Best Bank For Salary Account In India

What is a Salary Account?

A salary account is a type of bank account where your salary is directly deposited by your employer. Typically, companies set up these accounts in bulk with a bank, allowing employees to receive their salaries on a specific date. The employer decides when to transfer the funds to the bank, which then distributes the salary to each employee’s account.

In some cases, banks may let you open a salary account on your own. If you want to do this, you’ll usually need to show proof of employment or get your employer’s approval. This account helps you manage your money and makes it easier to access your salary right when you need it.

Which Is the Best Bank for Salary Account In India?

Almost all banks have a salary account facility, but you can’t cruise over their websites to compare and find the best bank to open a salary account. So, to ease the grind, we have done it for you! The best bank for salary account in India is:

Salary Account on Jupiter App – Powered by Federal Bank

1. Jupiter holds the whip hand here. Salary Account on the Jupiter App, has countless stunning features to help you keep up with the contemporary world. For Jupiter, the Savings Account and VISA Debit Card are provided by Federal Bank, which is an RBI-licensed bank.

   Features and Benefits:

   • Health cover – Jupiter offers benefits like a health cover service of ₹2 Lakh, giving the account holders cashless coverage at 5000+ hospitals. You can extend this cover up to ₹20 Lakh. Terms and conditions are applied.
   • Any day salary day – Jupiter’s on-Demand salary feature helps you choose any day as a salary day. There is no interest or processing fee for the same.
   • Rewards on spending – You can earn 1% rewards* on all your Debit Card spends and select UPI spends. Your spending earns you rewards, and these rewards never expire.
   • Zero Forex charges – Skip the extra 3.5% charge on your international Non-ATM foreign transactions, whereas other banks will charge you for these transactions.

   Know more about one of the best salary accounts in India from Jupiter here. You can open salary account online by installing the Jupiter app and following the steps are directed on the app.

2. RBL Bank Salary Account

   RBL simplifies your banking needs and salary payments with their zero-balance salary account with minimal charges and competitive interest rates. As an employee with a salary account in the RBL Bank, you’ll get to enjoy no cost on SMS banking, mobile, and internet.

   Features and Benefits:

   • Debit card options, like Visa Platinum, Classic, Master Platinum, or Titanium
   • The interest rate of up to 7% on your money
   • Ten free cash withdrawals in domestic ATMs and unlimited free monthly cash withdrawals on every RBL ATM
   • SMS and email alerts on every transaction
   • Chequebook
   • Locker facility

3. IDFC First Salary Account

   This is a zero-balance salary account where employees enjoy up to ₹34,500 worth of benefits, including deals on dining, medical vouchers, insurance coverage, shopping coupons, and more.

   Types of Salary Accounts: Corporate Salary Account

   Features and Benefits:

   • Free transfers (IMPS/NEFT/RTGS)
   • Interest rate of up to 6.75%
   • Zero debit card re-issuance and other fees
   • Free ATM transactions for an unlimited period on IDFC ATMs, subject to criteria of a minimum ₹15,000 and above on a Visa Signature Debit Card and ₹10,000 on a Visa Platinum Debit Card
   • Debit card options like Visa Platinum and Visa Signature Debit Card
   • Free air accident insurance coverage of up to ₹1 Crore and personal accident insurance coverage of up ₹35 Lakh

4. Axis Bank Salary Account

   There are several types of salary accounts offered by Axis Bank, depending on the benefits and features offered by each. They also differ on your type of debit card, withdrawal and shopping limit, and more.

   Types of Salary Accounts:

   • Liberty Salary Account
   • Easy Access Salary Account
   • Priority Salary Account
   • Prestige Salary Account
   • Axis Republic Salary Account
   • Employee Reimbursement Account
   • Defence Salary Account
   • Prime Salary Account

   Features and Benefits:

   • The interest rate of 4.00%
   • Free fund transfer via NEFT, RTGS, and IMPS
   • Unlimited transactions on Platinum Debit Card across all VISA ATMs in India
   • Sweep in and out automatically
   • Personal accidental death coverage of up to ₹25 Lakh
   • 25% discount on locker rental

5. ICICI Salary Account

   ICICI bank has a zero-balance salary account with no additional cost on debit cards and easy salary disbursal NEFT, online or via statement. You can enjoy a PPF account, phone banking, fund transfer, and more benefits.

   Types of Salary Accounts:

   • Silver Salary Account
   • Gold Salary Account
   • Titanium Salary Account
   • Defence Salary Account

   Features and Benefits:

   • Interest rate of up to 3.50%
   • Free personalised chequebook and phone banking
   • International debit card with zero annual fee
   • Attractive loan and credit card offers
   • Complimentary personal accident insurance protection
   • A higher limit on any cash withdrawal or spending

6. HDFC Bank Salary Account

   Enjoy the modern benefits of a salary account, like free phone banking and SMS banking and great customer service with HDFC’s Salary Account.

   Types of Salary Accounts:

   • HDFC Regular Salary Account
   • HDFC Premium Salary account
   • Family Salary Account
   • Reimbursement Account
   • Defence Salary Account
   • Government Salary Account

   Features and Benefits:

   • Interest rate of up to 3.50%
   • The first five ATM transactions across Indian cities are free every month
   • Domestic ATM withdrawal limit of up to ₹25,000 daily
   • Up to ₹10 Lakh personal accident coverage
   • Free fund transfer funds with NEFT or RTGS
   • The facility of personal loans

7. SBI Salary Account

   Get a salary account for every sector of society with SBI’s salary accounts that are easy to open and manage. This zero-balance account has the facility to get personal loans, like auto loans, home loans, and more.

   Types of Salary Accounts:

   • Corporate Salary Package (CSP)
   • Indian Railways Salary Package (IRSP)
   • State Government Salary Package (SGSP)
   • Defence Forces Salary Package (DFSP)
   • Central Government Salary Package (CGSP)

   Features and Benefits:

   • Interest rate of up to 2.70%
   • Varieties of debit cards based on your monthly salary, including:
     • Platinum: Above ₹1 Lakh
     • Diamond: Above ₹50,000 – up to ₹1 Lakh
     • Gold: Above ₹25,000 – up to ₹50,000
     • Silver: Between ₹10,000 – ₹25,000
   • Unlimited free ATM transactions across all ATMs and any bank
   • Free fund transfers with NEFT or RTGS
   • Credit card facility
   • Personal accident coverage of up to ₹20 Lakh
   • Auto sweep-in facility to earn higher interest by linking it to SBI e-MODS

8. Bank of Baroda Salary Account

   Targeted at different professionals, a BOB Salary Account offers several attractive benefits and a zero-balance account.

   Types of Salary Accounts:

   • Baroda Salary Premium Account
   • Baroda Super Salary Account
   • Baroda Salary Privilege Account

   Features and Benefits:

   • Depending on the type of salary account, you get an overdraft facility of up to ₹3 Lakh
   • Discount on debit card issuance along with offers and cashback
   • Exclusive discounts on Demat AMC, locker rentals, and an issuance fee of prepaid cards
   • Based on eligibility, get free credit cards for a lifetime
   • Accidental insurance coverage and air accidental insurance coverage

9. PNB MySalary Account

   This zero-balance salary account can be opened by the government, PSU, MNCs, corporates, and educational institution employees.

   Types of Salary Accounts:

   • Gold Salary Account
   • Silver Salary Account
   • Platinum Salary Account
   • Premium Salary Account

   Features and Benefits:

   • Interest rate of up to 3.50%
   • Medical benefits
   • Up to ₹3 Lakh of overdraft facility
   • Personal accidental insurance coverage of ₹20 Lakh

10. Citibank Suvidha Salary Account

    With Citibank’s Suvidha Salary Account, you can enjoy a zero-balance salary account, debit card, mobile banking, and more such benefits offered at competitive interest rates.

    Features and Benefits:

    • Get to overdraft up to 5 times your monthly salary
    • Debit card has zero fee debit card on all merchants and ATMs across the world
    • Redeemable cash and attractive reward points on every debit card purchase
    • Accident coverage of up to ₹10 Lakh
    • Preferential pricing on Citibank home and personal loans
    • Free fund transfer with NEFT, RTGS, and IMPS

11. Kotak Mahindra Bank

    Kotak Mahindra Bank offers different types of salary accounts for professionals, each with its own set of benefits. Here are the options:

    1. Kotak Creme Salary Account
    2. Ace Salary Account
    3. Everyday Account for Salaried Professionals
    4. NationBuilders Salary Account

    Features and Benefits:

    • Free Insurance on Debit Cards: With your debit card, you get complimentary insurance coverage.
    • Zero Balance Account: You don’t need to maintain a minimum balance, as long as your salary is credited every month.
    • ActivMoney Feature: Your account earns interest similar to a fixed deposit, thanks to ActivMoney.
    • Online Transfers: Easily transfer funds online at any time.
    • Surprise Rewards: You might receive special rewards when using your debit card, and there’s even a chance to get a lifetime-free Platinum Debit Card.
    • Exclusive Access to Premium Banking (Creme Account): If you have a Creme Salary Account, you can enjoy early access to luxury banking features through the Premium Banking Programme.

12. UCO Bank

    UCO Bank offers a Suvidha Salary Account, which comes in four levels: Classic, Silver, Gold, and Platinum. Each level has a different salary requirement, and as you move up, you unlock more benefits. Below are some of the key features and advantages of this account:

    Features and Benefits:

    • Account holders get free Personal Accident Insurance coverage up to ₹1 crore under the UCO Suvidha Salary Scheme.
    • Enjoy a 100% discount on processing fees for Home and Car Loans*.
    • Get a 25% discount on locker rent for the first year*.
    • Free online fund transfers through mobile banking, internet banking, and SMS.
    • You can apply for personalised RuPay Platinum or Visa Platinum/Signature debit cards.
    • Higher-tier account holders (Gold and Platinum) can access international lounges, gym memberships, spa services, and golf programs.
    • Concierge services are also available for added convenience.

13. IndusInd Bank

    IndusInd Bank is well-known for offering a variety of lifetime free credit cards, and they also provide several options when it comes to salary accounts. In fact, they offer six types of salary accounts to choose from, which include:

    • Indus Comfort Grandé
    • Indus Comfort Exclusive
    • Indus Comfort Select
    • Indus Esteem Corporate Salary Account
    • Indus Carat Corporate Salary Account
    • Indus Comfort Maxima

    Each of these accounts comes with a range of features and benefits, such as:

    • A dedicated relationship management team to help you manage and grow your finances
    • Access to complimentary airport lounges and golf privileges
    • Perks like cashback, free movie tickets, fee waivers, and more
    • Discounts like 50% off on locker services for the first year
    • Buy one, get one free movie tickets on BookMyShow
    • The option to extend these benefits to family members at no extra cost

14. Yes Bank

    Yes Bank offers a wide range of salary account options to suit different types of customers. Some of the most popular choices include:

    • Smart Salary Exclusive
    • Smart Salary Platinum
    • Smart Salary Platinum Pro
    • YES Honour Platinum
    • YES Honour Exclusive
    • Women Salary Account
    • YES VIJAY Advantage
    • YES VIJAY Exclusive
    • YES VIJAY Defence Pension Account
    • YES Agniveer

    While the YES VIJAY and Agniveer accounts are specifically for people in the defense forces, the other accounts are available to everyone. They come with various features and benefits like:

    • Free Demat account
    • Complimentary Engage or EXPLORE debit cards
    • Unlimited free access to ATMs from other banks
    • Zero brokerage fees for trades up to INR 25 lakhs
    • YES Reward Points during the first 90 days after opening the account
    • Lifetime zero balance account
    • Personal accident cover up to INR 40 lakhs and air accident cover up to INR 1 crore

15. Union Bank of India

    Union Bank of India provides three types of salary accounts based on how much you earn each month. These accounts are:

    1. Classic Salary Account
    2. Executive Salary Account
    3. Premier Salary Account

    If you earn less than ₹25,000 per month, you can open a Classic Salary Account. For those who want additional benefits, the Premier Salary Account is available, which requires a minimum salary of ₹75,000 per month.

    Here are some of the features and benefits offered by these accounts:

    • Home Loan Benefits:
      • 50% discount on processing fees for home loans under ₹25 lakhs.
      • Full waiver on processing fees for home loans of ₹25 lakhs or more.
    • Vehicle Loan: A discount of 0.10% on the interest rate for vehicle loans.
    • Home Loan Interest: A 0.05% discount on the interest rate for home loans.
    • ATM Access: Unlimited free usage of your ATM card at other banks’ ATMs, with a daily cash withdrawal limit of up to ₹1,00,000.
    • Debit Cards: You get premium debit cards, such as Visa Signature or RuPay Select, with these accounts.

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What are the Benefits of a Salary Account?

A salary account is mainly for people who get paid regularly by an employer, and the bank sets certain terms and conditions for it. If someone switches jobs, they may need to open a new salary account with their new employer. Also, if the account doesn’t receive salary credits for a while, some banks might convert it into a regular savings account. Here are the key benefits of having a salary account:

1. Low or No Minimum Balance: Salary accounts often don’t require you to keep a high balance, and sometimes no balance is needed at all. This is great if you don’t want to maintain a large sum of money in your account.
2. Debit Card: Most salary accounts come with a debit card, which can be used for withdrawing cash, making online purchases, or paying for goods and services.
3. Banking Services Access: With a salary account, you typically get access to services like online banking, mobile banking, and phone banking, which allow you to manage your finances and carry out transactions easily.
4. Overdraft Facility: Some salary accounts offer an overdraft option, letting you withdraw more money than you have in your account, up to a certain limit. You would pay interest on the overdraft.
5. Low or Zero Fees: Many banks waive fees or provide discounts on various services, like check books, account statements, or demand drafts, for salary account holders.
6. Easier Access to Loans and Credit Cards: Since regular salary deposits show stability, banks are often more willing to offer salary account holders personal loans, home loans, or credit cards.
7. Automatic Bill Payments: Some salary accounts let you set up automatic payments for bills, loans, or other recurring charges, making it easier to keep track of your payments.
8. Special Offers: Banks sometimes offer special deals, discounts, or cashback on shopping, dining, or travel specifically for salary account holders.

Things to Consider When Choosing the Best Bank for Salary Account

There are a lot of salary account benefits which are provided by banks and financial institutions. Let’s look at the factors you should consider when choosing one.

• Salary account interest rate: The interest rate is one of the essentials to look for when finding the best salary account in India. Each bank has set a different rate of interest. Hence, you should compare the rates of the top banks and proceed with the most appropriate ones.
• ATM and Debit Card Facilities: ATM and debit card facilities include the total ATM withdrawals allowed and the presence of ATMs all over the country. Opt for the financial institution with the maximum number of branches or an online platform enabling maximum transactions.
• Fees: There are certain hidden fees like charges on ATM withdrawals, SMS alerts, limits on online transfers, and more. Before choosing a bank for your salary account, this is a thing to check.
• Convenience: Make sure to look for a bank with a salary account with online banking services and a user-friendly online portal for the ease of managing the online functions of your account. Also, choose a bank with multiple branches and ATMs for your convenience.
• Interest Rates: Some banks or financial institutions give interest rates on your salary account, so research different banks to get the best interest rates on your money.
• Overdraft Facilities: Some banks allow you to withdraw money even if you don’t have the required money in your salary account. This is an excellent feature for emergencies.
• Minimum Balance: To maintain your account, some financial institutions will charge a maintenance fee if you don’t carry the minimum balance in your salary account. So, this is another thing to consider before you choose the best bank in India for a salary account. Some salary account benefits include zero minimum balance feature.
• Customer Services: You will need a bank with 24×7 customer support online in case of any emergency or to solve a problem.
• Additional Benefits: When choosing the best bank in India for a salary account, you should also look for banks that offer additional benefits like rewards points or cashback on transactions.
• Other Facilities: Banks provide other facilities like health care schemes, discounts on lounges, on-demand salaries, etc. Look for appropriate offers of your interest before choosing the best bank to open a salary account.

To Conclude

A salary account is an essential service provided to a professional. Employers must consider the top banks while choosing a financial institution for a tie-up. The listicle of leading banks to open a salary account helps you to make the best choice. To pick the most acceptable option and the best bank for salary accounts, you should carefully study factors like interest rates, ATM facilities, and other extra features. Be watchful and save yourself from uncertainties.

Frequently Asked Questions (FAQs)