How Does A Salary Account Work Exactly?

[GTSaketh]

This is a noob question. But let's say I have part time job. Can I open a salary account and ask employer to deposit it there? Or does the bank need to tie up with the employer? Especially at banks like HDFC, icici or axis.

 

[D₹V]

Mostly tie up.

Few banks accept deposit from current account via NEFT as salary too.

 

[shann9999]

This is a noob question. But let's say I have part time job. Can I open a salary account and ask employer to deposit it there? Or does the bank need to tie up with the employer? Especially at banks like HDFC, icici or axis.

Now you can use any bank salary account. but if they have tieup with the Employeer they might have added benefits compared to regular salary accounts.

example: hdfcbank.com/<<Corportate Name>>

SBI its same for all salary accounts

 

[GTSaketh]

Now you can use any bank salary account. but if they have tieup with the Employeer they might have added benefits compared to regular salary accounts.

example: hdfcbank.com/<<Corportate Name>>

SBI its same for all salary accounts

i want to open in HDFC, AXIS or ICICI for pre approved cc's. Though i already have savings account in HDFC so i don't know if i should do HDFC or not.


What would be the procedure if i were to open it? is it just like any account?

Mostly tie up.

Few banks accept deposit from current account via NEFT as salary too.

Which banks?

Do you mind naming few of them?

 

[Swastik]

I've opened 2 salary account till date, Canara previously and Union most recently,
I both cases my employing organization told me go their branch with Joining letter and other docs(Pan, aadhaar, photo etc),
For Canara they even called the branch manager to expect my arrival and help me out

So i think Joining letter is required, salary Slips might work if have joined long back,
This ofcourse is for PSU banks

For private you can just walk in and open a salary without anything and as long as Salary gets credited every month you'll keep on enjoying benefits of that account type

 

[GTSaketh]

I've opened 2 salary account till date, Canara previously and Union most recently,
I both cases my employing organization told me go their branch with Joining letter and other docs,
For Canara they even called the branch manager to expect me and help me out

So i think Joining letter is required, salary Slips might work if have joined long back,
This ofcourse is for PSU banks

For private you can just open and open a salary without anything and as long as Salary gets credited every month you'll keep on enjoying benefits of that account type

Yeah, I want to open in either HDFC, Axis or ICICI

 

[Swastik]

Yeah, I want to open in either HDFC, Axis or ICICI

Negotiate with HDFC, based on your salary you can try to get one of their big 3 card(Reg Gold, DCB, Infinia) and can even try for FYF/LTF

 

[GTSaketh]

Can I have both Salary account and Savings Account in HDFC?

 

[Swastik]

Yeah sure, you can open multiple accounts in same bank i suppose

I used to have 2 savings account with ICICI about dacade ago, closed down one of them later myself