With the help of a salary account, your employer can credit your salary directly to a dedicated account meant only for salary. Some employers even tie up with a bank so you can open a salary account and enjoy benefits related to this feature. But it’s essential to consider some factors before opening a salary account with any bank.
In this article, we’ll explain what to consider when choosing a bank for a salary account and also give you a list of the ten best banks for a salary account in India.
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 are:
- Salary Account on Jupiter App – Powered by Federal Bank
- RBL Bank Salary Account
- IDFC First Salary Account
- Axis Bank Salary Account
- ICICI Salary Account
- HDFC Bank Salary Account
- SBI Salary Account
- Bank of Baroda Salary Account
- PNB My Salary Account
- Citibank Suvidha Salary Account
Salary Account on Jupiter App – Powered by Federal Bank
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 from Jupiter here.
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
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
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
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
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
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
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
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
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
Things to Consider When Choosing the Best Bank for Salary Account
Before diving into the best banks for salary accounts in India, let’s look at the factors you should consider when choosing one.
- Rate of Interest: The interest rate is one of the essentials to look for when finding the best salary account. 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.
- Other Facilities: Banks provide other facilities like health care schemes, discounts on lounges, on-demand salaries, etc. Look for some wonderful offers before choosing the best bank to open a salary account.
- 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.
- 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.
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)
- Which Is The Best Bank for Salary Account In 2023?
The Savings account on Jupiter App – powered by Federal Bank, is the best bank for salary accounts in 2023. With the On-Demand Salary feature, you can withdraw your salary any day, making it an excellent option for those who need money at the end of the month. The account also provides free health insurance coverage of up to Rs. 2,00,000, along with 1% cashback on all your spending, making it an ideal choice for anyone seeking a beneficial and hassle-free salary account.
- Can we use Salary Account for personal use?
Yes, salary accounts are a special type of savings account with extra features. You can use it for personal use.
- Is Salary account better than savings account?
Yes, most banks offer special features and benefits for salary accounts over savings accounts. This is due to the fact that salary account users will have ‘fixed’ amounts of deposits coming into their account monthly, which in turn benefits the bank.
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