SBI offers many additional benefits that it offers to its salary account holders, free accidental insurance coverage being one of them. These accounts are used for the employees of all fields including central and state governments, defense forces, and corporate organizations.
As a powerful tool of Salary Account for simplification in monetary transactions in the financial market, the following are the primary profits obtained from SBI Salary Account.
– Zero Balance Requirement: It also gives the account holders the freedom of a holding minimal balance on their accounts so that they can easily make withdrawals.
– Unlimited ATM Transactions: Customers can undertake an unlimited number of transactions at any bank’s ATM in India without paying a penny.
Complimentary Insurance Covers
– Personal Accident Insurance (Death) Cover: So, up to the amount of ₹40 lakh financially safeguarding the account holder’s family in case of emergency.
– Air Accident Insurance (Death) Cover: Limit of up to ₹1 crore to cater sufficient protection for incidents that occur in air travel.
– Loan Benefits: Availability of affordable personal, home, car, and education loans, to plan the financing for different requirements.
– Locker Rent Discounts: Free or half-price, depending on the period, for locker services, including protection of personal belongings.
Auto-Sweep Facility: The excess amount is mentally transferred to the fixed deposits through the e-Mod (Multi Option Deposit) which results in earning better interest.
– Additional Services:
Onboard with free Demat and online trading account offers.
– Free demand drafts of any amount, multi-city cheques, and alert messages.
Free NEFT/ RTGS fund transfers are available online.
– Use of SBI rewards card which includes gaining points from different activities.
– Weekly discounts on debit cards & the YONO app to make Sprint a joy to bank with.
Important Consideration
Any salary account that has not credited salary for 3 monthly consecutive periods is then opened and operates as a normal savings account. Hence the special privileges that are bundled with the salary package may be cancelled, and usual charges for regular savings accounts may be charged.