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Salary Account

Payal (Individual) (53 Points)

01 January 2011

hi !

We have start new pvt company for webdesign purpose.How can we open sallary account of our company and our director and also employer?

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4 Replies

ankit jain (CS trainee) (152 Points)
Replied 01 January 2011

Dear Payal,

For this purpose u ve to contact with some bank for the salary account of your employees and director. U can choose any of the bank as u feel comfortable. But in case of salary for the directors, u have to present the structure of salary in AGM and it must be approved as well.

Pls correct me if i'm wrong.

Thanks in advance

HARDIK (COMPANY SECRETARY NCFM (Corporate Governance )) (664 Points)
Replied 01 January 2011

you have to see the limit for director salary as per companies act, 1956.

salary account will be opened with any bank easily.

Vikash Kumar (Manager Accounts (CA. Final)) (694 Points)
Replied 01 January 2011

Dear payal,

normally all bank have their own policy for opening of salary account, like minimum number of total employee, minimum salary limit. consult ur bank where u r maintaining ur current account. Sales person of same bank will suggest u regardig required documents.

ajay goyal (ca student) (80 Points)
Replied 03 January 2011

Hi!

CONTACT BANK WHERE YOU HAVE CURRENT ACCOUNT.GENERALLY AS PER BANK POLICIES MINIMUM OF 25 ACCOUNTS TO BE OPENED.BUT FOR DIRECTORS SALARY YOU HAVE TO GET APPROVED IN AGM.

REPLY ME IF AM WRONG.

THANKS