- What are the benefits of having salary accounts in India?
- There are many - instant personal loan, exclusive credit cards and several other privileges - Read this post to know these benefits in detail.
For many of you who have just started their jobs would like to know the benefits of a salary account. Firstly, these accounts are zero balance accounts wherein you don’t need to maintain the balance as is the case of a normal savings bank account. Besides, you can transfer money from your account to another, check bank statements, and get value-added services such as instant personal loans, exclusive credit cards and much more. Let’s see in this post the top salary accounts in India and what features and benefits they provide.
What is a Salary Account?
This is a bank account in which your monthly salary is credited by your employer or company. Salary accounts are opened at banks where companies and organizations have a tie-up with. The employer selects a date on which the bank distributes the salary to the employees. However, some banks also allow you to open a salary account by yourself. For which, you just need to provide a proof of employment or an approval letter from your employer.
Top Salary Accounts
Kotak Platina Salary Account
You can open a salary account at Kotak Mahindra Bank. This is a zero balance salary account which is subject to monthly salary credits. On your salary account balances, you can earn a maximum interest rate of 4%. And you can transfer funds from your salary account via NEF, RTGS, or IMPS for free. Get an unlimited value demand draft and issue it from any of the bank branches. Avail up to 3 non-maintenance charges waived family savings account with your Kotak Platina Salary Account.
Manage your salary account from the office or home with a free banking facility. And rent a locker for your valuable assets with 25% discounts on it. Unlimited transactions can be made at all VISA ATMs in India with your Kotak Platinum debit card. And you can get a 2.5% fuel surcharge waiver at any petrol pump in India whenever you use your debit card for fuel purchases.
You can also get a Personal Accidental Death Cover of up to INR 35 lakh. To claim the Personal Accident Death Cover, the nominee should submit the below mentioned documents within 1 month of the salary account holder death, at the nearest Kotak Bank branch.
- Duly Completed Insurance Claim Form
- Original Death Certificate
- Post Mortem Report
- FIR, Punchnama, Inquest Panchnama for accident cases
- Salary Slip prior to the inception of the Policy
- If death is in the Hospital while treatment, the hospitalisation papers etc.
- If the incident is reported to local media, newspaper cuttings of the same will be required.
- Mandate form for NEFT payment supported by a cancelled cheque copy
- Bank Account Summary of the previous month
Lost card Liability Insurance of up to INR 3,50,000, Air Accident Insurance of up to INR 50,00,000, Purchase Protection of INR 1,00,000, Lost Baggage Insurance of INR 1,00,000 are also given. An Instant Personal Loan offer for personal needs can also be given. Home Loans at preferential interest rates with zero processing fee for it. Up to 100% Car finance at an attractive rate of interest rates by Kotak Mahindra Prime Limited.
Entertainment benefits with the Kotak Platina Salary account such as two PVR tickets for free on spends of INR 10,000 per month with a free Royal Signature Credit Card. You can choose from the desired credit card from the wide range of Credit Cards. And grow your funds with a free Investment Account and redeem or purchase from over 2,200 Mutual Funds online. Also, play safe and open Fixed Deposits and Recurring Deposits online at an attractive interest rate.
SBI Corporate Salary Package
Open your salary account at the top public sector bank in India State Bank of India (SBI). SBI Salary Accounts under the Corporate Salary Package (CSP) offer you a range of privileges. The employees of corporate institutions, including service organisations like hospitals, hotels, transport corporations etc. The benefits will depend on the salary you earn. See the following package for the SBI salary accounts.
- PLATINUM: If you salary is above INR 1,00,000
- DIAMOND: When your salary is above INR 50,000 and up to INR 1,00,000
- GOLD: If your salary is above INR 25,000 and up to INR 50,000
- SILVER: If your monthly income is between INR 10,000 TO 25,000
A salary account comes with zero balance and free unlimited transactions across ATMs of any bank. Also, it comes with bundled benefits with an SBI Credit Card. A complimentary Personal Accident Insurance worth INR 20 lakh can also be given. Air Accident Insurance covers up to INR 30 lakh. And also you can avail a Personal Loan, Home Loan, Car Loan and an Education Loan at attractive rates from SBI. Get upto 25% off on your locker charges. Avail the Auto-Sweep facility to create e-MODs and earn higher interest on the balance of your SBI salary account. Avail of Demat & Online Trading account to trade in the stock market and create wealth for you. You can get free issuance of Drafts, Multi City Cheques, SMS Alerts and free online NEFT and RTGS service. Selected customers can get an Overdraft facility, which is equivalent to your 2 months net salary. You can earn points on various transactions through SBI Rewardz loyalty program.
HDFC Bank Classic Salary Account
To be eligible for the HDFC Bank Classic Salary Account, you must be employed with a corporate office or organization that has a salary account relationship with the bank. This is a zero balance salary account and provides a host of benefits to the account holder. A Times Points Debit Card with limit of daily domestic ATM withdrawal of INR 1 lakh and daily domestic shopping limit of INR. 3.5 lakh is available to you for free. To change the limit on your HDFC Debit Card as per your needs, you can use the NetBanking service.
Times Points is a digital loyalty program that provides you benefits on categories like online shopping, dining and grocery partners. So, get attractive benefits and privileges on your Times Points Debit Card, starting with a welcome benefit of 500 Times Points on your first shopping at Point of Sale or online merchant establishments with Times Points Debit Card. You can go through the following steps to download your e-welcome kit.
- Visit Times Points Debit Card official website.
- Click on the “Welcome Offers” tab.
- Click on the Welcome Offers banner at the top of the page
- Follow the instructions to download your ‘e-Welcome Kit’*
You can download the e-Welcome Kit post 7 days after receiving the Debit Card. Using your Times Points Debit Card you can get an exclusive discount of 10% or more on online lifestyle, entertainment, dining and grocery. And earn 2 Times Points for every INR 150 spent at shopping except for fuel, jewellery and business services.
A Personal Accident Death Cover of up to INR 10 lakh is offered to the salary account holder on the debit card. And you are also entitled to a Base Personal Accident Death Cover by Air, Road, or Rail for a sum assured of INR 5 lakh. Additionally, you can get an Accelerated Personal Accident Death Cover of INR 5 lakh, subject to minimum transactions at merchant locations or online via the debit card. All the account holders are required to use their Debit Card at retail or the on-line stores at least once every 30 days to keep free Personal Death Insurance cover active.
International Air Accident Cover of INR 1 Crore on the purchase of air ticket using your Debit Card. Fire & Burglary Protection of INR 200,000 insured for the items that you have purchased using Debit Card for upto 6 months. Checked Baggage Insurance Sum of INR 2 lakh if the insured applicant is travelling on tour or on holidays within India, to the intrinsic value of the accompanied personal baggage.
Bank anywhere with HDFC Bank extensive Branch and ATM network. You can also manage your salary account at HDFC Bank from your home, office or from anywhere using the Free Phone Banking, Mobile Banking and Netbanking facilities. And you can transfer funds online to any bank across the country through NEFT or RTGS service. Free email statements, passbook, Billpay, Demand Drafts, email alerts, etc, are furthermore services for you to avail of with this HDFC salary account.
Lounge access is offered to HDFC Bank salary account holders with a complimentary access to Clipper lounges at airports across India. Get preferential interest rates on loans, apply online whenever you need funds. And get access to HDFC Bank Super Premium Credit cards with the HDFC Bank Classic Salary Account. For easy investments with high returns, you can open a Fixed Deposit account. To get a demat account, apply for it for free for the first year.
Citibank Suvidha Salary Account
Open a Citibank Suvidha Salary Account which is designed for the banking needs of modern day professionals. With the salary account, you can get preferential rates on Citibank products such as personal loan, home loan, car loan, credit cards. You could also get a powerful debit card for your payment and transactions, as well as gain 24X7 access to the convenient digital banking platforms for easy management. It is a one stop solution for all your banking needs.
Get a payable at par cheque book, ATM/Debit card with daily limit of INR 1,00,000 with your zero balance Citibank salary account. It offers a host of benefits on your debit card. Pay zero fee for your Citibank debit card. The card is accepted worldwide at merchant outlets and ATMs for convenient payments and cash withdrawal. You can also earn Reward Points on every purchase or transaction. Redeem Reward Points for cashback and more. To redeem the reward points, SMS REDEEM <last 4 digits of your debit card> <number of reward points to be redeemed> to 52484 or Call to the 24×7 CitiPhone helpline. For queries login to www.citibank.com/India.
A complimentary personal death accident cover of INR 10 lakh is offered to the salary account holder. Get a no cost Demand Draft delivery at 1,100 locations in India. Free NEFT, RTGS and IMPS funds transfer from your Citibank account. Earn up to 2.75% p.a. interest rate calculated daily. The interest is credited quarterly.
Also get an overdraft facility of up to 5X net monthly salary on your Citibank salary account. Choose a credit card that offers privileges and suits your lifestyle. Complimentary Investment Services such as demat account or mutual fund investments are also available to make the most of. Borrow a Personal loan and Home Loan at preferential rates from Citibank, along with a . Comprehensive insurance solutions for you and your family.
Axis Bank Prime Salary Account
With the Axis Bank Prime Salary Account, you can get a higher transaction limit, free Visa Rewards Plus Debit Card, discounts at partner restaurants, cashback on movie tickets and a personal accident insurance cover. If you want to open the Axis Bank Prime salary account, go to your nearest Axis bank branch or visit the official website. Have a look at the features of the salary account.
- Interest rate up to 3.50% per annum on account balances
- Zero initial deposit and monthly balance required
- Free multi city cheque book per year
- A free demand draft or pay orders every month
- Wide range of ATM and Bank branches across in India with 17,000+ ATMs and 4,400+ Axis Bank branches
- Phone banking, mobile banking and internet banking facility for the customers as well
- Free e-statements
- Unlimited free NEFT or RTGS transactions
Axis Bank Rupay Platinum Debit Card: With your salary account, you will get a free debit/ATM card that provides you up to 15% discount on the partner restaurants for your dining experience. You can withdraw cash from your account up to INR 40,000 per day and shop up to INR 2 lakh daily using your Axis Bank Rupay Platinum Debit Card. First 5 transactions are free at an Axis Bank ATM and 3 transactions at a non-Axis Bank ATM. You can get up to 2 complimentary airport lounge access as well per quarter at the selected airport.
Exclusive Benefits for Premium Corporate Employees: Get 1% cashback on your every spend of INR 750 or more per month. 2% cashback on movie tickets if you spend INR 1,000 or more per year. You could also get enhanced protection cover with Personal Accident Death cover of INR 12 lakh and Air Accident Cover up to INR 1 Crore.
To get the insurance cover on your Axis Bank Prime Salary account, you need to be an active user of your debit card 180 days prior to the mishap. Following are the insurance covers offered to the customers.
Personal Accident Insurance Cover: When the account holder is dead at an accident, the nominee will claim the insurance of INR 2 lakh from Axis Bank afterwards.
Zero Lost Card Liability: Contact the customers service within 24 hours of card loss to report it. With that, the debit card would be blocked instantly and you can get compensation for the fraudulent transactions.
Purchase Protection: Whoever product you buy using your Axis Bank debit card is insured for up to 90 days against fire, burglary and theft. You can get a combined lost card liability and a purchase protection up to INR 50,000.
Complementary Hospital Cash Insurance for COVID-19 and other disease
Get benefits up to INR 20,000 annually for COVID-19 or other diseases. You can claim INR 1,000 per day for accident, illness up to 20 days. Validity of the policy will be 365 days after the inception. To be eligible for the insurance cover, you should have a minimum salary of INR 20,000 or 25,000 and must have used your credit card at least 3 months post account opening.
ICICI Bank Titanium Salary Account
The ICICI bank Titanium Salary Account is one of the best Salary Accounts that is offered by the ICICI bank. Once you open this salary account, you will get a free international Titanium Debit Card. You can withdraw cash of INR 1 lakh from this debit card in a day and use it at the POS terminal for the limit of up to INR 1.5 lakhs in a day. This debit card also gives you various offers and discounts on multiple e-commerce websites and you can have a great shopping experience. There is no need to maintain a minimum balance in this account and no extra charges will be levied if your account balance is low. You can explore some of the key features of this account below:-
- You will get an Instant Welcome Kit that includes a Debit Card and a cheque book.
- This account allows you to make unlimited ATM transactions at all bank ATM networks.
- Get a free personalized payable-at-par cheque book in this account.
- There will be no charges on the Demand Draft or Pay Order up to Rs 1 lakh in a day.
- Get amazing discounts on the locker charges in this account.
- No fee will be charged on inter-bank money transfers through online NEFT.
- Free SMS alerts.
- You will get a Personal Accident Insurance of INR 10 lakh and Air Accident Insurance of INR 40 lakh
- This Cover will be valid on Salary Accounts where there is at least one salary credit in the three months before the claim.
Other Privileges in this Account
- iMobile Pay App:- You will get 350+ banking and lifestyle services through ICICI Bank Internet Banking and the iMobile Pay app. This feature allows you to transfer funds quickly with UPI and you can even make utility bill payments and recharge your phone through your mobile.
- Internet Banking:- The internet banking feature of this salary account allows you to view statements, transfer accounts, update a new employer’s name, etc. Internet banking helps you to pay all your utility and Credit Card bills. You can even open online deposits like an FD and iWish track loan statements and Equated Monthly Instalment (EMI) schedule.
- Loans, Credit Card, Pay Later:- You can apply for Home Loans, Auto Loans, and Personal Loans from this account. Internet banking or the iMobile Pay app have the option to apply for the above loans easily using a mobile phone or a laptop.
- Pay Later:- The ICICI Titanium Salary Account also offers a digital credit facility through which you can shop, recharge, book tickets, order food online using the PayLater facility, and enjoy up to 45 days of credit at zero interest.
- Amazon Pay Credit Card:- If you become a preferred customer of the ICICI Bank then you can apply for the Amazon Pay Credit Card that has a lot of exciting features on Amazon:-
- There is no joining fee or annual fee on this card.
- The rewards earned using this card have no expiry date.
- Enjoy a cashback of 5% on transactions made at www.amazon.in for Amazon Prime members.
- Get 3% cashback on transactions made at www.amazon.in for non-Amazon Prime members.
- Free International Titanium Debit Card:- You will also get purchase protection on your Titanium Debit Card of INR 1.5 lakh. If your debit card is stolen or misused then this protection will reimburse your losses.
- Best in Class Investment Options:- You can also make investments from this account and you have multiple options to do so:-
- Open an Online Public Provident Fund (PPF) Account
- NPS Account (National Pension System)
- Invest in Mutual Funds and Insurance
- Invest in a Flexi RD that earns you interest at the same rate as a regular RD.
- Make Term Deposit products offering extra benefits, while you continue to earn interest at the prevailing rates.
- Open an Online Demat and Trading Account and you are free to choose the brokerage plans suited for you.
- Exclusive Offers:- You will also get all the benefits that are available on the ICICI Bank Credit Cards, Debit Cards, Internet Banking, and iMobile Pay App. On the other hand, enjoy a minimum discount of 15% across 2500+ restaurants under the Culinary Treats Programme.
- Special Privileges for Family Members:- You can open accounts for up to 5 members (Parents, Spouse, Children) without any minimum balance.