Quick Answer: Can Salary Account Be Transferred?

How do I transfer my salary to employees?

How to TRANSFER salary amount from Bank account to Employee Salary accountGo to the Create (+) icon at the upper right.Select Expense under Suppliers.Leave the Payee field blank.Choose your bank account as the Payment account.Select the Payment date and specify the Payment method for the expense.More items…•.

Does salary account have interest?

As the name says, a salary account is basically opened by your employer to credit your salary. However, the amount maintained in the account, will not be entitled for interest rate. …

Does salary account have minimum balance?

Salary Accounts usually don’t come with a minimum balance requirement, while banks require that you maintain a certain amount of minimum balance in your Savings Account. If you open an Insta Saving Account, you can use even the Saving Account without requiring a minimum balance for up to a year.

What happens if you dont close salary account?

The salary account is not closed by the bank automatically. They are not permitted to close the account unless you request for the same. Banks can only freeze the accounts if there are no transactions in the account for a particular period.

Is salary account and savings account same?

A Salary Account is opened by an organization with the purpose of crediting the salary to the employee. A Savings Account can be opened by anyone with Aadhar card to deposit money for the purpose of holding or saving it with the bank. … A Salary Account is created by the employer. Anyone can open a Savings Account.

What happens to salary account after employee resigns?

However, as the higher benefits are offered on the basis of the salary account, banks convert salary accounts into regular savings accounts when the employees quit their jobs. On conversion, the charges schedule and average monthly balance requirement of regular savings account comes into effect.

Can I change my 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.

Is salary account a savings account?

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.

Which bank 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. HDFC Bank Classic Salary Account.

Can salary be reversed?

Payroll Reversal. Reversing Payroll is where you can reverse a Payroll you have processed. Once a Payroll has been Process it can not be deleted, therefore if you made a mistake, you need to reverse what you have done by matching or entering the details of what needs to be reversed in the Payroll reversal screen.

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.

What is salary processing?

Salary processing may be one of the significant services you offer your corporate clients. Done manually, this could be a rather prolonged and strenuous task—debiting a specific account of the specified amount and crediting the numerous employee accounts with an appropriate amount, as instructed by your client.

What is salary transfer?

A salary transfer means your employer will give an undertaking to the bank that if you were to leave employment for whatever reason (e.g. if you lost your job, moved to another job or even moved outside of the UAE), that any end-of-service gratuity would go to the bank where the salary transfer is being made.

Can I convert my salary account to zero balance account?

Accounts Topics 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. 10,000.00 or as applicable.

Can I change my salary account to another bank?

One can have salary account in any bank of his choice as banks have migrated to CBS and linked through RBI for interbank fund transfer mechanism like NEFT/RTGS. … Now banks have introduced IMPS interbank transfer which makes transfer instantaneous. The employee can make a choice where to keep his salary account.