Top 10 Best Bank For Salary Account In India

A salary account is very useful since the employer can directly credit the salary to this account. Not only this, the salary account is useful for various other purposes. Employers often tie up with various banks to create a salary account so that account holders can enjoy various benefits. Let us now read on to find out the criteria based on which a salary account can be chosen and also the top ten salary account options in India for 2024

Top Best Bank for Salary Account in India

1. RBL Bank Salary Account

RBL provides convenient and easy banking with its salary account having enhanced features. To help you make the most of your earnings, RBL has created a zero-balance salary account. 

Key features and benefits:

• Provides debit card options like Visa Platinum, Master Platinum, Titanium, or Classic. 
• Earn an interest rate of upto 7% on your money
• Receive SMS and email alerts on every transaction
• Access to chequebook and locker facility. 
• Ten free cash withdrawals in domestic ATMs and unrestricted free monthly cash withdrawals on every RBL ATM.  

2. IDFC First Salary Account

The IDFC First Bank Corporate Salary Account is a zero-balance account offering unlimited ATM access. 

Key features and benefits:

• Earn a high interest rate of 7% on your IDFC First Salary Account. 
• Free general banking services
• Free personal accident insurance cover of Rs. 35 lakhs in case of death or handicap. 
• Free air accident insurance cover of Rs. 1 crore
• Offers an IDFC First Bank debit card with which you can enjoy attractive deals on delicious food, beverages, etc. Debit card with Visa Platinum, Visa Classic, and RuPay Platinum
• Free and Unrestricted ATM access
• High purchase limits
• No charges for fund transfers
• Earn monthly interest credits for accentuated savings
• Travel benefits like travel insurance worth 5000 USD on international trips, roadside assistance to cardholder

3. ICICI Salary Account

ICICI Bank has a zero balance salary account without any extra cost on debit cards and easy salary disbursal via NEFT or online. You can enjoy benefits such as phone banking, fund transfer, PPF account etc. ICICI offers 4 types of salary accounts - Silver salary account, Gold Salary account, Titanium Salary Account, and Defence Salary Account. 

Key features and benefits:

• Free personalized chequebook and phone banking. 
• International debit card with zero annual fee
• Enticing loan and credit card offers
• Higher cash withdrawal and spend limits 
• Earn an interest rate of upto 3.50% 
• Free personalized chequebook and phone banking
• Complimentary personal accident insurance protection.  

4. HDFC Bank Salary Account 

Enjoy great offers and cashback with the HDFC Bank salary account. HDFC offers 7 types of salary accounts - Premium salary account with Millennia debit card, Regular salary account, 3-in-1 SmartInvest, defence salary account, government salary account, family salary account, and reimbursement account. 

Key features and benefits:

• Zero balance salary account 
• Offers with debit card
• Benefits with the SmartBuy and PayZapp. 
• Make life easier by using BillPay to pay utility bills and obtain instant alerts
• Complimentary insurance benefits 
• Provides us with facilities for netbanking, phone banking, mobile banking, and chat banking. 
• Competitive rates on loans

5. SBI Salary Account 

Salary accounts from SBI come with myriad benefits. SBI offers salary accounts across various categories such as corporates, central government employees, state government employees, Indian railways employees, defence forces employees, central armed forces employees, police forces personnel, and coast guard. 

Key features and benefits:

• Zero balance account 
• Free unlimited transactions across ATMs of any bank in India
• Complimentary personal accident insurance cover for death - The amount varies across categories as follows:

• Complimentary air accident insurance for death - The amount varies across categories as follows:

• Get personal loans, car loans, educational loans, and home loans at competitive interest rates. 
• Discount on locker rental 
• Auto sweep facility available to create e-Mods (Multi Option Deposits) for making higher interest.  
• Demat and online trading A/c options available 
• Drafts, multi-city cheques, and SMS alerts can be issued freely.
• Free transfer of funds through NEFT/RTGS
• Provides overdraft equivalent of 2 months net salary (Currently available only for select customers)
• Earn points on various transactions through the SBI Rewardz  loyalty program 
• You will get myriad regular offers on debit cards and YONO by SBI

6. Bank of Baroda Salary Account 

The BOB salary account offers ample benefits and a zero balance account. BOB offers 3 types of salary accounts - Baroda Salary Premium account, Baroda Super Salary account, and Baroda Salary Privilege account. 

Key features and benefits:

• Discount on issuance of debit cards along with offers and cashback
• Get free credit cards for a lifetime based on eligibility
• Based on the type of salary account, you will get an overdraft facility of upto Rs. 3 lakhs. 
• Get discounts on Demat AMC, locker rentals, and joining fees of prepaid cards
• Insurance coverage for accidents and air accidental insurance coverage

7. PNB MySalary Account 

The Punjab National Bank Salary Account has several benefits. Employees of central government, state government, PSUs, corporations, MNCs, corporate educational institutes, or any other institutions, and contractual employees are eligible to open a salary account with PNB. The types of salary accounts offered by PNB are Gold Salary Account, Silver Salary Account, Platinum Salary Account, and Premium Salary Account. 

Key features and benefits: 

• Offers a rate of interest of upto 3.50% 
• It provides excellent medical benefits
• You can get an overdraft facility of upto Rs. 3 lakhs 

• Get an overdraft facility of up to Rs.3 lakh. 
• Complimentary personal accidental insurance coverage of Rs.20 lakh. 

8. Citibank Suvidha Account* 

The Citibank Suvidha salary account has been curated to cater to the needs of modern-day banking users. With comprehensive features like 24/7 access to powerful digital banking platforms, a debit card with exciting offers, customized pricing on Citibank products, and so on, the Citibank Suvidha Salary account is a perfect solution for all your banking needs. 

Key features and benefits:

• Zero balance salary account 
• The debit card has attractive offers across brands like Swiggy Instamart, EazyDiner, Paytm Movies, Poshvine, MakeMyTrip, etc. 
• Instant welcome kit on opening an account. It has a chequebook and an ATM/debit card with a daily cap of Rs. 100,000.
• Zero-fee debit card
• Earn reward points on every spend 
• Reward points redeemable for cash
• Debit card can be used globally at any ATM or merchant POS
• Complimentary investment services account and access to up to the minute Investment intelligence. 
• Utility bill payment facility to more than 200 service providers in the country
• Complimentary NEFT, RTGS, and IMPS fund transfer. 
• Credit card offerings customized to suit your lifestyle 
• Insurance coverage for you and your family 

*Note: Citi India consumer banking customers are now served by Axis Bank. Citi India has transferred ownership of its consumer banking business to Axis Bank. Consumer banking customers can continue to use all existing Citi products and/or services, branches, ATMs, internet banking and Citi Mobile® App as usual.

9. UCO Suvidha Salary Account Scheme  

The UCO Suvidha Salary Account Scheme is a zero-balance account that comes with an auto-sweep facility, cheque facility, and other benefits. 

Key features and benefits:

• Avail affordable interest rates offered under the Platinum variant. 
• Complimentary personal accident insurance and air accident insurance
• Avail limitless free transactions at UCO Bank ATMs
• Get 25 plus 25 free cheques annually. 
• Get domestic and international lounge access with the RuPay debit card. 
• Avail health check-ups, gym memberships, SPA services, PAIS etc. based on the variant. 

10. Kotak Platina Salary Account 

Open the Kotak Platina Salary Account and experience the benefits of premium banking. 

Key features and benefits:

• Rate of interest is 4.00%
• Personal accidental death coverage of up to Rs. 25 lakhs free of cost. 
• NEFT, IMPS, and RTGS facilities free of charge
• Unrestricted number of transactions using the Platinum debit card at all VISA ATMs across India.  
• 25% off on locker rent. 
• Sweep out/ Auto Sweep-in facilities. 

How to Choose the Best Salary Account in India?

Evaluate the account based on the factors below:

• Interest rate: Go to the section on savings accounts and find out the interest rate that the bank provides on it. This is because a salary account is also a type of savings account only. Compare between the banks and see which offers the best interest rate on your savings. 
• ATM Access: If you want to withdraw cash often, It is ideal to choose a salary account which provides low cost or free ATM withdrawals across a broad range of ATMs. 
• Other facilities: Look for other facilities such as debit card-related benefits such as extra reward points, insurance, cashback etc., customer service and support, overdraft facility, online and mobile banking services, minimum balance requirement, direct debit and ECS facilities, privacy and security, lower rates on a personal loan, car loan, educational loan, etc.

Conclusion

Each salary account has its own unique and best features. So, the best salary account for you will depend on your financial requirements. 

FAQs on Best Bank For Salary Account In India

1. Which bank has the best salary account?

The best bank for a salary account varies based on specific needs and preferences. Some famous banks known for their salary accounts in India are Kotak Mahindra Bank, HDFC Bank, ICICI Bank, and RBL Bank among others. Before you choose the best salary account, compare the features, benefits, and services provided by various banks and choose the one that is best suited to your financial requirements. You should analyse the factors such as interest rates, ATM access, debit card benefits, minimum balance requirement, account fees and charges, online and mobile banking services, customer service and support, etc. for different salary accounts and then compare them. Then, choose the one most suited to your financial needs. 

2. Can we use the salary account for personal use?

Yes, you can use the salary account for personal use. It is a special type of savings account with bonus features. 

 

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