Benefits of SBI Salary account

May 13, 2021 Finance Talk Valli Sarvani No comments

State Bank of India (SBI) offers different types of salary accounts to various customers. The bank offers customized salary account packages for different sectors like central government, state government, military and paramilitary forces, Indian Railways, police forces, coast guard, and corporate entities.

SBI offers the following benefits to salary package account:

The salary account is a zero balance account. That means customers need not maintain any balance in that account. It does not attract monthly average balance charges.
Salary account customers can get lifetime debit card with several benefits.
They can have the benefit of a demand draft facility, multi-city cheques, and SMS alerts for free.
NEFT/RTGS facilities are free through all platforms for Diamond and Platinum variant customers. However, the facility is free for Silver and Gold variant customers only on online platforms.
There is no restriction on the number of transactions on ATMs at State Bank Group. Customers can have unlimited transactions on ATMs of any bank without any charge.
They are entitled to an accidental cover up to ₹20 lakhs. Besides, they are also entitled to air accidental death cover up to ₹30 lakhs. The amount of cover depends on the type of salary package account and variant.
Salary account holders can get a 50 per cent rebate on the loan processing fee. This is applicable for all types of loans like home loan, car loan, personal loan etc. They can also get a rebate of up to 25 per cent on locker charges.
They can have an overdraft facility. They can obtain the overdraft from the bank as per their eligibility. The amount equals up to their two months salary. Currently, the overdraft facility is available to only select Diamond and Platinum variant customers. They can avail this facility through internet banking.

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