Setting Up Salary Accounts at ICICI Bank: Do Employers Need Their Own Account Too?

If I need to create salary accounts for my staff in ICICI Bank, should I (employer) also have an account with them?

If you have any further questions, feel free to ask.
Regards.

First of all, you should provide complete details and then ask your query. What is your industry and what business are you involved in? How many employees do you have? What will be the salary band? In which bank do you have the account as an employer? Why did you not try with your existing bank? If you answer these questions, our members will give you the correct reply.

In general, you can open the salary account for all your employees in ICICI Bank. If you contact the nearest ICICI Branch, surely a representative will approach you and help you in opening the accounts for all the employees. You can transfer the salary fund either from your existing bank, or you can open a current account from which the salary can be transferred to the employees' salary account.

Please speak to the ICICI Bank representative in this regard and proceed.

Instead of opening an account only for 3 members, you can issue a cheque to each employee every month so that they can deposit it into their existing bank account and encash it. If the number of employees is more than 10, then you can approach the bank for any necessary assistance.

To the best of my knowledge, banks have conditions regarding the minimum number of employees required to open a salary account. This requirement varies from bank to bank, so it is advisable to first check with the bank to see if your company is eligible. If eligible, you will need to have an account with that specific bank. For further details, please consult with the bank staff.

Regards,
Pranali G

Yes, you need to have your account with ICICI to have a salary account for your employees. Also, check with Canara Bank; they offer online transfers for salary accounts. We are using the same facility, and it is working fine.

Regards,
[Name Removed For Privacy Reasons]

You don't need to have an account with ICICI or any bank to have a salary account. However, there are a few eligibility criteria (ICICI) which the company has to meet. They are:

1. The organization/company needs to have a minimum of 20 employees employed.
2. The total annual payout for the employees should not be less than 36,00,000/- INR.
3. The average salary should be 15,000/- INR per year.

Also, please be advised that you don't need an introducer/introduction to open a salary account.

In your case, I don't think you would be able to open a salary account with any bank until your employee strength reaches 20. As our fellow member Bhaskar mentioned, you can pay them through a cheque, which is also accounted for and would be useful in due diligence/audit.

Thank you.