SBI Salary Account – Types, Benefits & How to Open
State Bank of India offers different types of salary accounts for government employees, corporates, etc. The Bank offers attractive interest rates provides facilities like free debit card, mobile banking and net banking, 25% discount on locker facilities (Corporate Salary Package) etc.
The State Bank of India (SBI) provides a variety of salary accounts that cater to the diverse requirements of salaried individuals employed in corporate institutions, central and state government, defence, and other sectors. Discover more about these salary accounts provided by SBI.
- Rate of Interest: 4% p.a.
- Minimum balance requirement: Nil
Types of SBI Salary Accounts:
With its status as the largest bank in the country, SBI presents eight distinct salary packages that have been tailored to effectively meet the requirements of individuals employed in various sectors, such as corporations, defence forces, police forces, central or state government, and more.
SBI Corporate Salary Package:
Variants (Based on Monthly Salary) | The variants are categorized based on the net monthly salary as follows: Silver: Rs.10,000 to Rs.5,000 Gold: Above Rs.25,000 to Rs.50,000 Diamond: Above Rs.50,000 to Rs. 1 lakh Platinum: Above Rs. 1 lakh |
Credit Card or Debit Card | Both options are offered according to the selected package variant |
Eligibility Criteria | Individuals who work for corporate institutions and service organizations, such as hospitals, transportation companies, hotels, and others, with a gross monthly income ranging from Rs. 5000 to Rs. 1 lakh or more, are eligible for SBI Salary Corporate Package. |
ATM Transactions | Unrestricted and with no fees (at any ATM of any bank). |
Insurance | Personal Accident Insurance (Death) of up to Rs. 20 lakhs Air Accident Insurance (Death) of up to Rs. 30 lakhs Both are complimentary |
Benefits | Additional features include: SBI Credit Card options such as Simply CLICK SBI Card, Simply SAVE SBI Card, SBI Card Elite, Prime, and Unnati. A multicity cheque book SMS alerts Up to 25% discount on locker charges |
SBI Central Government Salary Package:
Variants (Based on Monthly Salary) | The variants are categorized based on the net monthly salary as follows: Silver: Rs.10,000 to Rs.5,000 Gold: Above Rs.25,000 to Rs.50,000 Diamond: Above Rs.50,000 to Rs. 1 lakh Platinum: Above Rs. 1 lakh |
ATM Transactions | Unrestricted and with no fees (at any ATM of any bank). |
Eligibility Criteria | Individuals who work for Ministries and Departments under the Central Government, NABARD and RBI, Defence Civilians, and CGDA are eligible under the SBI Central Government Salary Package. |
Insurance | Personal Accident Insurance (Death) of up to Rs. 20 lakhs Air Accident Insurance (Death) of up to Rs. 30 lakhs. Both are complimentary |
Benefits | The provided benefits include: A multicity of cheque book and draft. Overdraft facility equivalent to 2 months of salary SMS alerts. Personal accident insurance cover for death. Discount on locker charges |
Loans | Avail up to a 50% discount on processing fees for personal loans, home loans, car loans, and education loans. |
SBI State Government Salary Package:
Variants (Based on Monthly Salary) | The variants are categorized based on the net monthly salary as follows: Silver: Rs.10,000 to Rs.5,000 Gold: Above Rs.25,000 to Rs.50,000 Diamond: Above Rs.50,000 to Rs. 1 lakh Platinum: Above Rs. 1 lakh |
NEFT and RTGS | These services are available free of cost. |
Eligibility Criteria | Individuals who are permanent employees of Boards/Corporations, aided schools, universities/colleges, and similar institutions, as well as those who work for the State Government and Union Territories, are eligible under the SBI State Government Salary Package. |
Benefits | The benefits provided are: Cheque book and demand drafts SMS alerts Personal accident insurance cover for death Zero balance account. |
Auto Sweep Facility | This service is available and it is possible to create e-MODS and earn high interest. |
SBI Railway Salary Package:
Variants (Based on Monthly Salary) | The variants are categorized based on the net monthly salary as follows: Silver: Rs.10,000 to Rs.5,000 Gold: Above Rs.25,000 to Rs.50,000 Diamond: Above Rs.50,000 to Rs. 1 lakh Platinum: Above Rs. 1 lakh |
Eligibility Criteria | Individuals who work for Indian Railways, including DMRC, Mumbai Metro, Kolkata Metro, Konkan Railway Corporation, and Bangalore Metro Rail Corporation, are eligible under the SBI Railway Salary Package. |
Auto Sweep Facility | This service is available and it is possible to create e-MODS and earn high interest. |
Insurance | Personal Accident Insurance (Death) of up to Rs. 20 lakhs. Air Accident Insurance (Death) of up to Rs. 30 lakhs. Both are complimentary |
Benefits | The benefits provided include: Chequebook and Demand Drafts. SMS alerts Offers on SBI Debit Card. Personal accident insurance cover for death. Funds transfer via National Electronic Funds Transfer (NEFT) or Real-Time Gross Settlement (RTGS). |
SBI Defence Salary Package:
Minimum Balance Requirements | SBI Defence Salary Package is a zero balance savings accounts. |
Eligibility Criteria | The benefits provided are: Cheque book and Demand Drafts. SMS alerts Personal and air accidental insurance cover for death Auto-sweep facility |
NEFT and RTGS | These services are available free of cost. |
Auto Sweep Facility | This service is available and it is possible to create e-MODS and earn high interest. |
Benefits | Individuals who are serving in the Army, Navy, Air Force, Assam Rifles, Indian Coast Guard, Rashtriya Rifles (RR), and GREF (Border Road Organisation - BRO) are eligible under the SBI Defence Salary Package. |
SBI Central Armed Police Salary Package:
Variants (Based on Monthly Salary) | The variants are categorized according to the equivalent rank in Central Armed Police Forces and the net monthly salary as follows: Gold: Subedar Major, Inspector, Sub-Inspector, Assistant Sub Inspector, Head Constable, Constable, Enrolled Follower Diamond: Deputy Commandant, Assistant Commandant Platinum: Commandant, Second-in-Command, Director General, Special Director General, Additional Director General, Inspector General, Deputy Inspector General (For RPF, the variants are categorized according to the equivalent rank in Central Armed Police Forces). |
Minimum Balance Requirements | SBI Cental Armed Police Salary Package is a zero balance savings accounts. |
Eligibility Criteria | Individuals who are serving in the following forces are eligible under the SBI Central Armed Police Salary Package. Central Reserve Police Force (CRPF), Border Security Force (BSF), Central Industrial Security Force (CISF), Sashastra Seema Bal (SSB), Indo-Tibetan Border Police (ITBP), National Security Guard (NSG), Railway Protection Force (RPF), Railway Protection Special Force (RPSF) |
Insurance | All ranks are eligible for a complimentary Personal Accident Insurance (Death) cover of Rs. 50 Lakhs, as well as a complimentary Air Accident Insurance (Death) cover of Rs. 1 Crore under the SBI Central Armed Police Salary Package. |
Benefits | You can earn reward points and also get benefits like a chequebook, Demand Draft, SMS alerts, and personal and air accidental insurance cover (in case of death). |
NEFT and RTGS | These services are available free of cost. |
Auto Sweep Facility | This service is available and it is possible to create e-MODS and earn high interest. |
SBI Police Salary Package:
Variants (Based on Monthly Salary) | The variants are categorized based on the net monthly salary as follows: Silver: Rs. 10,000 to Rs. 5,000 (Steno, Clerical Staff, Asst. Grade-2, Driver, Hawaldar, Arakshak, Peon, Sepoy, Aradali, Follower) Gold: Above Rs. 25,000 to Rs. 50,000 (Registrar (Lekha Adhikari), MTI, MTO, Asst. Quarter Master, Office Superintendent, Asst. Superintendent.) Diamond: Above Rs. 50,000 to Rs. 1 lakh(Junior Staff Officer, District Commandant) Platinum: Above Rs. 1 lakh (DG, IG, Addl. Commandant General, Senior Staff Officer) |
Minimum Balance Requirements | SBI Police Salary Package is a zero balance savings accounts. |
Eligibility Criteria | The SBI Police Salary Package is available for individuals employed in central police organizations, civil police, armed police, Government Railway Police (GRP), Railway Protection Force (RPF), Provincial Armed Constabulary (PAC), and similar organizations. |
Insurance | Personal Accident Insurance (Death) of up to Rs. 20 lakhs. Air Accident Insurance (Death) of up to Rs. 30 lakhs. Both are complimentary |
Benefits | Get personal and air accidental insurance coverage (in the event of death), access to a chequebook, Demand Draft and SMS alerts, and a Demat and online trading account during the time of onboarding. |
NEFT and RTGS | These services are available free of cost. |
Auto Sweep Facility | This service is available and it is possible to create e-MODS and earn high interest. |
Loans | Avail up to a 50% discount on processing fees for personal loans, home loans, car loans, and education loans. |
Indian Coast Guard Salary Package:
Variants (Based on Monthly Salary) | The variants are categorized based on the net monthly salary as follows: Silver: Rs. 10,000 to Rs. 5,000 (Steno, Clerical Staff, Asst. Grade-2, Driver, Hawaldar, Arakshak, Peon, Sepoy, Aradali, Follower) Gold: Above Rs. 25,000 to Rs. 50,000 Registrar (Lekha Adhikari), MTI, MTO, Asst. Quarter Master, Office Superintendent, Asst. Superintendent.) Diamond: Above Rs. 50,000 to Rs. 1 lakh (Junior Staff Officer, District Commandant) Platinum: Above Rs. 1 lakh (DG, IG, Addl. Commandant General, Senior Staff Officer) |
Minimum Balance Requirements | SBI Police Salary Package is a zero balance savings accounts. |
Eligibility Criteria | One can be eligible under the SBI Indian Coast Guard Salary Package whether serving or retired from the Indian Coast Guard. |
Insurance | All ranks are eligible for a complimentary Personal Accident Insurance (Death) cover of Rs. 50 lakhs and an Air Accident Insurance (Death) cover of Rs. 1 crore. All ranks are eligible for a complimentary Personal Accident insurance cover of Rs. 50 lakhs for Permanent Total Disablement, as well as a cover of up to Rs. 50 lakhs for Permanent Partial Disablement. |
Benefits | Customers can enjoy various benefits such as personal and air accidental insurance coverage in case of death, attractive offers on SBI YONO and Debit Cards, as well as the convenience of a chequebook, Demand Draft and SMS alerts. Additionally, customers can also avail of a Demat and online trading account. |
NEFT and RTGS | These services are available free of cost. |
Auto Sweep Facility | This service is available and it is possible to create e-MODS and earn high interest. |
Loans | Avail up to a 50% discount on processing fees for personal loans, home loans, car loans, and education loans. |
Benefits of SBI Salary Account to the Employee:
The following are the key benefits of the SBI Salary Accounts to the employees:
- Accessible across the country: Employees can access their savings accounts across the country at all SBI branches without any hassle.
- Offers overdraft facility: Salary account qualifying a minimum continuous six salary credits and earning of more than Rs.25,000 can avail overdraft facility. Under this service, employees can withdraw twice their salary amount even if the account has zero balance, through cheque books, ATM, internet banking, or mobile banking services.
- Provides multiple facilities: The SBI Salary Account enables the employees to access their account efforts and provides multiple facilities such as debit and credit cards. Mobile banking, internet banking, multicity cheques, demand draft, waiver of issuance charge, NEFT or RTGS services, and SMS alert.
- Allows employees to rent locker: Employees can avail themselves of locker through these accounts with a reduction of 25% on locker rent.
- Provide online trading facility through demat account: Employees can avail themselves of online trading facility or access to demat account by opening the account during the opening of salary account.
- Loan options available at competitive interest rates: Employees can avail themselves of home loan, car loan, education loan, and personal loans with 50% reduction of loan processing charges with low processing time.
- Provides complimentary insurance coverage: For added security, SBI Salary Account enables employees to avail themselves of complimentary insurance coverage depending upon their net salary. Employees can avail themselves of up to Rs.20 lakh and Rs.30 lakh of personal accident death insurance coverage and air accident death insurance coverage, respectively.
- Allows unlimited free ATM transactions: SBI Salary Accounts does not impose any restriction on ATM withdrawals. Employees can avail themeslese of unlimited free ATM transactions through the ATMs of any bank.
- Offers zero balance account: These accounts provide the facility of non-maintenance of minimum balance and are operational even under zero balance.
- Provides auto-sweep facility: Offers high returns by allowing employees to transfer the excess amount to the fixed deposit account. This account also provides an interest rate of 4.00% on your account balance.
- Allows account opening for family members: Employees with SBI salary account can open a savings account for a family of four members if they have an earning more than Rs.25,000 per month under SBI Rishtey. This account does not impose issuance charge for DD and debit cards and does not require any minimum balance maintenance. Employees can open this account for their spouse, children, siblings, or parents and can enjoy auto-sweep facility as well.
- Enables employees to opt for national level policies: Allows employees to avail themselves of Public Provident Fund (PPF) and National Pension Scheme (NPS).
Common Benefits of SBI Salary Account:
While each SBI salary package offers specific benefits to suit the diverse needs of different employees, there are some benefits that are included in all of these packages. These include:
- Loan processing fee discounted by 50% - available for various types of loans such as personal loans, home loans, and car loans, among others.
- Get a discount of up to 25% on locker charges.
- You can avail of an overdraft facility of up to two months' worth of your salary.
Documents Required
For the purpose of identification and address verification, SBI accepts a range of documents such as:
- PAN
- ID Proof
- Voter ID
- Aadhaar Card
- Passport
- ID card issued by the central or state government
- Driving License
Additionally, for address verification, customers can also provide utility bills, such as those for
- Electricity
- Water
- Gas
- Mobile
- Telephone
How to Open an SBI Salary Account?
- Complete and submit the "Request a Call Back" form online. A representative from the bank will contact you and guide you through the next steps.
- Use this link to apply digitally. You will need to visit the bank once to confirm your identity.
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FAQs on SBI Salary Account
- Is it mandatory to have a PAN card to open an SBI salary account?
Yes, a PAN card is mandatory to open an SBI Salary Account. Without it, you cannot open an account.
- Will I receive a debit card with my SBI salary account?
Yes, upon successful account opening, you will receive a kit that includes a debit card. This card can be used for online transactions and ATMs.
- Can I open an SBI salary account online?
Yes, you can apply for an SBI salary account online. However, a one-time visit to the branch will be required to confirm your identity.
- Can I convert my existing SBI savings account into a salary account?
Yes, an existing SBI savings account can be converted into a salary account. Please contact your branch to initiate the process.
- Is it possible to change the variant of your SBI Salary Account?
Suppose the customer provides proof of an increase in net salary per month or an increase in rank or designation that qualifies them for a higher variant of the account. In that case, the branch will upgrade their account to the eligible variant, such as from Gold to Diamond or Diamond to Platinum, upon verification of the proof.
- What happens to the salary account when an individual changes their job?
The salary account gets automatically converted to savings account, in case there is no credit of salary for a consecutive three months. But if the new employer has a tie-up with the SBI Bank, then the salary account can be continued.
- What is the minimum in-hand salary required to open an SBI salary account?
The employee must have a minimum take-home salary of Rs.10,000 to become eligible for opening an SBI Salary Account.
- Can I add a family member with Add on debit card with SBI salary Account?
Yes, you can add any of your family members to avail themselves of the salary account through an add-on debit card free of cost.
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