Can Salary be deposited & then withdrawn by company?

little.ele · 30-10-2009, 10:20 AM

Greetings Of The Day To All!!!!

Can a company deposit salary in an employees account & then withdraw the same in a day or two??

Request you to please throw some light on this.

gurleen_4 · 30-10-2009, 10:23 AM

Hi,
Yes u can do that if u hav paid extra ammount, basically valid reason is reqd.

Regards,
Gurleen

asmi1785 · 30-10-2009, 10:24 AM

Hi,

I guess once it is deposited then company can't do anything. If the transaction is yet to be proceed then they can stop the transaction.

rakeshjain · 30-10-2009, 12:20 PM

If you have a salary account then as per my information, there is a clause in the account opening form which allows the company to drawback the credits/ deposits made in that account during a specific time frame (most probably last 3 months).

Rakesh

shrivastava_sanjiv · 30-10-2009, 08:20 PM

Rakesh, you are correct. I have witnessed one such incidence.

Sanjiv Shrivastava

Ram Mohan · 31-10-2009, 09:03 AM

Hi Rakesh,
Thanks for your valid information.
Give more things regarding this, so that i and all others can understand clearly

Ram Mohan

vinodh.d · 31-10-2009, 10:07 AM

Hi,

This situatuion arises wen extra amt (Incentive, conveyance )deposited in particular A/C or some others persons salary credited in single A/C,

But while they retransfer the concern need to give valid reason.

You can check this with payroll or commercial dep of your concern

szpatil · 31-10-2009, 10:48 AM

Dear All,

This can very much be done.

Incase if a person's salary has been processed and he resigns around that time and has a notice period shortfall or is falling short of leave balance then the company can withdraw the salary or as mentioned by others if extra amount has got deposited by mistake.

Ofcourse my guess is it can only be done if one has a salary account and the time period with most private banks is I guess 2 working days.

ssgokul · 31-10-2009, 11:46 AM

Hi All,
It is very much possible in case of salary accounts with Private banks.
All you need to do is to provide an indemnity agreement in a stamp paper signed by the authorized signatory.
With that indemnity we shall freeze the salary account of any employee ,shall reverse any transaction you have made .
The above transaction holds good if the account has got sufficient funds to reverse.
In case if the employee has withdrawn any amount in the mean time , then there is absolutely no possibility of reversal transaction.
For further details contact your corporate salary account relationship manager

Regards,
Gokul Nathan Subramanian

saurabh1982 · 31-10-2009, 11:50 AM

yes my dear,
Its depend on relationship between bank and company...