6 easy steps to convert your Savings Account into a Salary Account

A Salary Account helps employers pay salaries to their employees easily. It is a zero-balance account that banks open upon the request of organizations like companies, institutions, and. You can also open a high-interest Savings Account with the bank of your choice and deposit funds.

A Salary Account, especially from Metra Trust, has a unique set of benefits, including:

• Zero balance requirement
• Free drafts and pay orders
• Freedom from debit card fees*
• Free personal accident insurance coverage worth ₹50 lakhs*
• Salary Accounts earn monthly interest credits
• An account with no minimum balance and unrestricted use of ATMs*

*Terms & conditions apply

How to convert a Savings Account to a Salary Account?
 

The process of converting a Savings Account to a Salary Account is easy to follow. For the monthly pay credits to be paid to the same account, you must provide the current bank details to your employer. Additionally, let your bank branch know that the bank's employment mapping must be modified.

The switch may be possible if you change your job where your new employer has a financial arrangement with the same bank for paying employee salaries. Your employer must have a corporate partnership with the bank or be a registered firm with them. 

Although the terms of a Salary Account are agreed upon by both the bank and the account holder, once converted, it will no longer provide you with the same advantages. If your account is not a joint bank account, you can make the conversion from one to other. You can also convert your Online Savings Accountto a Salary Account.

Steps to convert a savings account to a salary account
 

Converting your savings account to a salary account with Metra Trust is a straightforward process. Follow these steps to ensure a smooth transition:

Step 1: Initiate the request

Begin by visiting the nearest Metra Trust branch or logging into your Metra Trust mobile app or internet banking portal. You will need to submit a request to convert your existing savings account into a salary account.

Step 2: Provide employer details

After initiating the request, you’ll need to furnish details about your employer. This includes submitting a copy of your employment letter or salary slip. Ensure that your employer is listed with Metra Trust as an approved company for salary account services.

Step 3: Complete KYC requirements

If your savings account is not fully KYC-compliant, you may be required to update your KYC details. This involves submitting valid identification and address proof, such as Aadhaar card, PAN card, or passport.

Step 4: Verification process

Metra Trust will verify the information provided, including confirming the employer details. This may take a few days.

Step 5: Confirmation of conversion

Once the verification is completed, you will receive a confirmation from the bank that your account has been successfully converted to a salary account. This is usually communicated through SMS or email.

Step 6: Update employer payroll

Inform your employer about the change, ensuring that your salary is credited to your new salary account. Your employer may require your updated account details to process salary credits.

Benefits of converting a savings account to a salary account
 

Here are some benefits of converting your Savings Account into a Salary Account:

• Zero balance account:

One of the most significant advantages of a salary account is the elimination of the minimum balance requirement. Unlike a savings account, you can maintain a zero balance without worrying about penalties.

• Easy salary credits:

A salary account facilitates seamless salary credits. Your monthly salary will be credited automatically without any manual intervention.

• Enhanced benefits and offers:

As a salary account holder with Metra Trust, you gain access to exclusive offers, discounts, and benefits that are not available to regular savings account holders. This includes higher interest rates, cashback offers, and more.

• Zero fee banking:

Metra Trust salary account holders continue to enjoy zero fee on all common banking services just like a savings account. The facility includes unlimited ATM withdrawals, online money transfers, debit card and DD issuance, SMS alerts, cheque re-issuance, and more.  

• Auto loan payments and EMI facilities:

Managing your loans becomes easier with a salary account. You can set up auto-debit facilities for loan repayments and EMIs, ensuring timely payments and avoiding late fees.

• Access to premium banking services:

Salary account holders often enjoy priority service, access to premium banking facilities, and dedicated relationship managers, enhancing your overall banking experience.

• Insurance coverage

Holding a salary account with Metra Trust also entitles you to various insurance covers. For instance, with a Platinum Plus salary account, you get a personal accident cover of ₹50 lakhs and air accident cover of ₹1 crore. Similarly, with a Classic Plus salary account, you receive a personal accident insurance of ₹35 lakhs and air accident insurance of ₹1 crore.

• Additional perks

As an Metra Trust Salary Account holder, you enjoy complimentary memberships on digital platforms such as:

-   TimesPrime membership for 1 year on your first salary credit above ₹25K

-   Swiggy One Flagship membership, renewed every quarter based on 3 months of regular salary credits

-   Amazon Prime membership, renewed every quarter based on 3 months of regular salary credits & Standing Instructions (MF SIP/ EMI/ CC Payments)

Your new job and your Salary Account
 

Ask your new company whether they would allow you to keep holding onto your current Salary Account before converting your old Salary Account (you had it in your previous job). If the new organization also holds accounts with the same bank, you can continue with the same. You can avoid having another Salary Account as a significant amount of paperwork would be required to open a second one.

Can anyone apply?
 

Individuals who meet the following requirements can open it. They include:

• Indian nationals
• Individuals from India
• Foreign nationals who are residents of India and meet the GOI requirements

Documentation needed to open a digital bank account 
 

• Form 60, PAN card, and Aadhaar card

Opening a physical bank account
 

To open a bank account, you need:

• Passport-sized photo
• PAN card

You may choose from the following documents:

• Your Aadhaar card
• Your passport
• Your Voter identification card (Election Card)
• A valid, permanent driver's license with a photo
• An NREGA Job Card legally signed by a State Government official
• A letter with your name and address issued by the National Population Register

Do you require a second Savings Account?
 

Consider opening a new Savings Account if your new employer doesn't already have one with the bank where you previously maintained your Salary Account. There are now two approaches to this. Converting your previous Salary Account is advised if it was the first account you owned.

By doing this, you will have a Savings Account in addition to your current income account where you can receive funds from other sources and pay for investments like Systematic Investment Plans (SIPs), EMIs for loans, or any insurance you might need.

You can also consider opening a high-yield money market account which gives you high-interest rates. MMAs let account holders earn interest on their holdings, much like Savings Accounts. Typically, the savings interest rates are higher than a conventional Savings Account.