This is the main difference between salary and savings account, you should also know

The Kalamkar News, New Delhi: Nowadays everyone has their own savings account in the bank. Anyone can open a savings account. 

But not everyone can open a salary account. Only those who work have a salary account in the bank. 

Salary comes on this account every month. In such a situation, today we know what is the difference between a savings account and a salary account.

You can easily open a savings account by going to any bank. For this you will have to give your identity card and some documents to the bank. 

But let us tell you that you cannot open a salary account on your own. The bank opens a salary account on the request of a company or corporation. 

The special thing is that the bank takes money from the company before transferring the salary to the salary account. After this he distributes it among the employees.

Can be used as an account 

Generally, a salary account is opened in the bank by the employer to pay salary to the employee. It is not opened for the purpose of keeping or depositing money. 

According to HDFC Bank, both savings and salary accounts can also be opened as Insta accounts. If you open Insta Savings Account, you can use it as a savings account for one year without maintaining any balance in the account.

Bank gives interest on both savings and salary accounts 

The thing to note is that if there is no salary credit in the salary account for three months, then it is converted into a savings account.

After this you will have to maintain minimum balance in the account. If you want, you can convert your savings account into a salary account again. 

For this you will have to give an application form to the bank. However, the bank gives permission to convert Sevinc account back to salary account only when you change the job. Whereas, if we talk about interest, the bank gives interest on both savings account and salary account .