A current account is a type of bank account. Some banks even have different types of salary account based on the salary you draw. Basically, salary accounts not required to maintain any minimum balance so that it can be also considered as a zero balance account. A pop up will open with all listed sites, select the option “ALLOW“, for the respective site under the status head to allow the notification. The Bank was established in 1996 and was listed on The Dar Es Salaam Stock exchange (DSE) in June 2009. In most instances, the salary of the person is directly deposited in their salary account at the bank. Best 5-Year FDs With Higher Interest Rates Up To 6.75% For Regular Investors, WhatsApp Stickers For Republic Day: How To Send WhatsApp Stickers On Android, iOS. J&K: Pilot dead as Army chopper crash-lands in Kathua, another injured, Sri Lanka vs England Test Series 2021: Full List of Award Winners, Records and Statistics; Joe Root stars. Salary payable is classified as a current liability account that appears under the head of current liabilities on the balance sheet. There are other facilities which are provided on the account such as higher limit debit card, some offers on loan, better credit card offers with higher limit. In this case you will no longer avail the benefit of zero balance. However, the applicants for the Joint Account will need identification proofs. This is generally to cover the high number of transactions. Kareena Kapoor Khan Wins Us With Her Radiant Style In Gym Wear; Much-needed Goals! As the name suggests, a salary account is for salaried individuals in which … To Start receiving timely alerts please follow the below steps: For investment related articles, business news and mutual fund advise. Individuals who change their job frequently need to consider this. As the name says, a salary account is basically opened by your employer to credit your salary. A Savings account differs from a Current account in many ways and aspects. Salary Account is a current account opened solely for employees to receive their salaries. An QNB Current account allows you to effectively manage your money in a secure and easy way, 24/7. Usually you’ll put money into the company to … This criterion applies to Current Accounts too, but the minimum balance amount is much higher. It may so happen, if they had changed the job and forgot to close the account, they they may be charged with penalty for not maintening the balance. Tech, B. Pharma To Be Out Today, Difference between savings account and current account. Also, in most instances no interest is paid by the bank on the balance money stored in the current account. A current account allows you to carry out traditional banking transactions, including depositing or withdrawing cash, issuing checks, paying and collecting checks, and paying recurring expenses such as utility bills via telephone or internet banking. Features and Benefits of ADCB Bank Salary Account The features and benefits of the Salary Account with the ADCB Bank in the UAE are given below in the table: Eligibility Criteria to … However, one should keep in mind, if the salary does not credit for consecutive three months than the account is considered as savings account and minimum balance maintenance is required. Commission to Partners: Normally salary accounts are opened by the employer and give the complete authorisation to respective employee, So that employer can deposit the salary and same time the employee can manage their salary through this salary account. Salary Account. The opening of the Axis Bank Easy Access Salary Account requires fulfilment of certain eligibility criteria. Key difference: A salary account is a bank account designed and offered mainly to salaried persons. Salary accounts also make the payment of utility bills easy and convenient. A current account, on the other hand, is an account which is designed to suit the needs of businessman, firms, companies, public enterprises, etc. Features Targeted at all salaried workers Operates as a current account Initial deposit of GHS50.00 Access to credit facilities Attracts a monthly flat fee No COT charged No interest earned on the However, if you can show the interest earned on these deposits, when filing your tax returns. It also has a six digit sort code to identify your bank and sometimes the branch you use. Current Account. Doorstep Banking Services From Nationalised Banks: How To Register? For government company validity as mentioned in the letter.) Valid Salary Transfer Letter (i.e. If you thought that the tax implications on both the accounts were different, the answer is no. Easy Fund Transfer: HDFC Salary Account holders can use the NEFT and RTGS facility to transfer funds easily. Here click on the “Settings” tab of the Notification option. As your new current-account provider we offer the following guarantee. Do you want to clear all the notifications from your inbox? Salary accounts have very low or no requirements for minimum balance. Penalties are levied if the minimum balance is not maintained. Difference Between | Descriptive Analysis and Comparisons, Counterintelligence Investigation vs Criminal Investigation. A positive current account means the nation earns more than it spends. The nation’s current account is its imports, exports, net income, asset income, and direct transfers. It will only take seven working days. How To Apply For An Aadhaar PVC Card Through UIDAI Portal? Current account is usually an account opened when there would be frequent transactions involved. NPA Of Banks May Rise To 13.5% By September 2021: RBI Financial Stability Report, Bank Holidays In 2021: Banks To Remain Shut On These Days In January, Bank Credit Growth Decelerates On Subdued Demand, RBI Cancels Banking License Of This Cooperative Bank, Liquidity In The Banking System Rises Further, Bankers To Not Participate In 8 Dec's Bharat Bandh, RBI Asks Banks To Not Declare Dividend For FY21; Retain Profit Made In FY20, Bank Employees' Strike Today: Services May Be Disrupted, S&P Skeptical Of Allowing Corporate Ownership In Banks In India, 5 Banking And Finance Stocks To Buy For Good Returns, Markets To Be Volatile Ahead Of Union Budget And Monthly Expiry, IRCTC To Resume e-Catering Services From February. A Savings account can be opened by anyone, the main purpose of this account is to encourage savings. 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