Salary accounts are special varieties of savings accounts offered to salaried individuals. The employer, having a tie-up with the bank, credits the monthly salary of its employees to their respective salary accounts. It’s a win-win for both the employer and the employee. Salary accounts streamline the entire process for the employer and provide lucrative benefits to the employee (as it offers more benefits than a savings account).
An SBI salary account is revered for two fundamental reasons. First, having the coveted title of the largest bank in India with more than 20,000 branches and 60,000 ATMs and ADWMs (Automated Deposit and Withdrawal Machines), most public and private sector institutions associate themselves with SBI. In other words, the employer might already have a salary account link-up with the bank.
Types of SBI Salary Accounts
SBI has eight different categories of salary accounts. They are:
- Corporate Salary Package (CSP)
- Central Government Salary Package (CGSP)
- State Government Salary Package (SGSP)
- Railway Salary Package (RSP)
- Defence Salary Package (DSP)
- Central Armed Forces Salary Package (CAPSP)
- Police Salary Package (PSP)
- Indian Coast Guard Salary Package (ICGSP)
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Employee Tiers
There are four package variants within each salary package, depending on the employee’s net monthly salary/ designation. The four tiers are:
- Silver tier
- Gold tier
- Diamond tier
- Platinum tier
These tiers determine the individual employee’s eligibility for the insurance coverage amount, SBI loyalty program (SBI Rewardz) benefits, and more.
Important link
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Silver Tier
Employees whose take-home income falls under the bracket of Rs. 10,000 to Rs. 25,000 fall in this category. They will get a Domestic Classic Debit Card with a daily withdrawal limit of Rs. 20,000. However, they do not qualify for an overdraft facility and SBI Rishtey scheme.
Gold Tier
Employees with take-home income of more than Rs. 25,000 and less than Rs. 50,000 fall in this tier. They will get an International Gold Debit Card with a daily withdrawal limit of Rs. 50,000 or an equivalent amount of foreign currency.
Diamond Tier
Employees earning more than Rs. 50,000 but less than Rs. 1,00,000 fall in this tier (net monthly income). They will also get an International Gold Debit Card with a daily withdrawal limit of Rs. 50,000 or an equivalent amount of foreign currency.
Platinum Tier
Employees with a net income exceeding Rs. 1,00,000 fall in this category. They will get an International Platinum Debit Card with a daily withdrawal limit of Rs. 1,00,000 or an equivalent amount of foreign currency.
SBI Salary Account Benefits to the Employee
Zero Balance and Unlimited Free ATM Transactions
The salary account is a zero-balance account. Keeping a minimum balance is not necessary. Also, the salary account holder can do unlimited transactions for free through ATMs of any bank.
Complimentary Insurance Covers
The employees can enjoy the security provided by complimentary insurance covers. Depending on the employee’s net salary, they can avail of personal accident death insurance cover (up to Rs. 20,00,000) and air accident death insurance cover (up to Rs. 30,00,000).
Easy Loan Options
The SBI salary account holders enjoy easy loan options at competitive interest rates, including personal loans, home loans, education loans, and car loans. Benefits include a maximum 50% reduction against loan processing charges and lower loan processing time.
Locker Rent
The salary account holder will get up to a 25% reduction on locker rent
Demat Account and Online Trading Facility
The employees can avail of Demat and online trading accounts at the time of salary account opening.
SBI Salary Account Interest Rate and Auto-Sweep Facility
SBI salary account interest rate is 4% pa. The employees can enjoy an auto sweep facility to enjoy higher returns while transferring the excess amount in the salary account to a fixed deposit account. The account holder can determine the threshold balance, and the remaining amount will go to the FD account.
Debit Cards, e-Banking, and More
Moreover, the salary account holders will get a free debit card. SBI also waives the monthly maintenance charge of the salary account debit card. In addition, they can also avail of an add-on card for spouses/parents for a joint salary account.
They can enjoy SBI’s state-of-the-art internet banking and mobile banking services, SMS alerts, and online NEFT/RTGS services. Also, SBI will waive issuance charges on demand draft and multicity cheques for salary account holders.
Overdraft Facility
Also, the salary account holders can enjoy the overdraft facility, where they can withdraw up to twice the net salary (monthly) even if the account balance is zero.
There are no processing fees, and they will have the luxury to repay in six months. Employees can avail of the overdraft facility through cheque book, ATM withdrawals, mobile banking, internet banking, etc.
However, this facility is limited to employees earning more than Rs. 25,000 in-hand monthly salaries. Also, their salary account must qualify for a minimum of six continuous salary credits.
National-Level Policies for Employers
Policies like National Pension Scheme (NPS) and Public Provident Fund (PPF) are available for salary account holders.
Savings Accounts for Family Members
Under SBI Rishtey, salaried individuals earning more than Rs. 25,000 per month (net salary) can open a maximum of four family members’ savings accounts for their siblings, spouse, children, or parents, with unique features.
For savings accounts under SBI Rishtey, there’s no minimum balance requirement. There’s a no-issuance charge for DD and debit cards. Also, account holders can enjoy the advantages of auto-sweep.
