Bangalore: Youngsters switching jobs in hope of good job opportunity and worthwhile salary is very common trend. Moving towards a better job opportunity may fill you with excitement but before you do so, you need to clear up all your financial upholding existing in your old workplace. A careful planning will help you to keep financial troubles away. For a smoother movement of one job to another, you need to cautiously follow the financial checklist brought out by Ramalingam K, Financial Planner from Holisticinvestment, on behalf of Rediff.

1. Old Salary Account

Most company would require you to open a new salary account in the bank they recommend. Opening a new account would leave you with an extra account to be maintained. Then your old salary account may remain inactive.

When you have stopped maintaining your old salary account then its non-maintenance should be considered carefully. Your account would lose the benefit of zero balance if there are no more deposits made for three months consecutively. The lack of maintenance and minimum balance would also invite some penalty charge to be borne by you.

In case it remains non-operated for more than 2 years, it will become dormant or inoperative which will bring in some additional charges of penalty. Hence it is advisable to close your old account and also update your financial advisor and other financial institutions if you have made any investments, about your new account.