As a salaried person employed either in the government sector or corporate sector, it becomes a necessity to have a salary account in a nationalised bank. We wanted to post for our readers the advantages of SBI Salary Account. There are certain benefits which are not enjoyed by a regular savings account holder. And in case you are looking for regular savings account opening online, here’s our guide on how to register for SBI Online Net banking.
Types of SBI Salary Account
Depending upon your employment as a salaried person, State Bank of India(SBI) offers various Salary accounts. Let us take a look at each of them.
Corporate Salary Package (CSP)
The CSP is as the name suggest, available for those employed in the corporate sector. However, note that this includes Private Organisations and Public Sector Undertakings as well. Corporate Salary Package comes in different variants such as
Platinum CSP which is available for those earning above Rs.1 Lakh per month.
Diamond CSP which is available for those in the gross income range above Rs. 50,000 and upto Rs. 1 Lakh.
Gold CSP which is offered to individuals earning above Rs.20,000 and upto Rs.50,000.
Silver CSP which is offered to individuals earning above Rs.5,000 and upto Rs.20,000.
The variants of Debit Cards issued will also depend on the type of CSP held by an employee.
Central Government Salary Package (CGSP)
For employees of Central Government, Autonomous Bodies, Universities etc
Silver CGSP is available for employees below Class I Officers like Assistants, Staff and Peons etc.
Gold CGSP is available for Class I Officer Cadres
Diamond CGSP for Under Secy, Jt. Director and Dy. Secy etc
Platinum for Director, Jt. Secy, Addl Secy etc
Whereas specifically for employees of NABARD, RBI, Defence Civilians etc. the available options are as below:
- Silver CGSP: This is available for individuals earning between Rs. 5,001 and Rs. 20,000
- Gold CGSP: This is available for individuals earning between Rs. 20,001 and Rs. 50,000
- Diamond CGSP: This is available for individuals earning between Rs. 50,001 andRs. 1,00,000
- Platinum CGSP: This is available for individuals earning above Rs. 1,00,000
There is also separate Salary Packages for Railway Personnels, State Government Servants, Defence Forces, Paramilitary Forces, Police Forces and Coast Guards.
Benefits of SBI Salary Account
Now that we know the types and variants of SBI Salary Accounts, therefore, let’s look at the advantages of SBI Salary Account. Here are the benefits of SBI Salary Account.
- Zero balance account and free unlimited transactions across ATMs of any Bank. This means that one does not need to maintain Minimum Average Balance(MAB) as required for regular savings account.
- Complimentary Personal Accident Insurance (Death) cover up to Rs. 20 Lakhs.
- Complimentary Air Accident Insurance (Death) cover up to Rs. 30 Lakhs.
- Easy Application for Personal Loans, Home Loans, Car Loans and Education Loans at attractive rates.
- Upto 25% off on locker charges.
- Avail of Auto-Sweep to create e-MODs (Multi Option Deposits) and earn higher interest. As on date, the interest on Auto-Sweep e-MODs atood at 6.8% per annum. However, this rate is not fixed and varies from time to time. This is however the biggest advantage of SBI Salary Account as you earn a much higher interest rate compared to regular savings account.
- Easily avail Demat & Online Trading A/c at the time of on-boarding itself.
- Free issuance of Drafts, Multi City Cheques, SMS Alerts. Free online NEFT/RTGS.
- Overdraft equivalent to 2 Months Net Salary (Currently available for select customers only)
- Earn points on various transactions through our loyalty program SBI Rewardz.
- A lot of other offers on SBI Products including Debit Card offers for Shopping and YONO App offers.
Should you Choose SBI Salary Account?
Yes, because of the above advantages and benefits, it is highly recommended that you maintain your salary account with the State Owned SBI Bank. Although many of the above benefits may be provided by other banks also, SBI is still a better choice because of it being the Public Sector Nationalised Bank with the highest number of operational Banking Branches across the country. The complete list of all SBI Salary Account Types and Variants are available at SBI Official Website. https://www.sbi.co.in/salary-account/