All working people including private, public sector companies know the role of salary account in their life. Most of the companies usually tie-up with different banks to provide salary account to their employees. However, many private sector companies allow you to select a bank for this purpose. Therefore, let’s take a look at the Best Salary Account in India 2021 along with their features and benefits.
Do you want to know which bank salary account is best? Which bank account is best for salary account? Is salary account zero balance? Which bank is best for salary account? And your answer is yes then this post is for you. So, let’s try to get an answer to this question.
Table of Contents
What is a Salary Account?
A Salary Account is a bank account to which your salary gets credited. Salary accounts are usually opened at the request of corporations and major companies. Every employee of the company gets their account. The employer selects a date on which the bank takes the money from the company’s account and distributes it to the employees accordingly.
Factors to consider while selecting a Salary Account
You need to consider the following factors if you want to know which bank salary account is best.
1. Interest Rates
Always look for a bank that offers the best interest rates.
2. Minimum Average Balance (MAB)
Most of the salary accounts are Zero balance accounts. And it is always good to find a Zero balance account.
3. Online Facilities
Always look for a bank that offers online banking (Internet and mobile banking) services.
4. Debit and Credit Cards
Look for a bank that offers free Debit and Credit cards to suit your lifestyle.
5. ATM-Related Facilities
Look for a account with a debit card that can be used in their ATMs and other ATMs as well.
Here is the list of the best bank for salary account in India.
Best Salary Account in India 2021
The following is the list of the best bank to open salary account in India:
1. HDFC Regular Salary Account
2. Axis Bank Prime Salary Account
3. SBI Corporate Salary Package
4. Kotak Platina Salary Account
5. Citibank Suvidha Salary Account
Let us take a look at the features of these accounts to find out which bank is best for salary account:
HDFC Regular Salary Account
The HDFC Bank provides the following types of salary accounts.
1. HDFC regular salary account
2. HDFC premium salary account
3. Salary family account.
4. Classic salary account
5. Defence Salary Account
6. Government Salary Account
Features
1. Enjoy a Zero balance account
2. Times Debit Card with higher limits for free
3. Free Personal Accidental Death cover of Rs. 1 lakhs.
4. Free Air Accidental Death cover of Rs. 5 lakhs on your account.
5. Anywhere banking across HDFC Branch and ATM network.
6. Bank from your home, office, or on the go with easy-to-use free Phonebanking, Mobile banking, and Netbanking facilities.
7. Access to other bank ATMs in India.
8. Transfer funds online to any bank across the country using NEFT, RTGS online.
9. Free BillPay facility.
10. Free e-mail statements/passbook and free e-mail alerts using InstaAlert facility.
11. Issuance of Demand Draft at all HDFC branch locations for free.
12. Get preferential pricing on loan products.
13. Get access to HDFC super premium credit cards.
Eligibility
You must be employed with a company/corporate that has account tie-up with HDFC Bank.
Documents Required
To open this account, you require:
1. A filled-up application form.
2. Identity and address proof such as valid voter ID card, PAN card, passport, driving license, Aadhar card, NREGA job card.
3. Latest passport size photographs
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Axis Bank Prime Salary Account
The Axis Bank provides the following kinds of salary accounts depending on the nature of work.
1. Axis Prime Salary Account
2. Liberty salary account
3. Axis Republic Salary Account
4. Easy Access Salary Account
5. Prestige Salary Account
6. Priority Salary Account
7. Defence Salary Account
8. Employee Reimbursement Account
Features
1. Earn 3% – 4% interest on daily balances, quarterly.
2. Enjoy zero minimum opening deposit.
3. Nil average monthly balance requirement.
4. One free multicity cheque book per year.
5. One free Demand Draft / Pay Order per month.
6. Free SMS alerts, internet, and mobile banking services.
7. Access to 17000+ ATMs and 4400+ branches.
8. The facility of free monthly e-statements.
9. Debit card rewards and cashback benefits
10. Free unlimited online NEFT/RTGS transactions
11. Personal accident insurance cover of Rs.2 lakh.
Eligibility
To open this account, you must have an introduction from the company in the Bank’s format. Having a net monthly salary credit of Rs.25,000 to Rs.1 lakh per month will be eligible.
Documents Required
To open this account, you require:
1. Proof of Identity such as an Aadhaar card, passport, driving license, voter Id card, etc.
2. Proof of Address such as Aadhaar card, passport, driving license, voter Id card, etc.
3. Two latest passport size photographs.
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SBI Corporate Salary Package
SBI provides the following types of salary packages.
1. Corporate Salary Package
2. Central Government Salary Package
3. State Government Salary Package
4. Railway Salary Package
5. Defence Salary Package
6. Central Armed Police Salary Package
7. Police Salary Package
8. Indian Coast Guard Salary Package
Features of SBI Corporate Salary Package
1. Four package variants such as Platinum, Diamond, Gold, and Silver.
2. The eligibility of package variants is as per Net Monthly Salary.
3. Zero balance account.
4. You can enjoy unlimited transactions across ATMs of any Bank for free.
5. Complimentary personal accident insurance cover up to Rs.20 lakhs.
6. Up to 25% off on locker charges.
7. Free issuance of demand drafts and multicity cheques.
8. Free SMS alerts and free online NEFT/RTGS transactions.
9. Earn points through SBI loyalty program SBI Rewardz.
10. Host of regular offers on SBI YONO and Debit Cards.
Eligibility
To be eligible, you should be an employee of corporate institutions, including service organizations such as hospitals, hotels, transport corporations, etc.
Documents Required
The following documents are required to open this account:
1. Proof of Identity
2. Proof of Address
3. Two Passport size photographs
4. Proof of Employment
5. Latest Salary slip
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Kotak Platina Salary Account
Kotak Bank provides the following types of salary accounts.
1. Uni Account
2. Public Services Salary Account
3. Platina Salary Account
4. Ace Salary Account
5. Edge Salary Account
6. Neo Salary Account
7. Corporate Benefits
Features
1. Zero balance account
2. Earn up to 4% interest rate per annum on account balance
3. Transfer money using IMPS/NEFT/RTGS for free.
4. Unlimited value demand draft
5. Office and home banking facility free
6. 25% discount on locker rent
7. Personal accidental death cover of up to Rs.50 lakhs.
8. Avail free Royal Signature Credit Card with this account
9. Unlimited transactions at all VISA ATMs on Platinum debit card
Eligibility
This account is offered to employees drawing a net take-home salary of Rs.1,00,000/- and above.
Documents Required
You need the following documents while opening this account.
1. Identity proof such as passport, driving license, PAN card, or a valid photo Credit/Debit Card issued by any bank.
2. Address proof such as passport or driving license.
3. Signature proof such as driving license, passport, PAN card, or a valid photo Debit/Credit card issued by any bank.
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Citibank Suvidha Salary Account
Features
1. Zero balance account
2. Overdraft up to 5 times of net monthly salary credit
3. Reward points redeemable for cash
4. Banking on the go using the upgraded Citi Mobile App
5. Payable at par cheque book
6. ATM/Debit card with a daily limit of Rs.1,00,000
7. Complimentary personal accident cover of Rs.10 lakhs
8. Complimentary NEFT, RTGS, and IMPS funds transfer
9. Credit card offerings to suit your lifestyle
10. Zero fee debit card
11. Host of offers on your debit card
Eligibility
Click here to check your eligibility for this account.
To find out which is the best salary account in India, just compare the features and offers of the above-mentioned salary accounts.
Final Thoughts
I hope now you know which salary account is best in India. After thorough research, I have compiled the above list of best salary account in India 2021. Features and other offers vary based on the type of customer. Therefore, you should compare the offers to find out which bank is best to open salary account.
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