How to Open Salary Account | Top Bank for Salary Account, Types & Benefits

Many of you who have recently begun your careers are curious about the advantages of a salary account. To begin with, these accounts are zero balance accounts, which means you don’t have to maintain a balance like you would with a traditional savings account. You can also move money from one account to another, view bank statements, and take advantage of value-added services like instant personal loans, exclusive credit cards, and more. In this article, we’ll look at How to Open Salary Account, the best salary accounts in India, and the features and perks they offer.

About Salary Account

This is a bank account into which your employer or corporation deposits your monthly salary. Salary accounts are established at banks with whom businesses and organizations have a relationship. The day on which the bank distributes the salary to the employees is chosen by the employer. Some banks, however, allow you to open a salary account on your own. You only need to produce proof of employment or a letter of approval from your employer for this.

Top Salary Accounts You can Choose

Kotak Platina Salary Account

At Kotak Mahindra Bank, you can open a salary account. This is a salary account with no balance that is subject to monthly salary credits. You can earn a maximum interest rate of 4% on your payment account balances. You can also transfer payments from your salary account for free using NEF, RTGS, or IMPS. Get a demand draft with an unlimited value and have it issued at any of the bank branches. With your Kotak Platina Salary Account, you can get up to three family savings accounts with no maintenance fees.

With a free banking feature, you may manage your salary account from the office or at home. Also, you can get a 25% discount on renting a locker for your valuables. With your Kotak Platinum debit card, you can make unlimited transactions at all VISA ATMs in India. When you use your debit card to pay for fuel, you can enjoy a 2.5 percent fuel surcharge waiver at any petrol pump in India.

A Personal Accidental Death Cover of up to INR 35 lakh is also available. To claim the Personal Accident Death Cover, the nominee must submit the following documents to the nearest Kotak Bank office within one month after the salary account holder’s death.

  • Duly Completed Insurance Claim Form
  • FIR, Punchnama, Inquest Panchnama for accident cases
  • Salary Slip prior to the inception of the Policy
  • Original Death Certificate
  • Post Mortem Report
  • Mandate form for NEFT payment supported by a cancelled cheque copy
  • 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.
  • Bank Account Summary of the previous month

There’s also INR 3,50,000 in lost card liability insurance, INR 50,00,000 in air accident insurance, INR 1,00,000 in purchase protection, and INR 1,00,000 in lost baggage insurance. An offer of an Instant Personal Loan for personal requirements can also be made. Home Loans with advantageous interest rates and no processing fees Kotak Mahindra Prime Limited offers up to 100% car financing at a competitive interest rate.

Add Beneficiary in HDFC Net Banking

With the Kotak Platina Salary account, you may get two free PVR tickets when you spend INR 10,000 per month and get a free Royal Signature Credit Card. You can choose from a variety of credit cards to get the credit card you want. And, with a free Investment Account, you can grow your money by redeeming or purchasing from over 2,200 mutual funds online. Also, for added security, open online Fixed Deposits and Recurring Deposits at a competitive interest rate.

Kotak Platina Salary Account

SBI Corporate Salary Package

Open a salary account with India’s largest public sector bank, State Bank of India (SBI). The Corporate Salary Package (CSP) of SBI Salary Accounts provides you with a number of benefits. Employees of business institutions, such as hospitals, hotels, and transportation companies, for example. The perks you receive will be determined by your income. For SBI salary accounts, see the following package.

PLATINUM: If your annual pay exceeds INR 1, 00,000,

DIAMOND: When your annual salary is between INR 50,000 and INR 1, 00,000

GOLD: If your annual pay is between INR 25,000 and INR 50,000,

SILVER: If you earn between INR 10,000 and INR 25,000 every month,

A salary account has no balance and allows for limitless transactions at any bank’s ATMs. It also comes with bundled perks when used in conjunction with an SBI Credit Card. Personal Accident Insurance worth INR 20 lakh can also be given as a bonus. Up to INR 30 lakh is covered under air accident insurance. SBI also offers Personal Loans, Home Loans, Car Loans, and Education Loans at competitive rates. Get up to a 25% discount on your locker fees. Use the Auto-Sweep feature to produce e-MODs and earn greater interest on your SBI salary account balance. Take advantage of a Demat and Online Trading account to trade in the stock market and build money. Drafts, Multi City Cheques, SMS Alerts, and free online NEFT and RTGS services are all available for free. Selected customers may be eligible for an overdraft of up to two months’ net salary. Through the SBI Rewardz reward program, you can earn points on a variety of transactions.

SBI Corporate Salary Package

HDFC Bank Classic Salary Account

You must be employed with a corporate office or organization that has a salary account relationship with HDFC Bank to be eligible for the HDFC Bank Classic Salary Account. This is a salary account with no balance that offers a variety of benefits to the account holder. You can get a free Times Points Debit Card with a daily domestic ATM withdrawal limit of INR 1 lakh and a daily domestic shopping limit of INR 3.5 lakh. You can use the NetBanking facility to modify the limit on your HDFC Debit Card to suit your needs.

Times Points is a digital loyalty program that offers you discounts on online shopping, dining, and supermarket purchases. So, get enticing perks and privileges with your Times Points Debit Card, starting with a welcome bonus of 500 Times Points on your first purchase with your Times Points Debit Card at a point of sale or online merchant business. You can get your e-welcome kit by following the instructions below.

  • Visit the official website of the Times Points Debit Card.
  • Select “Welcome Offers”.
  • At the top of the page, click the Welcome Offers banner.
  • Download your ‘e-Welcome Kit’* by following the instructions.

7 days after obtaining the Debit Card, you can receive the e-Welcome Kit. You can save 10% or more on online lifestyle, entertainment, eating, and grocery purchases when you use your Times Points Debit Card. And, with the exception of fuel, jewelry, and business services, earn 2 Times Points for every INR 150 spent on shopping. On the debit card, the salary account holder is offered a Personal Accident Death Cover of up to INR 10 lakh. In addition, you are entitled to a 5 lakh INR base personal accident death cover by air, road, or rail.

You can also acquire an INR 5 lakh Accelerated Personal Accident Death Cover if you do a certain number of transactions at merchant locations or online using your debit card. To keep their free Personal Death Insurance cover active, all account holders must use their Debit Card at least once every 30 days in retail or online stores.

When you buy a plane ticket with your debit card, you get a one-crore international aviation accident insurance policy. For up to 6 months, your things purchased with a Debit Card are covered by a fire and burglary insurance policy worth INR 200,000.

If the insured applicant is traveling within India on a tour or vacation, the checked baggage insurance sum is INR 2 lakh, up to the intrinsic worth of the accompanied personal baggage.

With HDFC Bank’s broad branch and ATM network, you can bank from anywhere. You can also manage your salary account at HDFC Bank utilizing the free Phone Banking, Mobile Banking, and Netbanking services from your home, office, or anywhere else. One can also use the NEFT or RTGS services to send money to any bank in the country. You can also get free email statements, a passbook, Billpay, Demand Drafts, email notifications, and more features with this HDFC salary account.

HDFC Bank salary account users are entitled to complimentary entry to Clipper lounges at airports across India. Get lower loan interest rates by applying online whenever you need money. With the HDFC Bank Classic Salary Account, you can also have access to HDFC Bank Super Premium Credit cards. You can start a Fixed Deposit account for simple investments with great returns. To open a Demat account, fill out an application that is free for the first year.

HDFC Bank

Citibank Suvidha Salary Account

Open a Citibank Suvidha Salary Account, which is customized to the financial requirements of today’s professionals. You can enjoy favorable rates on Citibank products such as personal loans, house loans, vehicle loans, and credit cards if you have a salary account. You could also acquire a powerful debit card for payments and transactions, as well as 24-hour access to convenient digital banking platforms for simple management. It’s a one-stop shop for all of your banking requirements.

With your zero balance Citibank salary account, you can get a payable at par checkbook and an ATM/Debit card with a daily limit of INR 1, 00,000. On your debit card, it provides a slew of perks.

Your Citibank debit card has no fees. For convenient payments and cash withdrawals, the card is accepted worldwide at merchant outlets and ATMs. Every purchase or transaction will also earn you Reward Points. You can use your Reward Points to get cashback and other benefits. To redeem your reward points, send an SMS to 52484 with REDEEM last 4 digits of your debit card> the number of reward points to be redeemed> or call the CitiPhone helpline 24 *7. For further queries visit the official website.

The salary account user receives a complimentary personal death accident cover of INR 10 lakh. At over 1,100 locations across India, you can get a free Demand Draft. Your Citibank account is eligible for free NEFT, RTGS, and IMPS funds transfers. The interest rate of up to 2.75 percent p.a. is determined every day. Interest is paid out on a quarterly basis. On your Citibank pay account, you can also acquire an overdraft of up to 5X your net monthly salary. Choose a credit card with benefits that fit your lifestyle. You can also make use of complimentary investing services such as a Demat account or mutual fund investments.

Citibank

Axis Bank Prime Salary Account

You may get a greater transaction limit, a free Visa Rewards Plus Debit Card, savings at partner restaurants, cashback on cinema tickets, and personal accident insurance with the Axis Bank Prime Salary Account. Go to your nearest Axis Bank branch or visit the official website to open an Axis Bank Prime salary account. Take a look at the salary account’s features.

  • Interest rate up to 3.50% per annum on account balances
  • Zero initial deposit and monthly balance required
  • Free e-statements
  • 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
  • Unlimited free NEFT or RTGS transactions
Axis Bank Prime Salary Account

Axis Bank Rupay Platinum Debit Card: When you open a salary account with Axis Bank, you will receive a free debit/ATM card that gives you a 15% discount at partner restaurants for your dining experience. Your Axis Bank Rupay Platinum Debit Card allows you to withdraw up to INR 40,000 per day from your account and shop up to INR 2 lakh per day. At an Axis Bank ATM, the first five transactions are free, whereas, at a non-Axis Bank ATM, the first three transactions are free. At the specified airport, you can enjoy up to two complimentary airport lounge passes per quarter.

Exclusive Benefits for Premium Corporate Employees: Get 1% cashback on all monthly purchases of INR 750 or higher. If you spend INR 1,000 or more every year on cinema tickets, you will receive a 2% cashback. Personal Accident Death Coverage of INR 12 lakh and Air Accident Coverage up to INR 1 Crore are available options for enhanced protection. You must have been an active user of your debit card for 180 days prior to the mishap to be eligible for insurance on your Axis Bank Prime Salary account. The following are the insurance options available to customers.

Personal Accident Insurance Coverage: If the account holder dies in an accident, the nominee will be able to claim INR 2 lakh in insurance from Axis Bank.

Zero Liability for Lost Cards: To report a lost card, contact customer support within 24 hours. The debit card will be immediately stopped, and you will be compensated for the fraudulent purchases.

Purchase Protection: Your Axis Bank debit card purchases are covered for up to 90 days against fire, burglary, and theft. You can obtain up to INR 50,000 in combined lost card liability and purchase protection.

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