What is a Salary Account?

A salary is a form of payment from an employer to an employee, which may be specified in an employment contract. Salary is a fixed amount of money paid to an employee by an employer in return for the work performed.

Salary Account is an account opened by the employer on behalf of an employee, to credit the employee's salary usually on a monthly basis.

It is also known as Zero Balance Account.

Features of Salary Account

The following are the features of the Salary Account.

• The primary purpose of opening the salary account is to credit the salary of an employee.
• An employer opens the salary account on behalf of the employee.
• There is no need to maintain any minimum balance in the salary account.
• Interest will not be paid for the salary account.
• In case if the salary does not get credited to the salary account continuously for three months, then the salary account will be considered as savings bank account.

ICICI Bank

ICICI Limited initially promoted ICICI Bank in 1994, an Indian Financial Institution. ICICI Bank was a wholly-owned subsidiary of ICICI Limited. As of today, ICICI Bank is India's largest private sector bank with total consolidated assets of Rs 9,860.43 billion as of March 31, 2017. It currently has a network of 4,850 branches and 14,164 ATM's spread across India.

ICICI Bank offers a wide range of banking products and financial services to the corporate and retail customers through a variety of delivery channels and through its group companies.

Eligibility For Salary Account In ICICI Bank

• The organization needs to have a minimum of 20 employees.
• It should have a payout of Rs 36 lakh per annum.
• Average salary per account should be Rs 15,000 per month.

Features of Salary Account in ICICI Bank

Zero Balance Salary Account

• It is a Zero Balance Salary Account, and one need not have to maintain a minimum balance in the account.

Welcome Kit

• Cheque Book and Debit Card will be issued along with the welcome kit immediately after filling up the form.

Features of Salary Account in ICICI Bank

Savings Reward

• One can earn reward points under My Savings Reward by performing transactions like paying bills online, activating internet/mobile banking, shopping online and so on through your Salary Bank Account.

International Debit Card

• There will be no annual fees on Debit Card.
• Zero liability protection on the Debit Card
• Lost card liability is fixed up to Rs 2 lakh

Money Multiplier

• You can earn more money by moving dead money into a high-interest savings account.

Features of Salary Account in ICICI Bank

ATM

• The account holder can use the bank branch and ATM facilities anywhere across India.
• There will be no charges for the first four transactions in a month in the home branch.
• Rs 5 will be charged per thousand rupees after the fourth transaction.
• After that subject to a minimum of Rs 150 in the same month will be charged.
• The third party limit would be Rs 50,000 per day.
• For non-home branches, the bank will not charge anything for the first cash withdrawal of a calendar month
• Rs 5 will be charged per thousand rupees after that subject to a minimum of Rs 150.

Features of Salary Account in ICICI Bank

N-Cash Debit Card

• You can access numerous ATMs and more than 11,000 merchant establishments across the globe using the N-Cash Debit Card.

Other Services

• The account holder can avail Phone Banking, Mobile Banking, online funds transfer and Internet Banking services offered by the ICICI Bank.

Is it possible to deposit cash in salary account of ICICI Bank?

The answer is yes. You can deposit cash in your salary account maintained with ICICI Bank.

An account holder can use the account as a regular account for regular banking transactions. The account can also be used to withdraw the money either from the bank's branches or ATM's or using net banking services.

Should I continue to hold Salary Account in ICICI Bank after quitting job?

In case you have decided to quit the current job then it is better to close the respective salary account, by informing the individual bank officials. Because if the salary is not credited for three consecutive months, then the bank will treat such salary accounts as the savings account. The salary account will be converted into savings bank account, and all the rules and regulations which apply to the savings account will be followed for the non-active salary account.

Steps to Close Salary Account in ICICI Bank

The following are the steps to close the salary account in ICICI Bank.

• Reduce your account balance to zero by withdrawing the funds using a debit card or by cheque or by transferring them to another account.
• You can visit any of the ICICI Bank Branch and ask for an Account Closure Form.
• If you have a Pass Book, Cheque Book and Debit Card with you, then it's better to take them along with you or you can declare them as destroyed on the account closure form.
• Mention your recent mobile number in the account closure form without fail.
• Collect the acknowledgment slip after submitting all the documents.
• You will receive confirmation of account closure within 10-15 days via SMS on the registered mobile number, e-mail or via post.