Are you losing money because of that idle salary account from your previous job? Do you know if your bank is penalising you on your idle salary account?
Example: Rohit had a Salary account (zero Balance) in a leading private bank, when he left the company, he didn’t close it. After 2 years he checked the account and was surprised to see he was fined for not maintaining Rs 10,000 minimum balance. Rohit was furious and thought bank should have informed him about the same.
Here’s the catch, banks say, as the holder of a salary account with a bank, you get to enjoy certain benefits exclusively. But once you leave that workplace, those benefits are no longer available to you. The salary account is thus converted to regular savings account which requires the account
holder to maintain minimum balance, failing which fine is imposed on the account holder.
Rohit would still argue why didn’t the bank inform him.
Have you ever read the fine prints on your application form before you sign up for your salary account? Very few people probably do. But you will realize in a while, why that small neglect can be a big mistake. The Account Opening form (for salary account) of ICICI Bank explicitly mentions in its declaration that it is the responsibility of the account holder to inform the bank in case of termination of employment. After this the account would be treated as a regular savings account with requirement to maintain minimum balance. In case you do not make such intimation and if no salary stream is credited into the account for six months, the bank by itself would convert the account into a savings account. In such case, the banker is not obliged to inform you.
Work from home and extra cash
Charges applicable may well be a long list. Non-maintenance of prescribed average quarterly balance, annual charges, re-issuance charges for international debit cards, inter-branch cash deposit charges under anywhere banking, demand drafts, pay-orders and outstation cheque collection charges etc. If your account balance is below the average quarterly balance, the bank may be deducting charges without your knowledge and your balance may run to a negative.
What happens in case of a negative balance?
The customer is duly informed and he or she needs to clear off the dues.
What should be done after you leave your previous job?
The best thing to do When you quit an organization and your employer would no longer credit that account with your salary,check with the new employer if its has the same bank for crediting salary, in that case you can continue using this account by furnishing the account details to the HR of the new company. If that is not the case simply walkin to the closest branch of the bank and apply for closure of the bank account.
Things to be considered while closing the account.
The account holder may have activated auto payments of utility bills, credit cards, loan emi’s, etc on salary account. First thing to do is inform the respective companies that you wish to switch to other bank and thus update the information with them. Also one needs to settle all the dues held with bank before closing the account.
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