There is now the facility of converting your savings account to a salary account. Here’s how you can go about it and why it’s possible now

Conversion of a Savings Account into a Salary Account: The process of converting a savings account into a salary account begins by getting in touch with one’s company and procuring the adequate credentials, as well as the documentation needed to convert the account with the bank in question to a salary account. Most banks request a form to be filled out, whereby the account holder provides relevant details, such as name, account number, name of the employer, and a signed employment certificate, as well as other relevant details.Once the documentation has been compiled, one may go to the nearby bank branch and present the needed documentation. Documentation typically includes a job certificate issued by the employer, proof of identity, proof of address, and a job certificate issued by the employer. For some institutions, the process may be completed in a “virtual/bankless” manner, whereby one is directed to the site to complete the designated form. Following approval of a request, the account is converted to a salary account. Approval and activation of the salary account takes between seven to ten business days.There are multiple advantages provided to the holder of the account as a converted salary account. For instance, there is no minimum balance to maintain, and one can enjoy other facilities, such as instant fund transfers and other services geared towards exclusive clients. This account is particularly beneficial to employees of any industry or company, as it provides access to facilities that one would otherwise not receive.Questions regarding the use of a current salary account often arise when individuals change jobs. If the bank permits it, there is the possibility of continuing to use the current salary account; just bring the requisite documents and a letter from the new employer and notify the bank.In cases where individuals wish to convert a savings account to a salary account, they are encouraged to visit the nearest branch and complete the necessary steps. Ultimately, these steps tend to simplify and enhance the banking process.