Where to open salary accounts in India? Which is best salary account? This is very common question bugging many individuals. So, today we will try to get an answer to this question.
Most of the corporate where you are working will have tie up with specific banks for salary account. However, many private organizations allow you to select a bank for your salary account. So, if given a chance to open a salary account on your own which features you consider and why? Well, here are some important features that will help you for the selection of salary account in India.
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How to select Best Salary Accounts in India?
- Interest rate – You should also look for interest rate offered by the bank on the salary account. Some bank such as Kotak, RBL etc offers exceptionally high-interest rates on salary account.
- ATM – ATM withdrawal charges and Free access to other banks ATM all over India. You can also look at network size of branch and ATM of a respective bank while opening salary account.
- Customer Support – Please evaluate bank on customer support services provided.
- Security – In today’s world hacking attempt and fraud is quite common. You should also evaluate bank from the perspective of security and advance IT systems.
- Additional Facilities – You can also evaluate bank on the additional facilities such as credit card, special rate personal, home, auto loan etc.
- Rewards – Few bank offers additional reward points and accidental insurance benefits evaluate salary account on this front.
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10 Best Salary Accounts in India
Based on features discussed above 10 Best Salary Accounts in India are given below.
HDFC Regular Salary Account
HDFC provide four types of salary accounts. HDFC regular salary account, HDFC premium salary account, Salary family account and classic salary account.
Features of HDFC Regular Salary Account
- Free access to other bank ATMs in India
- Free add-on International Debit Card only for the first year
- Free Personal Accidental Death Cover of Rs.1 lakh
- Free Demand Draft for all HDFC branch locations.
- Preferential pricing on loan products.
ICICI Salary Account
ICICI bank offers various types of salary account such as Regular salary account, Salary privilege account, Defense salary account, Salary Titanium account, Salary Gold Account etc.
Features of ICICI Regular Salary Account
- No minimum monthly average balance requirement
- No annual fees
- Reward points on transactions
- Free demand draft facility
- Special interest rates on home, auto, personal loan.
Kotak Salary Account
Kotak bank offers various types of salary account such as Platina Salary account, Ace salary account, and EDGE.
Features of Kotak Platina Salary Account
- 6% Interest rate per annum.
- Auto Sweep facility
- Up to 3 NMC waived family saving account
- 25% discount on locker rent
- Unlimited VISA ATM Transaction at all ATM in India
- Lost car liability insurance
Citibank Suvidha Salary Account
Features of Citibank Suvidha Salary Account
- Auto overdraft facility up to 5 times the net monthly salary
- No cost for NEFT, RTGS and IMPS
- Financial planning service
- 20% saving on payment to over 2000 restaurants in India
- Redeem reward points for cash credit. 5 reward points for every Rs 100 spent on daily retail
- Insurance product
SBI Special Salary Account
Features of SBI special salary account
- Zero balance account
- Large ATM network
- Facility of Auto Sweep
- Free personal accident cover
- Overdraft up to 2 months of salary
Yes Bank Smart Salary Advantage Account
Features of Yes Bank Smart Salary Advantage Account
- High Interest rate 6% per annum.
- NIL minimum balance requirement
- Free Demat Account with 50% waiver on AMC for lifetime
- Free personal accident cover
Axis Bank Prime Salary Account
Features of Axis bank prime salary account
- Nil Monthly balance requirement
- Debit card rewards and cashback benefits
- Free unlimited online NEFT transactions
- Personal accident insurance up to 5 lac.
Bank of India Salary Plus Account
Features of Bank of India Salary Plus Account
- Zero Balance Account
- Free Accident death cover up to 5 Lac
- Free gold credit card
- Overdraft facility 4 Times of net salary
Union Super Salary Account
Features of Union Super Salary Account
- No minimum balance requirement
- Free Debit card
- Free Accidental Insurance Cover
- Overdraft facility 90% of the net salary credited in previous month
Baroda Salary Advantage Saving account
Features of Baroda Salary Advantage Saving Account
- No minimum balance requirement
- Overdraft facility up to 1 Lac
- Free cheque book facility
Over to you –
Each bank has different offers based on the type of customer. You should compare the offers provided by different banks before opening salary account with the bank.
Do share your experience about Salary Account in the comment section.