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Discover How to Transform Your Savings Account into a Salary Account
Posted on Tuesday, March 19th, 2024 | By IndusInd Bank
A savings account is a basic deposit account that most individuals have. So, if you have just landed yourself a job, you must be wondering if you will need a new salary account or can your savings account be converted to a salary account. Well, there are multiple benefits to converting your savings account to a salary account. Let us understand the benefits of a salary account and its different aspects in detail.
A salary account is a bank account specifically designed for receiving your salary. Your monthly salary is directly credited to this account by your employer. It often offers benefits such as zero or low balance requirements, low or no fees, debit card online banking, overdraft facilities, etc. Salary accounts have higher withdrawal limits compared to regular savings accounts. The account usually comes with a debit card for ATM withdrawals and shopping.
Difference between a salary account and a savings account
The table below highlights some of the key difference between a salary account and a savings account:
| Differentiator | Salary Account | Savings Account |
| Purpose | A salary account is a bank account specifically designed for receiving and managing monthly salary deposits from an employer. | A savings account is mainly used for saving money over the long term, earning interest on the deposited amount. |
| Interest Rate | Salary accounts may have lower or no interest rates. | Savings accounts offer higher interest rates and encourage savings. |
| Withdrawal limit | Salary accounts often offer higher withdrawal limits to accommodate monthly salary transactions. | Saving accounts may have low withdrawal options. Certain accounts may have transaction limits. |
How to Convert a Savings Account into a Salary Account
Step 1: Contact your bank and check eligibility
Visit your bank and enquire about the conversion process of a Savings account into a Salary account to the bank representative.
Step 2: Fill out the application form
Once the eligibility criteria to convert the account are confirmed, complete the necessary application forms accurately. Provide the required information as instructed by the bank. You can download the application form from the bank’s online portal or the nearest branch.
Step 3: Submit the form
Submit the application form and the employment and ID proofs to the bank, or you may upload them online. Once the submitted documents are verified and approved, your savings account will be converted into a salary account.
Step 4: Receive confirmation
Once the conversion process is complete, ask for confirmation from the bank. This could be a confirmation letter, email, or notification through your online banking.
How to Convert Your Savings Account to Salary Account with IndusInd Bank
Step 1. Check the eligibility criteria
Contact the nearest IndusInd bank and check the eligibility criteria for converting a Savings account to a Salary account and tie up between your company and the bank. If your employer does not have an account with IndusInd Bank, you can contact HR and seek guidance.
Step 2. Obtain the application form
Once the eligibility criteria are confirmed, visit your nearest IndusInd bank branch or visit the bank’s online portal to obtain the application form.
Step 3. Fill in the application form
Fill in the application form accurately and provide the required information to the bank.
Step 4. Submit the form
Submit the application form along with the employment proofs and ID proofs to the bank, or you may upload it online. Once the back verifies the details, your Savings account will be converted to a salary account that will provide benefits not only for you but your entire family.
Documents Required to Convert the Savings Account into a Salary Account:
- Identity proof such as an Aadhaar card, PAN card or passport.
- Address proof
- Employment proof, Latest Salary slip
To sum up, salary accounts cater to the needs of employees, providing a convenient and efficient way to manage their finances while enjoying benefits and various facilities offered by the bank.
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
