5 Best Salary Account Choices for Salaried Individuals

Best Salary Account Choices for Salaried Individuals

All individuals working in private, public sector companies are required to open a salary account where monthly salary can be credited by the employer. Corporate individuals are usually found asking about the best salary accounts available in India. Most of the companies have a tie-up with a bank which provides salary account to its employees. The features and benefits of the salary account can vary with the type of account your bank offers depending on the salary. But, there are many organizations that allow their employees to open a salary account with a bank as per their convenience.

So, before opening a salary account in India, you should consider the following mentioned factors to avail the best features and benefits.

How to select the Best Salary Account in India?

  • Interest rate – Before selecting a bank for your salary account, you should also check and compare salary account interest rate offered by several banks. Some banks such as Kotak Mahindra and ICICI Bank offer comparatively higher interest rates on salary account.
  • ATM – As you will be required to withdraw funds from your salary account, it becomes essential to check ATM withdrawal charges of different banks. You should also check if banks are providing free access to other banks ATM all over India or not.
  • Customer Support – You should also evaluate bank on customer support services provided.
  • Additional Facilities – Check the additional facilities that the bank is providing with your salary account such as credit card, preferential rates on personal loan, home loan, car loan etc.
  • Rewards – Check if your bank provides reward points and accidental insurance benefits with your salary account or not.

Top 5 Salary Accounts in India

There are various banks that offer salary accounts with great features and benefits. Let us check the top 5 salary accounts offered by banks in India.

Kotak Platina Salary Account

Kotak Mahindra Bank provides Platina Salary Account that comes with the features and benefits of premium banking.

Features & Benefits

Platina Salary Account from Kotak Mahindra Bank is a no strings attached zero balance savings account. You can earn up to 6% p.a. interest on your savings account balance over Rs 1 lakh and up to Rs 10 lakhs. On the savings account balance up to Rs 1 lakhs, you will be able to earn 4% p.a. interest and 5.5% p.a. interest on your savings account balance above Rs 10 lakhs. This account also comes with Activ Money, which is a sweep in / Sweep-out facility that will help you earn higher rate of interest on your funds. You can also transfer funds online using NEFT / IMPS / RTGS for free.

ICICI Bank Salary Account

ICICI Bank offers a benefit rich salary account which is packed with exciting features and benefits for employees as well as employers.

Features & Benefits

ICICI Bank offers a ton of benefits to employees like instant credit of salaries, offers on bill payment, free internet banking and much more. It also enables the employer to disburse salaries easily. ICICI Bank offers 3.5% p.a. interest for end of day account balance of below ₹50 Lacs and 4% p.a. interest for end of day account balance of ₹ 50 Lacs & above.

The organization is required to have a minimum of 20 employees and a payout of Rs 36 lakhs with an average salary per account of Rs 15000 per month. It is a zero balance salary account so that you don’t need to maintain minimum balance in the account. Employees will also get an International Debit card with no annual fees and higher cash withdrawal and spend limit per day.

HDFC Classic Salary Account

HDFC Bank offers a wide range of features and benefits on Classic Salary Account. These features include rewards on debit card and discounts with partner merchants, free accidental death cover and many more.

Features & Benefits

HDFC Classic Salary Account is a zero balance savings account. So, you are not required to worry about fulfilling minimum balance requirement. HDFC Bank provides free International Debit Card with domestic shopping limit of Rs 2.75 lakhs and ATM cash withdrawal limit of Rs 50000. HDFC Bank offers 3.5% p.a. interest for end of day account balance of below ₹50 Lacs and 4% p.a. interest for end of day account balance of ₹ 50 Lacs & above.

Also, employees will be able to avail a Personal Accidental Death of Rs 5 lakhs on debit card with an additional International Air Coverage of Rs 25 lakhs on purchase of air tickets with your HDFC Debit card. Free bill pay facility, free email alerts, fuel surcharge waiver and preferential rates on loan are some of the other features offered by HDFC Bank if you opt for Classic Salary Account.

SBI Corporate Salary Package (CSP)

SBI brings a corporate salary package with a host of exclusive benefits for corporate employees including service organizations like hospitals, hotels, transport etc. The package can be customized depending upon the business relationship of organization with the bank. Package variants eligibility is as per your gross monthly income

  • Platinum: Above Rs 1 lakhs
  • Diamond: Above Rs 50000 and up to Rs 1 lakhs
  • Gold: Above Rs 20000 and up to Rs 50000
  • Silver: Between Rs 5000 and up to Rs 20000

Features & Benefits

SBI Corporate Salary Package helps in a hassle free opening account process and does not even charge for salary disbursements. SBI helps in paperless salary disbursements which help in saving administration costs. It offers free unlimited transactions across ATMs of any bank. SBI provides complimentary personal accident insurance (Death) cover up to Rs 20 lakhs and air accident insurance (Death) cover up to Rs 30 lakhs. SBI also offers corporate employees auto sweep facility to earn higher interest.

Axis Priority Salary Account

Priority Salary Account from Axis Bank offers high quality service to the employees using it with additional exclusive benefits.

Features & Benefits

Axis Bank introduced Priority Salary Account to provide its customers with exclusive benefits and enjoy Axis Priority privileges. Axis Bank assigns a dedicated relationship manager for all your banking needs and offers preferential treatment on entering an Axis Bank branch or while calling the phone banking centre. Also, it provides preferential rates on personal loans, home loans, car loans etc. Some of the additional benefits offered by Axis Bank are unlimited free NEFT transactions, SMS alerts. Employees will also get a complimentary Platinum Debit Card with annual charges waived.


So, if your organization allows you to open a salary account according to your choice, then it becomes essential for you to check and compare different salary accounts available in India to get the maximum out of it.


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