Changing employers does not necessarily require customers to close or replace their existing Axis Bank Salary Account. However, continued access to salary-account benefits depends on whether salary credits resume under the bank’s Salary Program and whether the applicable terms and conditions are met.
If a new employer deposits the salary into the same Axis Bank account, customers can generally continue using it. They should share the existing account details with the new employer’s payroll team and inform Axis Bank about the employment change wherever required.
What happens when salary credits stop?
Axis Bank Salary Accounts are intended for customers who receive regular salary payments. If no salary is credited for more than three consecutive months, the special benefits linked to the Salary Account may be withdrawn. Following the required notice process, the account may be converted into a regular Savings Account under the applicable charge structure.
After such a conversion, the customer may be required to maintain the Average Monthly Balance or Average Quarterly Balance applicable to the particular account variant.
Benefits that may change after conversion
Once the account is treated as a regular Savings Account, certain privileges associated with the Salary Account may no longer be available. These may include:
- Eligibility to maintain a zero balance.
- Complimentary Salary Account benefits.
- Offers available under the Salary Program.
- Standard Savings Account charges.
- Applicable balance-maintenance requirements.
The specific changes will depend on the Salary Account variant and the terms applicable to it.
Steps to take after joining a new company
Customers who want to retain their existing Axis Bank Salary Account should provide its details to the new employer’s payroll department and confirm that salary payments will be credited to the same account. They should also update Axis Bank about the change in employment wherever necessary.
Automatic instructions linked to salary payments should be reviewed and updated if required. Taking these steps early can help prevent delays or interruptions in salary credits.
Is a new Salary Account required?
A new Salary Account is not always necessary. The existing account can generally continue if the new employer supports salary credits into it and the relevant Salary Program conditions are fulfilled.
Opening a new account may be appropriate if the employer requires a different banking arrangement or if the customer chooses another Salary Account variant.
Managing a gap between two jobs
During a break between jobs, customers should continue monitoring the account and remain alert to messages from Axis Bank about its status. They should keep sufficient funds available if charges could become applicable after conversion and update their KYC details if the bank requests it.
If the employment gap continues beyond three months without any salary credits, the account may shift to the applicable Savings Account structure in accordance with the bank’s terms.
How to reduce the risk of unexpected charges
- Tell the new employer about the existing Axis Bank account promptly.
- Ensure that salary credits restart without an extended gap.
- Review the terms applicable to the specific Salary Account variant.
- Track balance requirements if the account is converted.
- Respond to notifications from the bank about the account status.
Changing jobs by itself does not automatically end an Axis Bank Salary Account. Customers can generally continue using the account when the new employer deposits salary into it and the required conditions are satisfied. However, if salary credits stop for more than three consecutive months, the account may be converted into a regular Savings Account, bringing standard balance requirements and charges into effect.
Frequently asked questions
Can I keep my Axis Bank Salary Account after changing jobs?
Yes. The same account may be retained if the new employer credits salary into it and the applicable conditions are met.
What happens if no salary is credited for three months?
After the required notice process, the account may be converted into a regular Savings Account under the applicable terms.
Will the zero-balance benefit continue?
The zero-balance facility may no longer apply if the account is converted into a regular Savings Account.
Should I inform Axis Bank after changing jobs?
Yes. Updating both the bank and the new employer can help ensure that salary credits continue smoothly.
Which Salary Account is best?
The appropriate Salary Account depends on an individual’s financial requirements. Axis Bank offers various Salary Accounts with features that may include higher shopping and withdrawal limits, exclusive offers, insurance and gift vouchers.
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