Salary account

Most corporate employers credit salaries to the employees’ bank account. To facilitate such transfers, employees are asked to open ‘zero balance’ saving bank account in the same bank which the employer uses. The trouble is when you quit, the ‘zero balance’ nature of the account ends. In most cases, you need to maintain a quarterly minimum balance, which may amount up to Rs 10,000.

Provisional tax statement

Many employers offer salary projection along with the salary statement, which includes the amount of tax deducted at source in the current financial year. If such a projection statement is not provided to you, do ask for the amount of tax deducted, as the same is asked for by your next employer.

Loans and other outstanding

Often employees avail of loan facilities provided by their employer. Needless to say, these need to be paid off before the employer gives a relieving letter. The best way out is to get the employer loan refinanced by a bank before changing jobs. This is because getting a loan in a new job is usually difficult as banks prefer to lend to those with at least one year of employment history.

Insurance and other facilities

If there is a break between jobs, there is also a break in the group health insurance cover provided by your employers. Hence don’t rely on employer’s insurance and buy some insurance on your own, if you have not done that till date. You need insurance even when you are unemployed.

Provident fund and other dues from the employer

Ensure that you fill up the forms for transfer of provident fund when you join the new company. If you intend to withdraw the provident fund, the process starts 60 days after the separation.

Change of address

If you have given your office address as the address of communication for your bank account and other money matters, do change it immediately. First, this deprives you of any important communication sent by your banker. Worse is when somebody, who is not supposed to access such information, can misuse it.