Multiple Salary Accounts
- Thread starter mkate
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TaxWiser
KF Mentor
Yes, you can use multiple salary accounts with different banks and transfer money between them at the end of each month.
Here are some points to consider, suggested by my AI friend Gemini:
How to Manage Multiple Salary Accounts:
1. Link Accounts for Easy Transfers:
- You can link your accounts at different banks for easy transfers. Most banks offer online banking services that allow you to set up external transfers. This typically involves providing the routing number and account number of the other bank.
2. Automated Clearing House (ACH) Transfers:- ACH transfers are a convenient and secure way to move money between accounts at different banks. These transfers are usually free and can be set up to occur automatically each month.
3. Using Payment Platforms:
- Services like Google Pay, Phone Pe, Cred or Paytm etc. can facilitate quick transfers between your accounts. These platforms are often linked to your bank accounts and can transfer funds instantly or within a few hours.
4. Manual Transfers:
- You can also manually transfer money by logging into your online banking portal and initiating a transfer to your other account. This method is straightforward and allows you to control the timing and amount of each transfer.
Benefits of Multiple Salary Accounts:
- Diversification: Spreading your funds across multiple banks can provide better access to different banking services and benefits.
- Maximizing Benefits: Different banks offer various perks, such as higher interest rates on savings, cashback offers, or lower fees. By using multiple accounts, you can take advantage of these benefits.
- Financial Management: Having separate accounts can help you manage your finances better by allocating funds for specific purposes, such as savings, investments, or daily expenses.
- Minimum Balance Requirements: Ensure you meet the minimum balance requirements for each account to avoid fees.
- Transfer Limits: Be aware of any transfer limits imposed by your banks, as exceeding these limits might incur additional charges.
- Tracking Transactions: Keep track of your transactions to avoid overdrafts and ensure all transfers are completed successfully.
TaxWiser
KF Mentor
1. Will Banks Find Out?
- Banks typically do not differentiate between funds transferred from a regular bank account and those from an organization or company account. As long as the transfer is legitimate and follows standard banking protocols, it should not raise any issues. However, if the transfer involves large amounts or unusual activity, it might trigger a review for compliance and anti-fraud purposes.
2. Scheduling Recurring Payments:
- Yes, you can schedule recurring payments at the end of each month. Most banks and financial institutions offer this feature through their online banking platforms. You can set up automatic transfers to occur on a specific date each month, ensuring your funds are moved as needed.
krishna1718
KF Mentor
yes if you getting multiple salaries what benefit you get having more salary accounts?
I mean to say with one salary & multiple salary accounts.
The benefits of multiple salary accounts are best CC from multiple banks, preferential banking, free lockers, less charges on home loan, etc.
Danish2110
KF Expert
Companies uses a particular transfer code of salary credit in your account which is understandable by the Bank. It's not NEFT or RTGS. Bank can catch the normal transfer and convert your salary account to normal saving account.
thefiscalalchemist
KF Ace
Salary has to be credited from an organization and not through any personal account. Bank will identify it and cancel the salary account going forward. This information is received from my friend who works for corporate account in ICICI bank.Yes, you can use multiple salary accounts with different banks and transfer money between them at the end of each month.
Here are some points to consider, suggested by my AI friend Gemini:
How to Manage Multiple Salary Accounts:
1. Link Accounts for Easy Transfers:
- You can link your accounts at different banks for easy transfers. Most banks offer online banking services that allow you to set up external transfers. This typically involves providing the routing number and account number of the other bank.2. Automated Clearing House (ACH) Transfers:
- ACH transfers are a convenient and secure way to move money between accounts at different banks. These transfers are usually free and can be set up to occur automatically each month.
3. Using Payment Platforms:
- Services like Google Pay, Phone Pe, Cred or Paytm etc. can facilitate quick transfers between your accounts. These platforms are often linked to your bank accounts and can transfer funds instantly or within a few hours.
4. Manual Transfers:
- You can also manually transfer money by logging into your online banking portal and initiating a transfer to your other account. This method is straightforward and allows you to control the timing and amount of each transfer.
Benefits of Multiple Salary Accounts:
Considerations:
- Diversification: Spreading your funds across multiple banks can provide better access to different banking services and benefits.
- Maximizing Benefits: Different banks offer various perks, such as higher interest rates on savings, cashback offers, or lower fees. By using multiple accounts, you can take advantage of these benefits.
- Financial Management: Having separate accounts can help you manage your finances better by allocating funds for specific purposes, such as savings, investments, or daily expenses.
By managing your accounts effectively, you can enjoy the benefits of multiple salary accounts without any hassle.
- Minimum Balance Requirements: Ensure you meet the minimum balance requirements for each account to avoid fees.
- Transfer Limits: Be aware of any transfer limits imposed by your banks, as exceeding these limits might incur additional charges.
- Tracking Transactions: Keep track of your transactions to avoid overdrafts and ensure all transfers are completed successfully.
TaxWiser
KF Mentor
My brother has been using an SBI salary account for the past 7 years and an HDFC salary account for the past 4 years, and I have never faced such complications for doing the same.
BTW thanks for this Extra Input
I want to open salary account in axis bank but I didn’t have an job can i do the same processMy brother has been using an SBI salary account for the past 7 years and an HDFC salary account for the past 4 years, and I have never faced such complications for doing the same.
BTW thanks for this Extra Input
I’m curious to know how he transfers the salary—does he use NEFT, RTGS, IMPS, or UPI? Does he include any description? Also, which is the main salary account? I feel that nationalized banks may not have advanced systems, so they might not track it as efficiently as private banks.My brother has been using an SBI salary account for the past 7 years and an HDFC salary account for the past 4 years, and I have never faced such complications for doing the same.
BTW thanks for this Extra Input
I currently have a salary account with Kotak & would like to have one with HDFC as well, so I’m asking.
I think no, because at the time of account opening you need to provide bank with job Id card/salary slip/offer letter.
thefiscalalchemist
KF Ace
Last year, I tried it using my HDFC and Fi account. HDFC was my primary salary account, and I created Fi account by initiating salary transfer through my organization for 1 month. Fi closed the account after 3 months stating salary was not getting credited through organization despite my personal transfers through HDFC account.My brother has been using an SBI salary account for the past 7 years and an HDFC salary account for the past 4 years, and I have never faced such complications for doing the same.
BTW thanks for this Extra Input
TaxWiser
KF Mentor
Mostly via Yono & HDFC mobile banking app with Description like Transfer to Self, Purchase, Trading, Investment, Cash etc.
Since He had opened HDFC salary account, it became the primary one.
I think you are right.
My Recommendation would be to go with PSU Bank because having 2 salary account in Private Banks don't make much sense to me unless it provides some extra perks compared to the current one.
TaxWiser
KF Mentor
You can open a salary account in PSU bank without a sweat if you have good contacts but in private banks it's difficult but you can visit your nearest branch to get most precise information.
As Fi is new age fintech company they've better edge case coverage/detection, thats why they were able to catch that.
Thanks !!Mostly via Yono & HDFC mobile banking app with Description like Transfer to Self, Purchase, Trading, Investment, Cash etc.
Since He had opened HDFC salary account, it became the primary one.
I think you are right.
My Recommendation would be to go with PSU Bank because having 2 salary account in Private Banks don't make much sense to me unless it provides some extra perks compared to the current one.
So, he receives money in his HDFC bank account from the company, and then personally transfers it to his SBI account, right?
