SBI Corporate Salary Package is the one account that gives you multiple financial benefits. This salary account became quite popular among officegoers who would love to get a few extra aids on benefits when they have a salary account.
Before these corporate packages even exist, people used to maintain normal Savings Bank accounts where they would get their monthly salaries or pension credit.
There were many flaws when one use a normal Savings Bank account for salary drawing purposes. These drawbacks include
- A minimum balance needs to maintain which we called it MAB (Monthly average balance).
- There were many other charges that commission banks usually levy.
- No free chequebook, charges commission on the draft purchase.
- No PAI coverage to the account holder.
- Lesser ATM debit card transaction limit.
- No good deals while availing of a personal loan.
These were some of the drawbacks the account user had to face. It was not beneficial at all for being a salaried person.
In the year 2012, there came a revolution on the matter which concerns with office goer. The State Bank of India rolled out a new product of salary accounts with a huge potential to serve the nation. Initially, SBI came up with the salary package account for defence which was a great success indeed.
A huge number of defence personnel are still now enjoying what the State Bank of India offers various financial products under the Defence Salary Package account.
As time goes by, the bank has put in immense input to bring out a full fledge Corporate Salary Package to which each governmental department is entitled with specific product codes.
There are now all together 8 Corporate Salary Packages that SBI offers. It covers all types of corporates. We will be discussing a bit later on this.
A corporate salary package account can be opened by an individual who is working in Central and State government departments, many PSUs and even private firms are included.
The benefits of these corporate package accounts are way too good to have and if you are an office goer working in a Central or state government department or if you are an employee of a reputed university or college, it’s recommended that you maintain an SBI Corporate Salary Package account.
Who are eligible for Salary Packages account?
SBI corporate salary package account covers all the state and central government departments. As per the bank’s official website, we have found the list of various organizations and departments which are eligible for the said facility.
| Sr No | Organization/Employer |
|---|---|
| 1 | All state government departments. |
| 2 | All central government departments. |
| 3 | Border Security Force |
| 4 | Central Industrial Security Force |
| 5 | Sashastra Seema Bal |
| 6 | Indo-Tibetan Border Police |
| 7 | Central Reserve Police Force |
| 8 | National Security Guard |
| 9 | Railway Protection Force |
| 10 | Railway Protection Special Force |
| 11 | Central Police Organization |
| 12 | Civil Police |
| 13 | Armed Police |
| 14 | Reserve Police of all states and union territories |
| 15 | Indian Army |
| 16 | Indian Navy |
| 17 | Indian Air Force |
| 18 | Assam Rifles |
| 19 | Rashtriya Rifles |
| 20 | GREF Border Road Security Organization. |
| 21 | Various Corporate organizations which are having tie-up arrangements with the banks. |
What are its variants?
There are 8 variants under the SBI Salary Package account. These are
| Sl no. | Variants |
|---|---|
| 1 | Corporate/Institution (CSP) for Various PSUs and Universities |
| 2 | State Government Salary Package (SGSP) Various State Government departments and organizations. |
| 3 | Central Government Salary Package (CGSP) for Various Central Government departments and organizations. |
| 4 | Central Armed Police Salary Package (CAPSP) for Central Reserve Police Force Border Security Force Central Industrial Security Force Sashastra Seema Bal Indo-Tibetan Border Police Force National Security Force Railway Protection Force Railway Protection Special Force. |
| 5 | Police Salary Package (PSP) for Civil Police Armed Police Reserve Police of all states and union territories. |
| 6 | Defence Salary Package (DSP) for Indian Army Indian Navy Indian Air Force Assam Rifles Rashtriya Rifles GREF Border Road Security Org. |
| 7 | Railway Salary Package RSP |
| 8 | Coast Guard Salary Package CGSP |
Its Benefits…
Its benefits are one of the best amongst the salary accounts of other banks. You could get a whole bunch of financial benefits out of the SBI salary package account.
Below are some of the fascinating benefits you get from having an SBI Salary Package Account.
- Zero balance account. Yes, you heard right! There is no MAB on SBI Salary Package Account.
- Hassle-free account opening process. You can opt for online account opening where the KYC verification process will online through Video KYC. You can also choose the offline mode to do the same.
- All type of salary package account comes with free demand draft issuance charge.
- No charges for SMS alerts and online NEFT and RTGS.
- Personal Accident Insurance cover of ₹ 20 lacs in all the variants. Though it’s a death benefit only.
- Air Accident Insurance (AAI) covers ₹ 30 lacs in all variants of the salary packages which death benefit only.
- For DSP, CAPSP and ICGSP, Personal Accident Insurance cover of ₹ 30 lacs which is the death benefit and permanent disablement. ₹ 10 lacs for partial disablement.
- AAI of DSP, CAPSP and ICGSP cover up to ₹ 1 crore to all the ranks which the bank clearly indicates certain terms and conditions to be fulfilled.
- Discounted locker charges.
- An overdraft facility is available for up to 2 months’ salary which needs to be liquidated in 6 months period.
- Personal loans, car loans, home loans and education loans on attractive interest rates. Salary Package accounts of DSP, CAPSP and ICGSP are completely waived of loan processing fees. PSP account gets a 50% waiver on loan processing fee.
- From time to time there are multiple offers for ATM card users. SBI YONO too rolls out various offers. If loans are applied through YONO there is a waiver of interest rate too.
- An employee can have 2 personal loans at a time. If you need to top up, you may approach the bank to get sanctioned. The condition is that you should fulfil the income criteria.
Conclusion
Yes, we all agree that the State Bank of India is the largest bank in our country. Its presence is felt everywhere even abroad too. Whether one gets all the facilities the bank offers or not, is up to us.
SBI Salary Package accounts are one of the best products we have seen so far. You can get all sorts of facilities under the package and we think that maintaining these accounts would definitely bring financial satisfaction.
To open a Salary Package account please visit Bank’s official website where you can get all the relevant details.
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