10 Best Bank to Open Salary Account in India

Are you an employee in any company? Do you have a salary account? Every working individual in the private or public sector has a salary account. The banks tie up with companies and open the salary accounts of the employees and manage the salary accounts. The company credits monthly salary of its employees to the salary account.

Every bank offers similar features for salary account, but certain unique services differentiate the bank. Extra perks and other banking services of every bank make them unique. The banks even offer personalized interest rates to the salary account holders for home loans, personal loans, car loans, gold loans, etc.

Some banks also provide higher overdrafts and credit cards with better facilities and higher limits to ensure better services. Every company must select the bank that offers best facilities for opening salary accounts. Here are 10 best banks to open salary account India in 2018.

1. CITI Bank Salary Account

CITI Bank offers Suvidha salary account for employees.

• It allows to open salary account at Zero balance.
• The account holder can avail loans at customized rates.
• With every online shopping, the account holder earns reward points which can be redeemed for cash.
• The bank offers higher overdraft limit which is up to five times of the salary credit amount and the maximum limit is Rs 5 Lakhs.
• The account holders can save 15% at restaurants by participating in food chains and, restaurants.

2. ICICI Bank Salary Account

ICICI Bank scores the second position in the industry for offering the best services for, opening salary account.

• ICICI Bank allows opening salary account with Zero balance feature.
• The account holders get the debit card and passbook instantly with the account opening Kit.
• On every online transaction, the account holder earns reward points and these points can get redeemed to grab other benefits.
• The salary account holders will get personalized interest rates on any type of loan.
• The debit card is International and can be used to make global online shopping.
• The account holder can invest in NPS and get the tax benefits up to Rs 1 Lakh.

3. HDFC Bank Salary Account

HDFC Bank is one of the best banks to open salary account in India. This bank offers excellent features to the salary account holders.

• There are 7 types of salary accounts at HDFC Bank.
• The companies generally opt for regular salary account but depending on the criteria, one can opt for premium salary account for the corporate, family salary account, defense salary account, classic salary account, reimbursement and basic salary account.
• HDFC offers to open salary account with Zero account balance.
• It offers free personal accidental death coverage of Rs 15 Lakhs to the account holders.
• The account holders can open zero balance account for family members.
• It offers 10% discount for online transactions and the domestic shopping limit is up to 2.75 Lakhs.

4. Axis Bank Salary Account

Axis Bank is a private sector bank offering five types of salary accounts.

• Axis Bank offers Priority Salary Account along with free priority Platinum debit card.
• The daily ATM withdrawal limit is Rs 1 Lakh, and shopping limit is 4 Lakhs.
• Account holders also get additional benefits and discounts for shopping.
• With Axis Bank debit card, you get fuel surcharge waiver and Airport lounge access.

5. SBI Salary Account

State Bank of India is the largest bank in public sector. SBI customizes its salary accounts with special packages for different corporate companies and institutions.

• The services and facilities get customized according to the business relationship.
• It divides the accounts into different verticals like Central Government, Corporate Companies, State Government, Police, Defence, Railway, Para-Military, Indian Coast Guards, etc.
• SBI offers unique lifetime account number to the account holders with facilities to open salary account at Zero balance.
• The bank also offers accidental insurance cover with the account.
• It offers demand facility with 3 in 1 trading.
• The account holders will get overdraft limit of up to amount equivalent to 2 months salary and it is payable within 6 months.

6. Yes Bank Salary Account

Yes Bank offers smart salary platinum account with exclusive benefits for account holders.

• Minimum account balance is zero
• It offers unlimited transactions through ATMs worldwide.
• Online transactions is free
• It offers Tax-Free interest on income of up to Rs 10, 000.
• Free NEFT and RTGS
• Accidental Death Cover
• Highest interest rates up to 6%
• It offers one free account for parents or child of an account holder.

7. Bank of India Salary Account

Bank of India gets listed on the top 10 banks to open salary account in India. It offers excellent features and banking services to the salary account holders.

• The salary account opening balance is Zero.
• It doesn’t charges for transactions
• It offers free International Debit Cards.
• The account holders can access free telebanking services.
• You get free 100 cheques annually.
• The account holders get accidental insurance coverage up to Rs 1 Lakh.
• It offers overdraft facility up to four times of the monthly salary.
• It offers free access to ATMs of different banks.
• It offers special benefits for Stock Investors with Online Trading of Shares.
• The bank offers free facilities for online transactions.
• You get Free Gold Credit Cards with salary account.

8. Union Bank of India Salary Account

Union Bank of India offers special banking facilities to salary account holders.

• It offers Zero balance account opening facility
• You get free accidental insurance cover and it depends on the usage of debit card.
• Account holders get overdraft limit of up to 90% of the net monthly salary.
• You get multiple cheque books

9. Bank of Baroda Salary Account

If your company has a tie-up with Bank of Baroda for salary account, you will get certain benefits.

• Zero balance account opening
• Overdraft limit up to Rs 1 Lakh

10. Central Bank of India Salary Account

Central Bank of India is a nationalized bank and is one of the oldest banks. It offers special facilities for salary account holders.

• No minimum balance criteria
• Lifetime unique account number which can further get converted to Pension account
• Salary account can get converted as joint account.
• The account holders receive a free wonder card as Debit cum Credit Card with exclusive credit facilities that depends on the monthly salary credited to the account.
• RTGS and NEFT is free for salary account holders.
• The account holders will get 10% rebate on locker facility

Compare the benefits of the top 10 banks offering exclusive facilities for salary account holders in India and select the one that suits you the best!