The SBI Corporate Salary Package is a savings bank account that gives you multiple financial benefits.
This salary account is quite popular among officegoers who would love to get a few extra benefits when they have a salary account.
Before these corporate packages even existed, people used to maintain normal Savings Bank accounts where they would get their monthly salaries or pension credits.
Using a normal Savings Bank account for salary-drawing purposes is not good for your funds. There may be a number of drawbacks, which can be concluded as follows:
- A minimum balance needs to be maintained, which we call MAB (Monthly average balance).
- Banks may charge you account maintenance fees, such as ATM annual maintenance, SMS charges, no discount on fund transfer fees, etc.
- You won’t get the discounted charges on chequebooks, draft purchases, locker rent, fund transfers, etc.
- The account holder does not get the benefits of PAI (Personal Accidental Insurance).
- ATM debit card transaction limits are lower.
- No offers or discounted rates while availing of a personal loan or loans of any sort.
Being a salaried person, one would love to have a specified kind of bank account that gives certain benefits rather than the facility offered by a normal savings bank account.
That’s exactly what SBI has done for its consumers, who are classified as salaried class. The Corporate Salary Package of the bank serves all the people who want to have a designated bank account, especially for drawing salaries.
The CSP account of SBI was quite popular in 2012, mostly among officegoers. The State Bank of India rolled out a new product, salary accounts, with huge potential to serve the nation.
Initially, SBI came up with the salary package account for defense, the DSP account (Defence Salary Package Account), which was a great success.
Later on, the bank introduced the Corporate Salary Package, to which each governmental department is entitled with specific product codes.
There are now eight corporate salary packages that SBI offers. It covers all types of corporations. Let’s try to understand these CSP accounts one by one.
Understanding the SBI Corporate Salary Package Account
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 to use an SBI Corporate Salary Package account instead of a normal savings bank account.
Who is eligible for the Salary Package Account?
The SBI corporate salary package account covers all the state and central government departments. As per the bank’s official website, we have found a list of various organizations and departments that are eligible for the said facility.
|All state government departments.
|All central government departments.
|Border Security Force
|Central Industrial Security Force
|Sashastra Seema Bal
|Indo-Tibetan Border Police
|Central Reserve Police Force
|National Security Guard
|Railway Protection Force
|Railway Protection Special Force
|Central Police Organization
|Reserve Police of all states and union territories
|Indian Air Force
|GREF Border Road Security Organization.
|Various Corporate organizations which are having tie-up arrangements with the banks.
What are the Variants of SBI CSP Account?
There are 8 variants under the SBI Salary Package account. These are as follows:
|SBI CSP Account Variants
|Corporate/Institution (CSP) for
Various PSUs and Universities
|State Government Salary Package (SGSP)
Various State Government
departments and organizations.
|Central Government Salary Package (CGSP) for
Various Central Government
departments and organizations.
|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.
|Police Salary Package (PSP) for
Reserve Police of all states and union territories.
|Defence Salary Package (DSP) for
Indian Air Force
GREF Border Road Security Org.
|Railway Salary Package RSP
|Coast Guard Salary Package CGSP
The Benefits of SBI Salary Package Account
There are a number of benefits to using a CSP account. 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 the SBI Salary Package Account.
- Hassle-free account opening process. You can opt for online account opening, where the KYC verification process will be done online through Video KYC. You can also choose the offline mode to do the same.
- All types of salary package accounts come with a free demand draft issuance charge.
- There are no charges for SMS alerts, and NEFT and RTGS charges are waived.
- 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 only cover death benefits.
- For DSP, CAPSP, and ICGSP, Personal Accident Insurance covers ₹30 lacs, which is the death benefit and permanent disablement. ₹ 10 lacs for partial disablement.
- AAI of DSP, CAPSP, and ICGSP covers up to ₹ 1 crore for 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 a 6 6-month period.
- Personal loans, car loans, home loans, and education loans at attractive interest rates. Salary Package accounts of DSP, CAPSP, and ICGSP are completely waived of loan processing fees. PSP accounts get a 50% waiver on loan processing fees.
- From time to time, there are multiple offers for ATM card users. SBI Yono, too, rolls out various offers. If loans are applied for through YONO, there is a waiver of interest rates.
- 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.
Yes, we all agree that the State Bank of India is the largest bank in our country. Its presence is felt everywhere, even abroad. 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 https://bank.sbi where you can get all the relevant details.