What are the key benefits of SBI Credit Cards?

SBI Credit Cards offer a wide range of benefits, including rewards, cashback, lounge access, discounts, and insurance coverage.

How can I apply for an SBI Credit Card?

You can apply for an SBI Credit Card online through the Paisabazaar platform, where you can compare card options and check for pre-approved offers.

What factors should I consider when choosing an SBI Credit Card?

Consider your spending habits, lifestyle, and financial goals to select a card that best suits your needs, such as travel, shopping, or rewards.

How can I manage my SBI Credit Card efficiently?

SBI Card offers a user-friendly mobile app and online banking services to help you manage your card, check statements, make payments, and access additional features.

What precautions should I take to avoid accumulating credit card debt?

Responsible credit card usage includes paying bills on time, managing credit limits wisely, and avoiding unnecessary spending to prevent debt accumulation.

7 Best Salary Account Options in India for 2024

If you're a working person receiving a monthly income from your employer, the importance of a salary account is undoubtedly known to you. Even those who are just entering the workforce should have a good understanding of a salary account.

Let's discuss the top salary accounts in India for 2024, along with their features and benefits.

What is a Salary Account?

A salary account is a bank account where your employer transfers or credits your salary. These accounts are typically opened in bulk upon request from companies and corporations, which collaborate with banks for this purpose. The employer selects a date on which the bank deducts the specified amount from the company and distributes it to employees accordingly.

However, some banks may allow individuals to open a salary account on their own, provided they can provide proof of employment or obtain approval from their employer.

Top 7 Salary Accounts in India 2024

Here is a list of the best 7 salary accounts available in India:

Bank Name Maximum Interest Rate (p.a.) Applicable Amount

RBL Bank Executive Salary Account 7.50% Above Rs. 25 lakh and up to Rs. 2 Crore*

IDFC First Corporate Salary Account 7.00% Above Rs. 5 lakh and up to Rs. 50 crore

Kotak Platina Salary Account 4.00% Above Rs. 50 lakh and up to Rs. 100 crore

Axis Bank Prime Salary Account 3.50% Rs. 50 lakh and up to less than Rs. 2,000 crore

HDFC Bank Regular Salary Account 3.50% Rs. 50 lakh and above

ICICI Bank Salary Account 3.50% Rs. 50 lakh and above

SBI Corporate Salary Package 3.00% Balance Rs. 10 crore and above

Note: Interest rates updated as of March 12, 2024, and are subject to periodic change.

Features of a Salary Account

Some of the basic features of salary accounts include:

- Zero balance accounts

- Provided with a debit card

- Personal loan facility

- Free NEFT* and/or RTGS** transfers (electronic payment systems maintained by RBI)

*National Electronic Funds Transfer

**Real Time Gross Settlement

Features of the Top 7 Salary Accounts

If your company allows you to have a salary account other than the one they have a tie-up with, you have various options to choose from based on your requirements:

1. RBL Bank Executive Salary Account

- Interest up to 7.00%

- Unlimited free cash withdrawals per month from all RBL ATMs and 10 free cash withdrawals from other domestic bank ATMs

- Different debit card options: Visa Classic/Platinum Debit Card/Master Titanium/Platinum Master Debit Card

- Email and SMS alerts for every transaction

- Safe deposit locker facility

- Complimentary chequebook

2. IDFC First Corporate Salary Account

- Interest up to 7.00%

- Free inward and outward Electronic Funds Transfer (NEFT/IMPS/RTGS)

- No annual debit card fees and debit card re-issuance fee

- 2 debit card options: Visa Signature Debit Card and Visa Platinum Debit Card

- Unlimited free ATM transactions across all domestic bank ATMs (subject to meeting minimum credit transaction criteria)

- Free personal accident insurance cover up to Rs. 35 lakh and air accident insurance cover up to Rs. 1 crore

3. Kotak Platina Salary Account

- Offered at an interest rate of 4.00%

- Unlimited transactions at all VISA ATMs in India with a Platinum debit card

- Funds transfer facility via NEFT, RTGS, and IMPS with no charges

- Complimentary Personal Accidental Death Cover up to Rs. 25 lakh

- Auto Sweep-in/Sweep-out facility available

- 25% Discount on locker rental

4. Axis Bank Prime Salary Account

- Interest up to 3.50%

- Suitable for those with a monthly salary bracket of Rs. 25,000 - Rs. 1 lakh

- Daily withdrawal limits of Rs. 40,000 at ATMs and Rs. 2 lakh for shopping transactions

- First 5 free transactions at Axis Bank ATMs and first 5/3 transactions free at non Axis Bank ATMs in non-metro/metro locations respectively

- Daily shopping limit of Rs. 5 lakh with Visa Rewards Plus debit card

- Personal Accident Cover of Rs. 5 lakh

- For those with a monthly salary of more than Rs. 1 lakh, Axis Priority Salary Account is a good option (up to 10% cashback on online debit card spends of up to Rs. 25,000/quarter)

5. HDFC Bank Regular Salary Account

- Interest up to 3.50%

- Free ATM transactions per month

- HDFC Bank Debit Card: First 5 transactions across all cities

- Other Bank ATMs: First 3 transactions in top 6 cities (Mumbai, New Delhi, Chennai, Kolkata, Bengaluru, and Hyderabad)

- Other Bank ATMs: First 5 transactions in remaining cities (other than the mentioned top cities)

- Daily domestic ATM withdrawal limit up to Rs. 25,000

- Personal Accident Cover up to Rs. 10 lakh

- Transfer funds freely via NEFT or RTGS

- Personal loans offered based on eligibility

6. ICICI Bank Salary Account

- Interest up to 3.50%

- International debit card with zero annual fee

- 4 Account variants available: Silver, Gold, Titanium & Defence

- Free personalized chequebook and phone banking

7. SBI Corporate Salary Package

- Interest up to 2.70%

- 4 variants available based on net monthly salary: Platinum, Diamond, Gold, and Silver

- Free unlimited transactions across all ATMs (any bank)

- Transfer funds without charges via NEFT or RTGS

- Credit card offered

- Complimentary Personal Accident Cover up to Rs. 20 lakh

- Auto Sweep-in facility available to earn higher interest by linking it to SBI e-MODS

How to Select the Best Salary Account in India

When selecting a salary account, consider the following points:

- Interest Rate: Check the interest rates of different salary accounts, as they are essentially a type of savings account. Compare and choose the bank that offers a better interest rate on the daily balance.

- ATM-Related Facilities: If you frequently need to withdraw cash, opt for a salary account that provides a maximum number of free ATM withdrawals. Also, ensure that the bank you choose has an adequate number of ATMs in your city.

- Additional Facilities: Look for additional facilities offered by the banks. These could include reward points on debit card spends, insurance coverage, cashback, and preferential rates on personal loans, car loans, and home loans.

Now, let's address some common confusions related to a salary account.

Salary Account vs Savings Account

While a salary account is a type of savings account, there is one key difference, which is the Monthly Average Balance (MAB) requirement.

A salary account does not have an MAB requirement. This means that if your account has no money, you will not be asked to close it or pay any penalty. Additionally, a salary account does not require a minimum opening balance and can be opened with zero balance.

On the other hand, a savings account aims to encourage saving, so maintaining the monthly average balance set by the bank is essential. Failure to comply with this requirement may result in penalties imposed by the bank.

Salary Account vs Current Account

While a salary account is created for the purpose of receiving a monthly salary, a current account is designed for daily transactions.

As the name suggests, a salary account is for salaried individuals, with their employer depositing their monthly remuneration. Salary accounts usually have a limit on daily transactions or withdrawals, and charges may apply if the limit is exceeded.

On the other hand, a current account is suitable for individuals involved in daily business operations. In a current account, there are no charges for daily transactions.