Don’t Forget To Do This Before Joining A New Company.

I started with INR 27,833 per month salary at KPMG. 💼

After a series of 2 quick job changes, my salary increased to 1 lakh per month. 🤑

Every time you make a job shift, you will be forced to open a new bank account with the new employer because the company wants to make money for origination fees 💰

You will be asked to open salary accounts which are low-maintenance accounts with 0 balance and 0 penalty features.

You might be thinking, so what if they ask me to open a new salary account. It’s all free right?

Wrong! ❌

They don’t tell you that after 3 months of inactivity your old salary account will be converted into a normal savings account which would would have minimum balance requirements.

The charges can be as high as INR 500 per quarter depending the shortfall. 😮‍💨

How to avoid⁉️

Close old salary accounts or remember to maintain the minimum balance there.

Else, when you finally happen to use that old account it might have zero balance and the bank might report you to the credit bureaus if you owe more penalty than you have in your bank account.
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#financewithsharan #salary #freshers #employment #savemoney #moneymanagement #banking