In this article i have share some of Best Salary Account in India
If you have a job and get paid every month, you probably know what a salary account is and how it works. Those of you who just started working should also know what a salary account is and how to use it.
Let’s talk about the best salary accounts in India for 2022 and what they have to offer and how they can help you.
Best Salary Account In India 2023
What is a Salary Account?
A salary account is a bank account where your employer sends or puts your paycheck. Most of the time, companies and corporations that have business units that work together open a lot of salary accounts at the same time.
The employer chooses a date when the bank will take the set amount from the business and give it to the employees in the right amounts.
But you may be able to open a salary account on your own at some banks. For this, you need to show proof that you are working or get permission from your boss.
Top 7 Salary Accounts in India 2022
The following are the top seven salary accounts in India:
|Bank Name||Maximum Interest Rate (p.a.)||Applicable Amount|
|IDFC First Corporate Salary Account||6%||Up to Rs. 1 crore and above Rs. 25 lakh|
|RBL Bank Executive Salary Account||6%||Up to Rs. 5 crore and above Rs. 10 lakh|
|ICICI Bank Salary Account||3.50%||Over 50 lakh rupees|
|Axis Bank Prime Salary Account||3.50%||Up to a maximum of Rs. 10 crore but not more than Rs. 50 lakh|
|HDFC Bank Regular Salary Account||3.50%||Over 50 lakh rupees|
|Kotak Platina Salary Account||3.50%||The same regardless of the account balance|
|SBI Corporate Salary Package||2.70%||No matter what the account balance is|
Features of a Salary Account
Salary accounts have the following basic characteristics:
- Accounts with zero balance
- A debit card is provided
- Loan facility for individuals
- NEFT (National Electronic Funds Transfer) and RTGS(Real Time Gross Settlement_ (infrastructure maintained by RBI for electronic payments) are free
Features of the Top 7 Salary Accounts
Depending on your needs, you are free to choose any of these salary accounts if your company permits it:
1. First Corporate Salary Account with IDFC
- Interest as high as 6%
- Transferring money electronically (NEFT, RTGS, IMPS) is free both coming in and going out.
- There are no annual fees or fees for getting a new debit card.
- Visa Signature Debit Card and Visa Platinum Debit Card Unlimited are the two types of debit cards that come with it. All domestic bank ATM transactions are free as long as the minimum credit transaction requirements are met (for those with Visa Signature Debit Cards, Rs. 15,000 or more and for those with Visa Platinum Debit Cards, Rs. 10,000 or more).
- Free personal accident insurance up to Rs. 35 lakh and up to Rs. 1 crore for air accidents.
2. Account for executive salaries at RBL Bank
- Interest as high as 6%
- All RBL ATMs let you take out money for free every month, and ATMs from other domestic banks let you take out money for free 10 times a month.
- Different debit card options are included. Visa Classic/Platinum Debit Card/Master Titanium/Platinum Master Debit Card
- Every transaction is notified by E-mail and SMS.
- Places to store valuables
- Checkbook given for free
3. Salary Account at ICICI Bank
- Interest as high as 3.5%
- A debit card that can be used abroad and has no annual fee
- There are 4 types of accounts: Silver, Gold, Titanium, and Defense.
- Checkbooks and phone banking that are personalized for free
4. Prime Salary Account of Axis Bank
- Interest as high as 3.5%
- Fits people who make between Rs. 25,000 and Rs. 1 lakh per month.
- ATM withdrawal limits of Rs. 40,000 per day and shopping limits of Rs. 2 lakh
- ATMs operated by Axis Bank offer the first five transactions free; ATMs operated by other banks in metro areas or non-metro areas, the first five or three transactions are free.
- With a Visa Rewards Plus debit card, you can spend up to Rs. 5 lakh per day.
- Personal Accident Cover – Rs. 5 lakh
- People who make more than Rs. 1 lakh per month may want to consider the Axis Priority Salary Account (up to 10% cashback on purchases made with online debit cards of up to Rs. 25,000/quarter).
5. Regular Savings Account with HDFC Bank
- Interest rates as high as 3.50%
- In a month, there is no charge for ATM transactions
- HDFC Bank Debit Card – First 5 transactions in all cities
- Other Bank ATMs – Top six cities (Mumbai, New Delhi, Chennai, Kolkata, Bengaluru, and Hyderabad) – First three transactions
- Other Bank ATMs – First 5 transactions in other cities (besides those already mentioned)
- Up to Rs. 25,000 can be taken out of an ATM in India every day. Up to Rs. 10 lakh is covered in case of an accident.
- You can easily move money with NEFT or RTGS. Personal loans are available based on your eligibility.
6. Kotak Platinum Salary Account
- 3.50 percent interest rate offered
- Platinum debit card can be used at any VISA ATM in India for free.
- There are no fees to use NEFT, RTGS, or IMPS to move money.
- Complimentary Personal Accidental Death Cover for up to Rs. 25 lakh
- Auto Sweep-in/Sweep-out option available for 25% Less money to rent lockers
7. SBI Corporate Salary Package
- Interest rates up to 2.70%
- Based on net monthly salary, four variants are available
- Platinum: Above Rs. 1 lakh
- Diamond: Above Rs. 50,000 – up to Rs. 1 lakh
- Gold: Above Rs. 25,000 – up to Rs. 50,000
- Silver: Between Rs. 10,000 – Rs. 25,000
- There are no limits on how many times you can use any ATM (any bank)
- NEFT and RTGS are free ways to move money, and credit cards are available.
- Personal Accident Cover, up to Rs. 20 lakh, is free.
- Auto Sweep-in is a feature that lets you link your account to SBI e-MODS and earn more interest.
How to Select the Best Salary Account in India
Analyze your options based on the following points:
- Interest Rate – To find out the interest rates on a salary account, go to the section on interest rates for savings accounts, since a salary account is just a type of savings account. Check to see which bank gives the best interest on daily balances and compare the two.
- ATM-Related Facilities – If you need to get cash out of your account often, choose a salary account with the most free ATM withdrawals. Also, make sure that the bank you choose has at least a lot of ATMs in your city.
- Additional Facilities –Check to see if the banks offer any extra services. Look for things like reward points when you use your debit card, insurance, cash back, and lower rates on a personal loan, car loan, home loan, etc..
Salary Account vs Savings Account
Even though a salary account is a type of savings account, there is one major difference between the two (MAB).
There is no MAB requirement for a salary account. This means that if you don’t have any money in your account, you won’t have to close it or pay a fee. Also, a salary account doesn’t have to start with a certain amount of money in it. It can be opened even if it has no money in it.
But the main goal of a savings account is to get people to save money, so you should keep the monthly average balance that the bank sets. If you don’t do what it says, the bank will charge you a fee.
Salary Account vs Current Account
A salary account is made so that monthly pay can be deposited into it, while a current account is made so that daily transactions can be made.
As the name suggests, a salary account is for people who get paid by an employer. This is where their pay goes. A salary account has a limit on how many transactions or withdrawals you can make each day before you have to pay a fee.
A current account is good for people who run businesses every day. In a current account, there are no fees for daily transactions.
Conclusion Best Salary Account in India 2023
Even though a salary account is a way to save money, it is better than a normal savings account because of a few benefits and features. So, make sure to look at the pros and cons of both accounts and then decide whether to close or change the account.