HDFC is one of India’s leading banks, offering customers various financial products and services. A salary account is one of the most popular products offered by HDFC Bank. This article will discuss how to Convert an HDFC Savings account to Salary Account in detail.
Convert HDFC Savings Account to Salary Account
A salary account had designed for employees who receive salaries through their banks. If you are an HDFC Bank customer and want to convert your savings account to a salary account, this article is for you.
This article will guide you through converting your HDFC Savings Account into a Salary Account.
Benefits of Salary Account with HDFC Bank
A salary account with HDFC Bank offers several benefits, including:
Higher transaction limits: A salary account with HDFC Bank offers higher transaction limits than a regular savings account.
Waived Fees: HDFC Bank waives off fees like ATM withdrawal, chequebook, and account maintenance fees for salaried customers.
Discounts and Offers: Salary customers can avail of various discounts and offers on HDFC Bank products and services.
Instant Credit: Salary customers can use instant credit facilities like pre-approved loans and credit cards.
Difference between savings and a salary account
So, what is the difference between savings and salary accounts?
Generally, when the employer opens a salary account to credit the salary to the employee, a savings account is opened to deposit money for keeping or saving in the bank. Both savings and salary accounts can open as an Insta account.
Minimum balance required:
Salary accounts generally do not require a minimum balance, but banks require you to maintain a certain minimum balance in your savings account. If you open an Insta Saving Account, you can also use the Saving Account without the minimum balance requirement for up to one year.
Suppose the salary had not been deposited in your account for a certain period (usually three months). In that case, the bank will convert your salary account into a regular savings account with a minimum balance requirement.
On the other hand, if your bank allows it, you can convert your savings account into your salary account. If you switch works and your new employer has a banking relationship with the same bank for its employees’ salary accounts.
Banks offer interest on both salary and savings accounts. Interest rates depend on the type of savings/salary account you have.
Before we get into the conversion process details, let’s look at the eligibility criteria for opening a salary account with HDFC Bank. To be eligible for a salary account with HDFC Bank, you have to meet the following criteria:
- You must be an employee of an office with a tie-up with HDFC Bank for salary accounts.
- Provide your company salary slip or employment letter indicating your salary and company tie-up with HDFC Bank.
- You need documents like Aadhaar Card, PAN Card and Address Proof to open a Salary Account.
You can proceed with the conversion process if you meet the above eligibility criteria.
What documents need to convert a saving account to a salary account?
To convert your HDFC Savings Account into a Salary Account, you need to provide the following documents:
- A copy of your PAN card
- A copy of your Aadhar card or any other valid government ID proof
- Proof of employment such as salary slip or appointment letter
- A cancelled check or bank statement from your existing HDFC Savings Account
- Make sure all these documents are ready before you start the conversion process.
How to Convert HDFC Savings Account to Salary Account?
Visit the nearest HDFC Bank branch.
To convert your HDFC Savings Account into a Salary Account, you must visit the nearest HDFC branch. You can find the nearest branch by visiting the HDFC Bank website or calling their customer care number.
Carry the required documents.
Ensure you have all documents to open a salary account with HDFC Bank. It includes your Aadhaar Card, PAN Card and Address Proof.
Request for Exchange
Once you reach the HDFC Bank branch, approach the customer service representative and request to convert your saving account to a salary account. A representative will suggest you through the process and help you with the necessary paperwork.
Submit the documents
Submit all required documents to the customer service representative. Documents will verify, and your application for a salary account will process.
Wait for confirmation
After submitting all the documents, you will receive a confirmation from HDFC Bank regarding converting your savings account to a salary one. This confirmation can receive via email or SMS.
Activate your salary account.
Once your application is approved, your salary account will activate. You will receive a welcome kit from HDFC Bank containing your salary account number, debit card and other details.
How long does converting my savings account to a salary account take?
The conversion process usually takes 3 to 7 working days, depending on the volume of applications and the verification process. However, checking with HDFC Bank customer service for the exact timeline is always advisable.
Converting your HDFC Savings Account to a Salary Account is a simple process that can complete in a few easy steps. By converting your savings account to a salary account, you can avail many benefits like higher transaction limits, waived fees and discounts on loans.
If you are an employee of an office with a tie-up with HDFC Bank for salary accounts, we highly recommend converting your savings account to a salary account with HDFC Bank.
You can change/upgrade your HDFC Savings a/c type based on your needs. Please get in touch with your RM Relationship Manager, the nearest HDFC Bank branch or customer service for assistance.
Check the account number: The first few digits of the account number indicate the type of account. Savings account numbers start with “5”, while salary account numbers start with “7”.
While there’s no limitation to how many savings a/cs you can have, there are some things to consider before signing up for more than one. In line with the current times, HDFC Bank has extended the Instant Savings Account facility through InstaAccount, which ensures a completely paperless account opening process.
For a savings account in metro cities, HDFC Bank may charge you up to Rs 600 for not maintaining a minimum balance. With service tax and other cesses, the total is over Rs 600.