
      INDUSIND BANK LTD
      0.5 4.5/5 "Excellent!"
      Bankbazaar is a very good site for banking guidance you can get to know your credit score at once and also know the best options suited for your requirement, these people also calls you and assist in the best way. I really felt it is helpful and will refer the site for our future needs.
      Was this review helpful? 5
      , jodhpur
      Reviewed on Jul 08, 2018
    • Bank Bazaar Debit Card
      "good service"
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      Good website bank bazaar and very easly to apply any account and in any branch now apply for all customers And The website gives great service, and is easy to comprehend with! It is very easy to open an account and compare many banks at the same time! Wonderful experience for me, and I recommend this to everyone. Must use this, for easy account opening guys
      Was this review helpful? 5
      , mumbai
      Reviewed on Jul 04, 2018
    • Bank Bazaar Debit Card
      "Very Good"
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      Bankbazaar is a very good site for banking guidance you can get to know your credit score at once and also know the best options suited for your requirement, these people also calls you and assist in the best way. I really felt it is helpful and will refer the site for future needs.
      Was this review helpful? 5
      , new delhi
      Reviewed on Jul 04, 2018
    • Bank Bazaar Debit Card
      "Account opening"
      YES BANK
      0.5 4.5/5 "Excellent!"
      Its an amazing website so far with easy documentation, lets wait for the next step. i have applied for zero balance saving account, so far not much document required, and customer service is excellent and they provide a quick responsive its great.
      Was this review helpful? 7
      , guwahati
      Reviewed on Jul 03, 2018
    • Bank Bazaar Debit Card
      "I like bank bazar it is very good for car and insurance"
      YES BANK
      0.5 5.0/5 "Blown Away!"
      Excellent service Bank bazaar is very good for all customers for car,bike ,home loan. Bank bazaar is very use ful awesome platform to open savings account it will make dreams come true it will with me 24/7 it is very simple and easy to use i m so happy with the paperless transactions. I got a very good knowledge about the portal and it is good in many ways.
      Was this review helpful? 6
      , patna
      Reviewed on Jun 27, 2018
    • Bank Bazaar Debit Card
      "Excellent "
      YES BANK
      0.5 5.0/5 "Blown Away!"
      Excellent service Bank bazaar is very good for all customers for car,bike ,home loan. Bank bazaar is very use ful awesome platform to open savings account it will make dreams come true it will with me 24/7 it is very simple and easy to use i m so happily with the paperless transactions. I got a very good knowledge about the portal and it is good in many ways.
      Was this review helpful? 5
      , chennai
      Reviewed on Jun 26, 2018
    • Bank Bazaar Debit Card
      "VERY GOOD "
      INDUSIND BANK LTD
      0.5 4.5/5 "Excellent!"
      The website gives great service, and is easy to comprehend with! It is very easy to open an account and compare many banks at the same time! Wonderful experience for me, and I recommend this to everyone. Must use this, for easy account opening guys Bankbazaar is a very good site for banking guidance you can get to know your credit score at once and also know the best options suited for your requirement, these people also calls you and assist in the best way. I really felt it is helpful and will refer the site for future needs.
      Was this review helpful? 5
      , new delhi
      Reviewed on Jun 26, 2018
    • Bank Bazaar Debit Card
      "Gold's Gym"
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      Good website bank bazaar and very easly to apply any account and in any branch now apply for all customers And The website gives great service, and is easy to comprehend with! It is very easy to open an account and compare many banks at the same time! Wonderful experience for me, and I recommend this to everyone. Must use this, for easy account opening guys
      Was this review helpful? 4
      , hyderabad
      Reviewed on Jun 26, 2018
    • Bank Bazaar Debit Card
      "good service"
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      Bankbazaar is a very good site for banking guidance you can get to know your credit score at once and also know the best options suited for your requirement, these people also calls you and assist in the best way. I really felt it is helpful and will refer the site for future needs.
      Was this review helpful? 5
      , mumbai
      Reviewed on Jun 26, 2018
    • Bank Bazaar Debit Card
      "GOOOD"
      INDUSIND BANK LTD
      0.5 4.5/5 "Excellent!"
      The website gives great service, and is easy to comprehend with! It is very easy to open an account and compare many banks at the same time! Wonderful experience for me, and I recommend this to everyone. Must use this, for easy account opening guys
      Was this review helpful? 6
      , chennai
      Reviewed on Jun 24, 2018
    • Bank Bazaar Debit Card
      "good"
      YES BANK
      0.5 4.5/5 "Excellent!"
      Excellent service Bank bazaar is very good for all customers for car,bike ,home loan. Bank bazaar is very use ful awesome platform to open savings account it will make dreams come true it will with me 24/7 it is very simple and easy to use i m so happy with the paperless transactions. I got a very good knowledge about the portal and it is good in many ways.
      Was this review helpful? 4
      , new delhi
      Reviewed on Jun 23, 2018
    • Bank Bazaar Debit Card
      "good service"
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      Bankbazaar is a very good site for banking guidance you can get to know your credit score at once and also know the best options suited for your requirement, these people also calls you and assist in the best way. I really felt it is helpful and will refer the site for future needs.
      Was this review helpful? 4
      , chennai
      Reviewed on Jun 21, 2018
    • Bank Bazaar Debit Card
      "the best banking side in the best service "
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      Bankbazaar is a very good site for banking guidance you can get to know your credit score at once and also know the best options suited for your requirement, these people also calls you and assist in the best way. I really felt it is helpful and will refer the site for future needs.
      Was this review helpful? 7
      , pune
      Reviewed on Jun 21, 2018
    • Bank Bazaar Debit Card
      "Madhu"
      YES BANK
      0.5 4.5/5 "Excellent!"
      This is very useful for all, also it is very easy to get details of all the people, also detailed given by the banks and the customers,and all over the customers,in our through india,this is more useful for the employees like all type of employees and many more,etc,.
      Was this review helpful? 5
      , tirupati
      Reviewed on Jun 18, 2018
    • Bank Bazaar Debit Card
      "Excellent service"
      YES BANK
      0.5 5.0/5 "Blown Away!"
      Excellent service Bank bazaar is very good for all customers for car,bike ,home loan. Bank bazaar is very use ful awesome platform to open savings account it will make dreams come true it will with me 24/7 it is very simple and easy to use i m so happily with the paperless transactions. I got a very good knowledge about the portal and it is good in many ways.
      Was this review helpful? 5
      , bhubaneshwar
      Reviewed on Jun 18, 2018
    • Bank Bazaar Debit Card
      "Great service"
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      The website gives great service, and is easy to comprehend with! It is very easy to open an account and compare many banks at the same time! Wonderful experience for me, and I recommend this to everyone. Must use this, for easy account opening guys
      Was this review helpful? 4
      , mohali
      Reviewed on Jun 16, 2018
    • Bank Bazaar Debit Card
      "About the steps creating an account , It's too easy, u can "
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      It was awesome I am created my account is just a minute It's getting better and the money transfer is also very easy All can create this account And only a adhar number is required If you don't have pan card don't bother about it It's not necessary.
      Was this review helpful? 7
      , bangalore
      Reviewed on Jun 15, 2018
    • Bank Bazaar Debit Card
      "The best banking site for your banking guidance"
      INDUSIND BANK LTD
      0.5 5.0/5 "Blown Away!"
      Bankbazaar is a very good site for banking guidance you can get to know your credit score at once and also know the best options suited for your requirement, these people also calls you and assist in the best way. I really felt it is helpful and will refer the site for future needs.
      Was this review helpful? 6
      , kolkata
      Reviewed on Jun 14, 2018
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