What Happens If You Dont Close Salary Account?

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..

Which bank has best 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.Citibank Suvidha Salary Account.Axis Bank Prime Salary Account.

Can I convert my salary account to zero balance account?

Can I convert my salary account to zero balance savings account? … 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.

Is there a fee for closing a bank account?

Most banks do not charge a fee to close a bank account. One caveat to this rule is that some banks will charge an early account closure fee if you close an account soon after opening it.

Can we transfer money to inactive account?

One can activate an inactive bank account by doing basic banking activities such as cash withdrawal or deposit, funds transfer or bill payment. … You can even call the customer care or contact the bank branch. In case of a dormant account, you may have to submit a written request along with identity proof.

Is it necessary to close bank account?

To ensure good housekeeping of one’s finances, it is advisable to close bank accounts that are not used actively. Before opting for closure, delink the account if it is being used as a registered bank account for any investments, loans, trading, credit card payments, deposits, NACH mandates or standing instructions.

Will a bank account automatically close if it reaches zero balance?

Any Account with zero balance, regardless of status, may automatically be closed by the Bank without notice.

How can I convert my savings account to salary account?

In the savings account, if you fail to maintain minimum balance, then you will be charged with fee or penalty. This depends on the type of account and bank. One can also transfer your savings account to salary account if your employer account is with same bank, provided if your bank permits.

What happens if I don’t close my salary account?

If your bank account is no longer useful, best is to close the account. … The bank starts deducting charges for non maintenance of minimum balance. A senior executive of ICICI bank said, “We normally inform the employers in case the salaried account is discontinued due to non credit of salaries.

What happens if you dont use bank account?

Depending on the account and the bank, your account may be hit with a dormant account fee. The dormant account fee is charged after a specific period of time with no customer account activity. Usually, this time period ranges from 6 to 12 months.

Is it bad to close a bank account?

Closing an account may save you money in annual fees, or reduce the risk of fraud on those accounts, but closing the wrong accounts could actually harm your credit score. … And consider keeping enough accounts open so your total balances on all open cards is less than 35% of the total credit limits.

How long before a bank closes your account?

Time Varies. As a matter of policy, banks vary the time they take to close negative accounts based on the size of the overdraft and the banking history with the consumer. This is where banking loyalty works in your favor. Many typically wait 30 to 60 days before doing so, while others may wait four months.

Will bank account automatically close?

According to the RBI’s norm, if a customer discontinues using his or her account for 12 consecutive months then banks will automatically make then inactive, and more than extra inactive 12 months will make it a dormant account. So, we are here to guide you as to how you can close your inactive bank account.

Can a bank account be closed due to inactivity?

Yes, a bank can and often do close accounts for inactivity, usually after a certain period of time, typically 12 to 24 months. … Sometimes banks may close your account for inactivity without notice.

What happens to money in a closed account?

Closed Account The bank has to return your money when it closes your account, no matter what the reason. However, if you had any outstanding fees or charges, the bank can subtract those from your balance before returning it to you. The bank should mail you a check for the remaining balance in your account.

Can I reopen a closed account?

It may be possible to reopen a closed credit card account, depending on the credit card issuer, as well as why and how long ago your account was closed. … For example, Discover says it won’t reopen closed accounts at all. But it may be worth asking other issuers if you’d like to reopen your account.

What is the procedure for closing a bank account?

How to Close Your Bank Account ProperlyFind your new bank.Review and transfer automatic payments and recurring transactions.Transfer the money from your old bank to your new bank.Close the account and request a written letter.