All working individuals including private, public sector companies have a salary account where monthly salary will be credited by the employer.
Usually, the corporates where you are working will have a tie-up with the bank to provide salary account to its employees. Features and other things vary with the type of salary account depending on the salary your draw.
Many private banks have different types of salary account, which differ in features and benefits and depend on your monthly income. Public sector banks also offer the same facilities. Likewise, the debit cards, credit cards and loan offers also differ.
Most of the features and service remain the same with top banks in the country. Here is a list of banks which can be considered as best in terms of salary account:
HDFC Salary Account
For HDFC Bank salary account, there is a free personal accidental death cover of Rs 1 lakh on salary account. In a premium salary account there is free zero balance. There is also a Salary Family Account for your family members. At a time when SBI has also started charging heavily for not maintaining minimum balance, this zero balance from HDFC Bank makes it one of the best salary accounts in the country.
ICICI Salary Account
ICICI Salary account holders can avail free remittance (demand drafts, cheques, pay orders) up to Rs 25,000 on ICICI Bank network.
ICICI Bank is also registered with PFRDA to offer NPS services, corporate customers. There is a facility of zero liability protection on Debit Card lost card up to Rs 2 lakhs. Please note that the norms and charges keeping changing frequently, so check with your bank, before opening an account.
Individuals can avail overdraft up to 5 times of your net monthly salary credit with the Citi Bank Salary Account. One can also redeem reward points for cash. Preferential pricing on Personal Loan and Home Loan is possible, if you are eligible. However, network of branches are not comparable to some of the private banks, which makes this a bit negative.
SBI salary account
SBI Salary Accounts are customized as a special package for a Corporate/Institutions depending upon the business relationship with the Bank. Personal loans like home loans, auto loans, xpress Credit loans, etc., at attractive terms. Again, you need to check with individual banks before opening an account.
Bank of India Salary Account
Bank of India salary account is a zero balance account, The salary account holder will be getting an free accidental cover which cover upto 5 Lakhs depending upon the salary of this Bank of India Salary Plus Account Holder
The Special features of the Bank of India Salary Account is The Account Holder will be getting a Free Bank of India Gold Credit Card and can also avail Overdraft facility 4 Times of his net salary. Service will remain the key at government banks in the country, though with internet banking a lot of work is ow eliminated.
Union Bank Salary Account
For Union bank salary Account there is no minimum balance requirement for this. There are special offers union bank is providing to employees who are having a salary account with Union bank.
It provides Free Accidental Insurance Cover and overdraft facility. overdraft is facility is for 90 per cent of the net salary credited in the preceding month
Axis Bank Salary Accout
Like HDFC Bank, Axis has different salary account depending on the monthly income. For priority account, a dedicated Relationship Manager is available for all banking needs. One can enjoy preferential treatment when you walk into Axis branches or when you call the Phone Banking Centre.
Kotak Mahindra Bank
After its merger with INGvysa, Kotak has wide network spread across the country. One can earn higher interest on funds lying idle in a savings account with auto Sweep-In or Sweep-Out facility.
Facility of lost card liability insurance of Rs 2 lakhs is also available. Also personal and home loans at preferred rates are given with reduced processing fee.