Employers can immediately credit your pay to a specific account for salary reasons when you have a salary account. Some businesses even collaborate with banks to provide account holders additional perks. Still, there are a lot of things to take into account when selecting a bank for a salary account. Accounts serve several functions, and businesses frequently establish these accounts through partnerships with different banks. In addition to listing the top account alternatives and bank selection criteria, this post offers a list of the best salary account options available in India for 2024.
RBL Bank Salary Account
A zero-balance payroll account from RBL Bank makes paying salaries and other banking requirements easier. Employees are entitled to free internet, mobile, and SMS banking. The account provides up to 7% interest on money and a selection of debit card alternatives, including Visa Platinum, Classic, Master Platinum, and Titanium. Employees also have access to a chequebook and locker room, ten free cash withdrawals from domestic ATMs, and unlimited free withdrawals per month from all RBL ATMs. They also receive SMS and email notifications on every transaction. Additionally, the bank offers a locker service for convenient money access. All things considered, RBL Bank offers a practical and simple method for handling workers’ income.
IDFC First Salary Account
Employee perks under the IDFC First Bank Corporate Pay Account, which offers a zero-balance pay plan with savings on eating, medical vouchers, insurance, and shopping coupons, may total up to ‚Çπ34,500. Free transfers, 0% debit card re-issuance, free ATM transactions, Visa Platinum and Visa Signature Debit Card alternatives, interest rates as high as 6.75%, free personal accident insurance up to ‚Çπ35 Lakh, and free air accident insurance up to ‚Çπ1 Crore are all features of this deal. In addition, the account offers free general banking services, free air accident insurance coverage of Rs. 1 crore, and personal accident insurance coverage of Rs. 35 lakhs in the event of death or disability.
Axis Bank Salary Account
Liberty, Easy Access, Primary, Premium, Axis Republic, Employee Reimbursement, Defence, and Prime are just a few of the pay accounts that Axis Bank provides. Benefits offered by these accounts include a 4.00% interest rate, free fund transfers, an unlimited Platinum Debit Card transaction limit, automated sweep-in and sweep-out, personal accidental death coverage, and a 25% locker rental discount. They are appropriate for people earning between Rs. 25,000 and Rs. 1 lakh per month. ATM daily withdrawal restrictions are set at Rs. 40,000, while shopping transaction limitations are Rs. 2 lakh.
ICICI Salary Account
A zero-balance salary account with no extra fees for debit cards and simple salary disbursement via NEFT, online, or statement is offered by ICICI Bank. Salary account kinds offered by the bank include Silver, Gold, Titanium, and Defence. Interest rates as high as 3.50%, free phone banking and personalised chequebooks, an international debit card with no annual fees, alluring credit card and loan offers, free personal accident insurance cover, and increased spending and cash withdrawal limits are just a few of the standout features.
HDFC Bank Salary Account
Regular, premium, family, reimbursement, defence, and government pay accounts are among the many options offered by HDFC. Additional features include free phone banking, SMS banking, and first-rate customer support. The first five ATM transactions in Indian cities are free each month, then interest rates go up to 3.50%. There are daily domestic ATM withdrawal restrictions of up to ‚Çπ25,000 and up to ‚Çπ10 Lakh in personal accident coverage. PayZapp and SmartBuy perks, zero balance salary accounts, debit card offers, immediate notifications, free insurance, and BillPay for utility bill payments are some of the key features.
SBI Salary Account
Salary accounts are offered by SBI to several industries, including corporate, federal, state, military, and law enforcement. A 2.70% interest rate, debit cards based on monthly income, limitless free ATM transactions, free cash transfers, credit card availability, and personal accident insurance are just a few of the benefits that these accounts provide. Higher interest profits are possible thanks to the auto sweep-in feature. At low rates, SBI also provides house, auto, education, and personal loans. Free transfers via NEFT/RTGS, auto sweep for e-Mod creation, and locker rental discounts are also offered.
Bank of Baroda Salary Account
Professionals are catered to with BOB Salary Accounts, which offer a zero-balance account among other features. Baroda Salary Premium, Baroda Super Salary, and Baroda Salary Privilege are the three varieties they provide. Discounts on debit card issuance, special savings on Demat AMC, locker rents, and prepaid card costs, as well as lifetime free credit cards contingent upon eligibility, are all provided by these accounts. They also provide coverage for accidental injuries and flights. There are overdraft options available up to ‚Çπ3 Lakh.
PNB Salary Account
An account with no balance is available for government, PSU, MNC, corporate, and educational institution personnel from Punjab National Bank (PNB). The account provides Gold, Silver, Platinum, and Premium salary account kinds, among others. A personal accidental insurance coverage of Rs. 20 lakh, an overdraft capacity of up to Rs. 3 lakhs, outstanding medical benefits, and an interest rate of up to 3.50% are among the salient characteristics. Central and state governments, PSUs, companies, MNCs, corporate educational institutions, and contractual workers are among the eligible employees. A Rs. 20 lakh personal accidental insurance coverage is also offered by the account.
Citibank Suvidha Salary Account
With attractive interest rates, Citibank’s Suvidha Salary Account offers a debit card, mobile banking, a zero-balance salary account, and other features. It provides zero-fee debit cards globally, reloadable cash and reward points, up to five times the user’s monthly wage in overdraft limits, and up to ‚Çπ10 Lakh in accident coverage. In addition, the account provides free financial transfers via NEFT, RTGS, and IMPS, as well as discounted rates on Citibank personal and home loans. An instant welcome kit with a chequebook, ATM/debit card, zero-fee debit card, redeemable cash points, and international card usage are some of the standout features.
UCO Suvidha Salary Account Scheme
A zero-balance account with features like auto-sweep and cheque services is the UCO Suvidha Salary Account Scheme. Affordable interest rates, free personal and air accident insurance, unlimited free transactions at UCO Bank ATMs, 25+25 free checks a year, access to domestic and international lounges with a RuPay debit card, and other benefits like health exams, gym memberships, and PAIS are some of the main advantages.
Kotak Platina Salary Account
With a 4.00% interest rate, personal accidental death coverage of up to Rs. 25 lakhs, free NEFT, IMPS, and RTGS services, unlimited transactions at all VISA ATMs in India, and a 25% locker rent discount, the Kotak Platina Salary Account delivers premium banking perks. The Platinum debit card offers free NEFT, RTGS, and IMPS transfers as well as limitless transactions at any VISA ATM in India.
Conclusion
Employers must use salary accounts to credit employee pay to designated accounts. Additional benefits offered by some banks include the following: Bank of Baroda Salary Account, PNB MySalary Account, Citibank Suvidha Salary Account, HDFC Bank Salary Account, SBI Salary Account, and Kotak Platina Salary Account. A zero-balance payroll account with free banking, 7% interest, and many debit card choices is offered by RBL Bank. With features like free transfers, 0% debit card issuance, and interest rates, Axis Bank provides a range of pay accounts.
