Multiple Salary Accounts

[mkate]

Can we use multiple salary accounts with different banks by transferring money from one account to another at the time of salary credit (end of each month)?

 

[SpaceBar]

No. Salary accounts are not like that. These accounts are mostly opened by the employer for the employee. Actually the employer have partnership with the banks and request their employees to open salary account with the banks. But if you are a freelancer, you can open a salary account with them, but I hardly believe just by transfering money someone will eligible for salary account.

 

[Desu Sarath]

AFAIK any employer will allow only one salary account for employee.

 

[Credit_Cards]

That's now how it works, you may continue to have multiple salary account in only this case :

- You are holding salary account with Bank A and then you shift your salary account to Bank B. Bank A will not immediately change your salary account to savings but will wait for 3-6 months and for that period you may hold >1 salary accounts.

 

[Vasuki]

Can we use multiple salary accounts with different banks by transferring money from one account to another at the time of salary credit (end of each month)?

We don't endorse

But what u implying is sending money at particular day of month to make algorithm belive u have salary but actually it's just neft transfer

But u can't open salary account with employer being registered
So it's just normal saving account

He too mentioned same below

That's now how it works, you may continue to have multiple salary account in only this case :

- You are holding salary account with Bank A and then you shift your salary account to Bank B. Bank A will not immediately change your salary account to savings but will wait for 3-6 months and for that period you may hold >1 salary accounts.

 

[pythonlover]

I don't know about others, but in my case the amount is credited from the employer account. I think that is the requirement. You can transfer as many times you want, from one savings a/c to other, but the bank has to have information from the employer that salary is being credited. The statement has information like "SALARY FOR MONTH", something like that.

 

[sidp]

Can we use multiple salary accounts with different banks by transferring money from one account to another at the time of salary credit (end of each month)?

Depends on the bank. Can't with big banks like hdfc/axis/icici/sbi etc. They'll ask for employer code.
If an reputed organization isn't registered with them, they can't open directly. They will connect with back end team to give that organization a code. This process takes time(weeks or even months).

For smaller companies they generally ask for exclussive rights. But this is useful if you plan on take any kind of loan/credit. say I open a new company today and want icici to be my partner in the hope that icici will give me something extra may be epm ltf or 5cr credit line for working capital at cheaper rate. Then I ll go to my preffered icici branch, give them my details. Then they'll forward it to back end to generate a employer code. Once they get it they'll come and open salary account for my employees. Before that I can put salary in my employees icici account but they won't get the facilities of an icici salary account.

You can't just transfer 5L monthly and say I have 5L net salary, give me infinnia.🤣 what ll you do, if they deduct tds or ask for tds deduction certificate.

 

[mkate]

Let's say I joined company A with salary account in Kotak & after 1.5 year I left A & joined B, they opened a new salary account with HDFC. What I'm saying is I'll transfer money in Kotak from HDFC monthly to keep it salary account too.

 

[SpaceBar]

Let's say I joined company A with salary account in Kotak & after 1.5 year I left A & joined B, they opened a new salary account with HDFC. What I'm saying is I'll transfer money in Kotak from HDFC monthly to keep it salary account too.

Not possible. After few months, your Kotak account will be downgraded to normal savings account suitable for you according to your AMB/AQB.

 

[Darthvader]

I think they match the employer name and salary credit name. Both should match may be..

 

[SpaceBar]

Can we use multiple salary accounts with different banks by transferring money from one account to another at the time of salary credit (end of each month)?

Can you tell us the reason behind keeping the particular salary account? We can find a way to convert it to a normal savings without loosing the perks.