SBI offers a Salary Package Account with various benefits for employed individuals. The account provides access to Net Banking & Mobile Banking and offers additional services unavailable to regular customers. All Government & Private Sector Employees can open an SBI Salary Package Account.
Different types of SBI Salary Package Accounts are based on the employee’s salary range.
Types of SBI Salary Package Accounts:
- Rhodium Category: For employees with a salary exceeding Rs. 2 lakh.
- Platinum Category: For salaries between Rs. 1 lakh and Rs. 2 lakh.
- Diamond Category: For salaries between Rs. 50,000 and Rs. 1 lakh.
- Gold Category: For salaries between Rs. 25,000 and Rs. 50,000.
- Silver Category: For salaries between Rs. 10,000 and Rs. 25,000.
Each category offers different benefits that can be availed of without additional cost.
Benefits of SBI Salary Account:
- Zero Balance Account: No penalty for maintaining a zero balance.
- No Monthly Average Balance Charges.
- Customized Account Numbers: Option to obtain a fancy account number.
Auto Sweep Facility: This is an Optional service in which excess funds can be automatically transferred to a fixed deposit, earning interest while remaining accessible without any charges. - Free Debit Card: Enhanced benefits compared to regular customers.
- Unlimited ATM Withdrawals: Withdraw money from SBI or any other bank’s ATMs in India without incurring charges.
- International Debit Card: Depending on their salary category, customers receive a debit card that can be used abroad and has automatic currency conversion.
- Credit Card Benefits: Special advantages are available in credit card offerings.
- No Demand Draft Charges: No fees apply for unlimited demand drafts each month.
- Cheque Leaves: Up to 25 monthly cheque leaves at no cost.
- Exemption from Online RTGS/NEFT Charges.
- Lower Interest Rates: Personal, car, and home loans are offered at lower rates than standard.
- Overdraft Facility: Available for different salary categories (e.g., Platinum: up to Rs. 2 lakh, Diamond: up to Rs. 1.50 lakh, Gold: up to Rs. 75,000; not available for Silver category).
- Locker Rental Discounts: Discounts on annual charges for locker rentals (25% for Platinum and 15% for Diamond members).
- Free Subscriptions: A few years of complimentary OTT and food delivery service subscriptions.
- Discounts on Movie Tickets.
- Complimentary Access: Free visits to spas, gyms, golf clubs, etc.
- Airport Lounge Access: Free entry to domestic and international airport lounges based on the salary category via the debit card.
Insurance Coverage of Rs. 1 Crore
Free Insurance Coverage of Rs. 1 Crore with State Bank Salary Account – Many Are Unaware of This. Salary account holders receive a premium paid by the bank for insurance coverage.
In the event of an account holder’s accidental death, the bank will provide Rs. 30 lakh. Additionally, Rs. 10 lakh coverage is available through the debit card, totaling Rs. 40 lakh for the family.
The funds will be processed within 15 days of the claim. In cases of permanent disability due to an accident, the account holder can also receive Rs. 30 lakh from the bank. Unfortunately, many do not claim this benefit, often out of unawareness.
All salary account holders have air accident insurance coverage of up to Rs. 1 crore, available across all categories. Additional coverage is available via the ATM card, depending on the card type.
Different Types of Salary Account Packages Offered by SBI:
- Central Government Salary Package (CGSP)
- State Government Salary Package (SGSP)
- Railway Salary Package (RSP)
- Defence Salary Package (DSP)
- Central Armed Police Salary Package (CAPSP)
- Police Salary Package (PSP)
- Indian Coast Guard Salary Package (ICGSP)
- Corporate Salary Package (CSP)
- Starting Salary Package Account (SUSP)
A salaried individual can open a salary account by visiting a bank branch or through the YONO app.
Documents Required to Open a Salary Account:
- Passport-sized photograph
- Copy of PAN card
- Personal identity and address proof
- Xerox of Employee ID card
- Service certificate
- Latest pay slip
Can an Existing Savings Account Be Converted into a Salary Account? Yes, you can convert your existing savings account with SBI into a salary package account by submitting the above documents to the bank.