“I had a Salary account in a leading private bank. When I left the company, I didn’t close it. And never happened to check it. Almost after TWO years, I noticed it has been converted into a regular savings account, and for not maintaining the average quarterly balance (AQB), I was fined. I want to know whether this is valid.” Are you in the same boat as this aggrieved customer? Or, are you planning to switch the job?
Is that how you feel like too? 😉
Fintuned helps you unravel the mystery behind salary accounts and what you have to watch out for.
Salary accounts are opened by employers to credit the salary of their employees. It is quite similar to your regular savings account, but with numerous freebies like:
But what more important is (which account holders tend to ignore) – Salary accounts are converted into a regular savings account, in case no salary is credited for 3 months consecutively. All the benefits associated with salary account cease to exist. So, what should you do if you have switched jobs?
In case you decide to convert it into a savings account, do check the following:
So, take your time and think wisely how you want to keep the salary account, so that you can avoid paying hefty fines. Let us know if you have encountered any similar issue, or you want to know more. Comments below. 🙂 Cheers !!