How To Deposit Cash In Salary Account Of State Bank Of India?

Savings from an individual perspective is setting aside some money for future use. Savings from an economy perspective includes all the money set aside by the government, individuals, employers and so

Published: Thursday, March 15, 2018, 16:45 [IST]

Savings from an individual perspective is setting aside some money for future use. Savings from an economy perspective includes all the money set aside by the government, individuals, employers and so on. Savings is essential to an individual as they enable people to make a purchase in future and to secure the unforeseen future events in life. For economy, savings allow investment to occur over a period.

In today's world, there are various ways to save money. It is up to the individual to choose which mode he/she opts to save the money. Banks, Post Offices, and various financial institutions are offering several schemes for earning individuals to deposit the money to fetch a decent return on investment. One such method is to deposit cash in salary account.

What is a Salary Account?

A Salary Account is a kind of account opened by the employer on behalf of an employee, to credit the employee's salary usually on a monthly basis.

It is popularly known as Zero Balance Account or Minimum Balance Account.

A Salary is a kind of payment from an employer to an employee, which may be specified in an employment contract. It is contrasted with piece wages, where each job, hour or other unit is paid separately, rather than on a periodic basis.

For Accounting purpose, salaries are recorded in payroll accounts. Salaries are fixed cost in nature.

Features of Salary Account

The following are the features of Salary Account.

• The account is opened by the employer on behalf of the employee.
• The primary purpose is to credit the salary of the employees.
• There is no need to maintain a minimum balance in a salary account.
• It will not fetch any bank interest rates.
• In case, if the salary is not credited continuously for three months, then the account will be considered as savings account for the banking transactions.

State Bank of India

The State Bank of India is popularly called as SBI. It is the largest public sector bank in India. It is an Indian multinational, public sector bank. The Government of India owns it. Its headquarters is located in Mumbai.

SBI has around 420 million customers, more than 24,000 branches, and 59,000 ATMs.

Apart from Indian operations, SBI has 198 offices across 37 countries; 301 correspondents in 72 countries in the world.

State Bank of India

SBI is one of the largest employers in India with 2,09,567 employees as on March 31, 2017, out of which 23% are female employees, and 3,179 (1.5%) are specially abled employees.

On April 1, 2017, the State Bank of India, merged with five of its associate banks namely - State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore, and with the Bharatiya Mahila Bank. It was the first ever large-scale consolidation of banks in the history of Indian banking industry. With this, SBI became one of the 50 largest banks in the world.

Salary Account In State Bank of India

The State Bank of India - the largest public sector bank in India, provides an entire range of salary accounts crafted to the requirement of the salaried class. The bank offers Salary Account Packages for varied sectors such as Central Government, Defence Forces, State Government, Police Forces, Indian Railways, Coast Guard, Paramilitary Forces, Corporates, Institutions and so on.

Central Government Salary Package (CGSP)

The employees of various Departments and Ministries under the Central Government, RBI and NABARD, can avail Salary Accounts under CGSP.

The package variants are available as per the employee designation/ gross monthly salary.

Employees of the Indian Central Governments, Autonomous bodies, Universities, and so on

• Silver - Personnel below Class I Officer like a peon, sub-staff, etc
• Gold - Class I Officers
• Diamond - Under Secretary, Joint Director, Deputy Secretary
• Platinum - Director, Joint Secretary, Additional Secretary, Special Secretary, Cabinet Secretary.

Central Government Salary Package (CGSP)

Employees of NABARD, RBI and Defence Civilians, CGDA and so on having Gross Monthly Salary

• Silver - between Rs 5,001 and Rs 20,000
• Gold - between Rs 20,001 and Rs 50,000
• Diamond - between Rs 50,001 and Rs 1,00,000
• Platinum - above Rs 1,00,000

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State Government Salary Package (SGSP)

The employees of State Govt. and Union Territories and permanent employees of Corporations/Boards, etc. in States in Union Territories, including teachers/professors of the aided school, colleges, universities, etc. can avail of salary accounts of SBI under State Government Salary Package (SGSP)

Package variants available as per designation of personnel

• Silver - Gross Monthly Salary between Rs 5,000 and up to Rs 20,000
• Gold - Gross Monthly Salary between Rs 20,000 and up to Rs 50,000
• Diamond - Class II employees (Gazetted officers, Assistant Directors, etc. or employees with gross monthly salary Rs 50,000 and up to Rs 1,00,000.
• Platinum - Class I Executive Grade I like Commissioners, Collectors, Head of the Department, Directors, PS, Secretary or employees with gross monthly salary Rs 1,00,000

Corporate Salary Package (CSP)

The salary accounts under the CSP offer a range of privileges to the employees of the corporate institutions which also include service organizations such as hospitals, hotels, transport corporations and so on.

The package can be customized based on the business relationship between the Corporate or Institutions and the Bank.

Package Variants eligibility is as per the gross monthly income of the individual.

The pay pack will determine the eligibility for a variant of Debit Card, Quantum of Insurance coverage, Loyalty Program Benefits, etc.

• Platinum - above Rs 1,00,000
• Diamond - above Rs 50,000 and up to Rs 1,00,000
• Gold - above Rs 20,000 and up to Rs 50,000
• Silver - between Rs 5,000 and up to Rs 20,000

Benefits to Employees who have Salary Account In State Bank of India

• It is a Zero Balance Account, and it will have free unlimited transactions across ATMs of any bank.
• SBI Credit Card facility is available with the account.
• Complimentary Personal Accident Insurance (Death) cover is available up to Rs 20 Lakhs.
• Complimentary Air Accident Insurance (Death) cover is up to Rs 30 Lakhs.
• The account holder can avail Personal loans, Home loans, Car loans and Educational loans at attractive rates.
• Up to 25% off on locker charges for account holders.
• Demat and Online Trading A/C facilities at the time of on-boarding itself.
• Availability of Auto-Sweep to create e-MOD (Multi Option Deposits).
• The issue of drafts, multi-city cheques, SMS alerts are free
• Online RTGS/NEFT transactions are free; no charges will be redeemed.

Is it possible to deposit cash in salary account of State Bank of India?

Yes, it is possible to deposit cash in the salary account maintained with SBI Bank.

The account holder can use the account to carry on the routine banking transactions. He/She can deposit cash in the salary account and can withdraw the same as and when required as per the requirements.

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