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.
1.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.
2.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.
3.Citibank Suvidha salary 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.
The Citibank Suvidha salary account is tailor-made to meet the banking needs of modern professionals. With a preferential price on Citibank products, a powerful debit card, 24/7 access to practical digital banking platforms, the Suvidha salary account is a unique solution for all your banking needs.
Advantages of Suvidha salary account
- No minimum balance required fo this salary account.
- A multitude of offers on your debit card.
- Free personal cover in case of an accident of 10 lakh rupees.
- Ease of paying utility bills to over 200 service providers across India.
- Free delivery on request to 1,100 locations in India.
- Free NEFT, RTGS and IMPS funds transfer
- 3.25% p.a. interest rate calculated daily paid quarterly.
- Overdraft facility up to 5 times 1 net monthly salary credit.
- The credit card offers tailored to your lifestyle
- Free investment services account and access to up-to-date investment information.
- Also, it offers zero-fee on credit card.
4. 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.
5.Bank of India Salary Account
Every employee in India has a common question which is the best salary account and which is the best bank to give benefits on salary account.
While opening the salary account, we need to think about some important things like interest rates, ATM's, security, additional benefits, rewards, etc.
Coming to the Bank of India Salary Account, it has some good features for salary account holders like zero balance account, no transaction charges, free international debit cards, free telebanking, SMS.It provides free cheque leaves up to 100 per calendar year.
Accident insurance is also provided up to a sum of Rs 1 lakh. Over draft facility of upto four times under salary account is also available. Apart from this free access to different bank ATM's, free utility bills payment facility through E-Pay, free gold credit cards, and much more. If you are interested or an investor in stocks, Bank of India provides you the facility for Online Trading of Shares. Bank of India is a perfect bank to open salary account with multiple benefits to the account holder.
6.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.The Union Bank Salary Account provides multiple cheque books. It has a facility to open bank accounts from the office premises as well. Free accidental insurance depends up on the the usage of the debit card. Debit cards issued for the free salary account is free of any charge. The bank also offers free net banking and user can create and reset the password.
7.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.
8.Bank of Baroda Salary Account
Bank of Baroda Salary Account gives you an overdraft facility of upto Rs 1 lakh on your account.
Like most other banks, there is no minimum balance facility that is allowed in your account. The other benefits of the account is almost similar to what other banks offer.
The one advantage of the Bank of Baroda Savings account is the huge branch network that the bank has.
9.Central Bank of India
Central Bank of India, one of the Nationalized banks in India and also one of the oldest and most trusted banks in India. You can open a Salary Account in this bank. Central Bank of India offers a wide range of features which you can enjoy if you are opening an Account in Central Bank of India.
Here are the Benefits of opening your Salary Account with Central Bank of India.
There is no minimum Balance criteria for the salary account with Central Bank of India.
The Account number will be a Lifetime Unique Account Number. You can convert this account number into a pension account after retirement.
You can use your Central Bank of India salary account as a joint account with your spouse or any other family member with either or survivor facility.
Free "WONDER CARD" will be provided which is a Debit cum Credit Card with some credit facilities depending upon your Salary Class.
Remittance through RTGS and NEFT is for free for the salary account holders with Central Bank of India.
For the Salary account holder, Retail Loans will be processed in Fast track method, and there will be no extra charges for this.
There will be 10 percent rebate on the locker for the Salary account holders.
10.Kotak Mahindra Bank Salary Account
Kotak Mahindra Bank is one of the largest bank in the Indian private banking sector headquarters is located in Mumbai, Maharashtra, India. It started In February 2003, the Reserve Bank of India (RBI) issued a license to Kotak Mahindra Finance Ltd. Kotak Mahindra Bank allows its customers to open a salary account via two channels: online and offline. It offers different types of salary accounts based on the monthly income of the account holder. Also, it offers a wide range of banking and financial services, including investment banking, personal banking, general insurance, life insurance and wealth management services.
Advantages of Kotak Mahindra bank salary account:
- It offers Classic Debit Card with Rs.40,000 / Rs.50,000 cash withdrawal limit at Domestic / International ATMs per day and Rs.2,00,000 shopping limit per day.
- It provides Personal Accidental Death Cover of up to INR 2 lakhs.
- Purchase Protection of up to Rs. 50,000.
- Providing services through Net Banking and Mobile Banking for convenient online banking
SMS banking through Kotak Bharat Banking App.
11.Yes Bank salary Account:
YES BANK, India's fourth-largest private sector bank, is a high-quality, customer-centric and service-oriented bank. Founded by Rana Kapoor and Ashok Kapur in 2004, YES BANK has evolved into a full-service commercial bank offering a full range of technology-oriented products, services and digital offerings to enterprise, small business and retail customers.
YES BANK has been ranked No. 1 in India by the Ministry of Electronics and Information Technology for its exemplary performance in digital payments in public, private, foreign and payment banks in India. For salaried customers, YES BANK offers the Smart salary account to its customers with a minimum required balance of nil, subject to monthly salary credits and a higher interest rate of 6% per annum. which also allows interest on the tax-free income of up to INR 10,000.
Convenience in the banking sector
- Free and unlimited transactions at YES BANK and all other banks in India.
- You can do RTGS / NEFT free via Net Banking and Mobile Banking
- Free IMPS installation via Mobile Banking
- Free Anywhere Banking at all YES BANK branches
- Free on-demand features within pre-specified limits
- Free SMS / Email Alerts
- 24 * 7 Personal Banking Assistant to create fixed deposits, pay bills, send money, make refills, check balances and so on.
11.PNB Salary account:
The salary account of the Total Freedom Savings Fund of the National Bank of Punjab (PNB) is an attractive option for corporate employees. They can get their salary credited to the account as well as benefit from an overdraft facility of up to Rs.50,000 or the last amount of salary credited to the account, the lower of the two. The interest rate charged applies to personal loans and adjusted during the next 6 months from the next salary credit.
Benefits of PNB salary account:
- The minimum balance required for the Total Freedom Saving Fund Salary account is zero.
- A total of 40 sheets of cheques per year are provided free of charge when the account is opened. This is in addition to the 40 checks authorized to general customers.
- The free transfer of funds up to Rs.1 lakh is authorized daily from the account if it is in the bank.
- A maximum of 25,000 rupees is allowed to be issued free of charge per month.