Bank Rules: Zero balance facility is not always available on many suvisalary accounts including zero balance on salary account. If you also have any such misconception, then you must know the rules of the bank.
Salary Account is the account in which your salary is credited every month. If you are employed then you will also have a salary account. Salary account is also a savings account, but many types of facilities are available on it, one of these facilities is the facility of zero balance. That means, even if you keep zero balance in your salary account, you will not be charged any penalty, whereas it is necessary to maintain minimum balance in other savings accounts. If there is no minimum balance, the bank has to pay penalty. But the facility of zero balance is not always available on salary account. If you also have any such misconception, then you must know the rules of the bank.
This is the rule of the bank
No extra charge is taken from you on whatever facilities are available on salary account including zero balance, but this rule is applicable only till the time your salary account is credited. If there is no salary credit in your bank for three months, then your salary account gets converted into a normal savings account. In such a situation, the rule of maintaining minimum balance in the bank account applies to you also. Also, all the facilities available on salary account are withdrawn.
Apart from zero balance, these facilities are available on salary account
- Account holders get free chequebook, passbook, netbanking facilities on your salary account. Apart from this, no charge is taken for the SMS received regarding salary credit.
- You can easily get personal loan, car loan or home loan etc. because the bank has solid proof of your income through bank statement. In such a situation, banks are assured and the risk remains less. For this, verification of documents is also done easily.
- Overdraft facility is also available on salary accounts for 2 years or more. The limit of overdraft amount is equal to two months’ basic salary. Under the overdraft facility, even if there is no balance in your bank account, you can withdraw money up to a fixed limit.
- Most banks provide the facility of free ATM transactions on salary accounts. This includes SBI, Axis Bank, ICICI Bank, HDFC Bank etc. That means, you do not need to worry about how many times you have done ATM transactions in a month. Apart from this, no annual charge is taken on salary account ATM.
- If you have a lot of money then you can also open a wealth salary account. Under this, the bank gives you a dedicated wealth manager. This manager looks after all the work related to your bank.
