Both A Checking And Savings Account?
I'm 15 an I work at a local youth program that pays me monthly. Cashing the checks from work at the bank either requires an account or $6 and 2 forms of ID (one of which would have to be my passport since I am under 16). I'm not so sure carrying around my passport in that area where the bank is located is such a good idea and I walk everywhere so I could easily lose it. From what I've heard from the banker, I would open a Checking Account to deposit my checks. For that there is a fee of $6 each month. This is the option I am leaning towards since I won't run the risk of losing my passport. My questions for this are: Can you withdraw from it? Can you put in cash? And Is it worth it? (Based on opinion or experience) There are also Saving Accounts? I'm guessing these save money? I think this could be a good idea if they're used for what I think they're for. These are $5 a month. My questions: Would this be where the money goes that I am saving for college? Does it prevent spur-of-the-moment shopping by not allowing withdraws? What makes it a SAVINGS account? How would the money get in it? Can you transfer it from a checking account? If so, can you control the amount? Is it worth it? (Based on opinion or experience) And finally, What is the major difference between the two?
What are the documents required to transfer the SBI savings account from one city to another city?
You can now transfer your SBI Account to another branch online. Yes, online account transfer facility is now available on SBI Internet Banking.Now you can transfer your SBI Account to any branch in just 1 minute, no need to visit bank.I will tell you both methods for transfer SBI Account.Steps to Transfer SBI Account Online :To Transfer SBI Account online, you must follow the step by step procedure given below :Login to your SBI Internet Banking by entering your username and password.Click on the ‘e-Services’ Tab and then click on ‘Transfer of Savings Account’ link.Now, Select the Account to be Transferred.Enter the Branch Code of the SBI Branch where the account needs to be Transferred. If you don’t know the Branch Code, you can go ahead and search for it on Google.Click on Get Branch Name button after entering the Branch Code, and the Branch Name associated with the Branch Code will appear in the respective box.Finally, put a tick mark on the terms and Conditions box and click on Submit.You will now be asked to verify and confirm the transaction. You must check all the details you have entered and click on Confirm if everything is fine. You can go ahead and click on Back button to make any corrections.Once you click on Confirm, you will be getting OTP on your registered mobile number.Enter the OTP and finally click on Confirm to finish the Account Transfer request.Once you click on confirm, you will see a message ‘Your Account Transfer request has been successfully registered.’ In 1 week’s time your SBI Bank Account will be transferred to the new branch.Steps to Transfer SBI Account by Branch Visit-you have to follow these steps:Visiting the Home Branch with Required DocumentsTo transfer your SBI Bank Account, you first need to visit the home branch i.e., the Branch where you have your Bank Account.carry the documents before visiting the Branch :(a) An application to the Branch Manager mentioning your Account Details and that you want to change your Branch.(b) Address Proof(c) Pan Card(d) Original Bank Passbook.Handing over the Documents to the Branch Manager in Home Branchyou need to self attest on the your Address and ID proof (PAN Card) documents. Hand over these documents to the Branch Manager along with the Application of Branch Change.Visiting the New Branch and Completing the FormalitiesWithin 1-3 days you need to visit your New Branch. You can collect new Passbook and others from there.
Can I use my Bank Savings account to buy things online?
I am not able to use my savings bank card for anything other than withdrawals from an ATM. If it has a mastercard or visa logo on it then you would be able to. This is common for checking cards, I haven't heard of savings cards having this feature though. I agree with your best bet being paypal. You have to link your savings account to your paypal account and then you when you purchase items from online sources that accept paypal, the money will automatically be withdrawn from your savings account with no additional charges.
Can NRI remit money in wife saving account in India?
Yes, NRI can remit money to wife in her savings account in India. There will not any tax implication of that amount (assuming it to be a “gift”) in wife’s hands in India.However, if wife invests that money in a taxable avenue, then income from that investment will be clubbed in the hands of husband. So, care should be taken that investment is done by wife in avenues like PPF (if resident) or equity shares/MF and held for 1 year+.NRI should also check if he needs to do a reporting as per his host country’s local laws.Also note that if amount is high, wife’s case can be selected for a detailed/limited scrutiny) - in that assessment, IT department can ask and check genuineness of the source of fundsRead these posts to get more clarity on this issue:Tax Implications on Money Transfer between NRI and ResidentGift by NRI to Resident: Also be aware of Section 68 of ITAThanks!
Can I create a bank account without my parents knowing?
Asnwer: Yes. You can go to any bank and open an account, however, the bank will require identification and may send you mail, which might tip off your parents. On the other hand, you are a legal adult.Also, I don’t know how much money you have, but I can only assume, if you obtained it legally, that it’s not a great deal of money. i.e. Somewhere between $100 and $3,000. If that’s the case, I think that you are better off keeping the cash in a safe place and not waste your time with a bank. Most banks charge fees. Why give them a dime? (One day, when you have a lot of money, they will welcome you and might even give your free checking.) Banks will not pay you any interest on your money that makes it worthwhile to have an account.Prepaid cards: They also will also charge you fees. Fogettaboutit.I don’t know your situation but assume that you must have overbearing, micromanaging parents, but do keep in mind that most likely they love you and think they are doing the right thing. Recognize that there are other parents out there who would take your money to buy themselves drugs and/or booze. It’s a cruel world, but it sounds like your parents are trying to look out after you.Good luck.
Can minors deposit money into a savings account without an adult?
sure can/no reason you cant...fill out deposit slip and hand it to them... they'll take your money all day long.........age doesnt enter into that..only the account number matters
Can child support go directly to a savings account in child's name?
My mother and I have a lot of disagreements about my child support. My father no longer speaks to me, not because we don't get along, but because he just doesn't care. I need to know if there is any possible way if I were to call him and get him to have my child support go directly into a savings account for me? One that only I can access? One that my mother would not be able to dip into. Her being my legal guardian. Any possible scenario's please do explain. No jokes either, this is very urgent and serious...
Can I open my own bank account as a minor without any parental consent?
No, you cannot. As a minor you do not have the legal ability to sign any document. The truth is that you also do not have any right to any income at this point in your life. Whatever you have is theirs.
How can I get cash from my bank account without my parents knowing?
I ve been working for a little over a year now but my parents won t let me withdraw from the bank account my paychecks are set up to go to (I m 17 years old in the US) but I want cash because I can t always use my debit card. They won t let me withdraw money because they think I m going to buy narcotics or something which is not my goal so how can I get cash from my account without them getting in my business about it? They also put restrictions on my debit card so I can t withdraw money from an ATM... I looked up stuff about buying with a card and returning it for cash but it didn t sound like that works very consistently...
If I transfer money to my parents, will it be taxable for my parents? I want to transfer my salary savings to my father.
There are two ways of transferring funds to your parents Bank account.1. Application of funds- This means the salary is first credited to your account and then you're applying your income towards your parents. In this case the tax arises only when it is credited in your account. Parents being your relatives is not taxable. But if you're transferring funds to a friends account it maybe taxable as gift.2. Diversion of income-This means you may have given specific instructions to your employer to directly Transfer the funds in their account and you're having all this in writing and have signed a legal agreement with your parents. Then TDS will be deducted on full amount but you will get credit only on the amount transferred to your account. In case TDS isn't deducted By the company on the amount transferred to your parents account then they'll have to pay tax Seperately on it. This is usually seen in the case of alimony when the spouse is required to pay tax on alimony and not the income earner.Now you must be thinking that you asked a simple question of will double taxation arise on same income just because of transfer, answer is NO!!But I explained in detail because this is A good way of reducing tax since if annually you're transferring 2.5 lacs to your father then no tax on it. It will reduce your tax amount by Rs. 75000 if you r in the 30% bracket.