Are you looking to know the benefits of opening a salary account in SBI? As in today’s era of digitalization, every salaried person needs a bank account where the company transfers their salary amount. So, in this article, you will learn the benefits of a state bank’s salary account.
Benefits Of SBI Salary Account
- You can open your account with a zero balance. And the bank offers free SBI credit cards.
- SBI facilitates their customers to enjoy unlimited transactions from any bank.
- State bank covers Accidental death insurance up to 20 lac rupees.
- It covers Air accident death insurance of 30 lac rupees.
- The bank provides home loans, car loans, personal loans, and education at the least and convenient interest rates. A user can get up to fifty percent rebate in loan processing fees.
- The SBI salaried account holder also gets a discount of 25% on locker charges.
- SBI facilitates auto-sweep availability so that anyone can create a multi-option deposit. And he can get a high interest rate from the bank.
- It also provides a trading account and Demat account when opening a salaried account.
- Employees having a salary account in SBI can enjoy free money transfers through RTGS or NEFT.
- Also, they can enjoy free SMS alerts, multi-city cheques, and draft issues for free.
- The selected customers of this bank can enjoy an overdraft facility equal to their two-month salary.
- You can earn reward points on different transactions through their loyalty program, state bank of India Rewardz.
- SBI keeps providing the different offers regularly on Yono App and debit cards too.
- In addition, SBI checks the eligibility of their customers based on gross salary. And gives the benefits of a loyalty program, coverage of insurance, and different credit cards.
The package forms are silver, gold, and diamond.
Who falls under these categories?
- A person having a salary frame between five thousand to twenty thousand gets silver level benefits.
- A person with a salary of more than twenty thousand and less than fifty thousand falls under the Gold level.
- And the Diamond level benefits are given to those who have salaries above INR fifty thousand but less than one lac rupees.
Which Companies Are Eligible To Open Their Employee’s Salary Account In SBI?
The company must have 25 employees. Each of them has a minimum salary of five thousand rupees. The total salary expenditure of the institution must not be less than one lac twenty-five thousand rupees.
You can also convert your employee’s existing SBI account into a salary account if your company meets the requirements.
To Sum Up
Having a salary account in India’s oldest and the largest bank in market value and capitalization. The bank was founded as the imperial bank of India in 18006 once it was also known as Bank of Calcutta, which has an excellent service history of more than a hundred years in the market.
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