What Happens to your Salary Account After Switching your Job?
Everyone changes jobs when they get better opportunities or higher pay. So what happens to the salary account in such a case? Many are worried about this. Sometimes people think they should close the previous company’s salary account or run it? Either they should operate it as a normal savings account or open a new account? Go through this article and know what happens to your salary account after switching your job and also know if you need to create a new salary account or not.
Salary Account is Converted into Savings Account
- If you quit your job, the salary account gets converted into a savings account. Your employer stops paying into that account. It remains a salary account till the salary is received.
- Some banks convert salary account to savings account after a few days. While some other banks keep it as a salary account. There is no minimum balance requirement in salary account. But if that changes, you need to maintain the minimum balance requirement. Bank charges non-maintenance fee if you do not maintain minimum balance.
Alternatively You can Create a New Salary Account
If you switch jobs, you can open another salary account with the new employer. Your employer opens a new salary account with a partner bank. Salary accounts also offer zero balance, good interest rates and additional services. But you don’t need to close the salary account if you are employed in a new place, you just needs to see your account regularly.
The Auto Debit System is Affected
Those who auto-debit EMI, SIP, insurance premium and UTI bills from their salary accounts are in trouble. If the Salary Account is changed to Savings Account and you open a new Salary Account then you need to update the Auto Debit Instruction. If you don’t do that then fine, late fee etc. will charged to your account.
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