The country’s largest bank, State Bank of India (SBI), offers salary accounts with many special benefits. If you are employed and open a salary account with SBI, you can enjoy several facilities and benefits. This salary account is especially available for central and state government employees, defence forces, paramilitary forces, police forces, corporate institutions, and more. It provides access to advanced and secure net banking and mobile banking services. Let’s take a look at its benefits.
Unlimited Free ATM Transactions
According to the official website of SBI, the SBI Salary Account is a zero-balance account. You can make unlimited transactions from any bank ATM in India for free. The account also offers free personal accident insurance (death) cover up to ₹40 lakh and free air accident insurance (death) covering up to ₹1 crore. Additionally, you can avail personal loans, home loans, car loans, and education loans at attractive rates.
Other Free Services
SBI salary account holders enjoy up to 50% discount on annual locker rent. You can use auto-swipe to create an e-MOD (Multi Option Deposit) and earn high interest. Additionally, you can open a demat and online trading account during account onboarding. Other free services include continued drafts, multi-city cheques, and SMS alerts. You can also transfer funds via free online NEFT/RTGS. Earn points on various transactions through the SBI Rewards loyalty program and access regular offers on your debit card and Yono app.
Important to Know
If your monthly salary is not credited to your salary account for more than three consecutive months, the account will be converted into a normal savings account. As a result, all facilities provided under the salary package will be withdrawn, and regular savings account charges will apply.
Benefits to the Employee
- Zero balance account and unlimited transactions across ATMs of any bank in India.
- Complimentary personal accident insurance (death) covers up to ₹40 lakh.
- Complimentary air accident insurance (death) covers up to ₹1 crore.
- Avail of personal loans, home loans, car loans, and education loans at attractive rates.
- Up to 50% off on annual locker rental.
- Avail of auto-sweep to create e-MODs (Multi Option Deposits) and earn higher interest.
- Avail of a demat and online trading account during onboarding.
- Free issuance of drafts, multi-city cheques, and SMS alerts. Free online NEFT/RTGS.
- Earn points on various transactions through the loyalty program, SBI Rewards.
- Access a host of regular offers on debit cards and YONO by SBI.
- SBI Rishtey (Family Savings Account): Available for family members of Salary Package customers with additional benefits.
Important Notes:
- Benefits under the salary package are subject to the classification of the savings account into the respective salary package and variant in the bank’s system. All customers receiving a salary through SBI accounts must apply, along with proof of salary and employment, at their home branch to convert their savings account into the appropriate salary package/variant (conversion forms). Account holders should verify the classification of their accounts under the respective package/variant by checking the package/variant name on the first page of their bank passbook/statement.
- If the monthly salary is not credited to the account for more than three consecutive months, the account will be converted to a normal savings account, and all features offered under the salary package will be withdrawn. All charges applicable to normal savings accounts will be levied.
- The salary package is offered by the bank as a comprehensive solution to provide various banking services. The associated features are not intended for mobilizing deposits from the account holders.
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