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SBI Central Government Salary Package

State Bank of India (SBI) is the country’s oldest banking institution and at present caters to the needs of a variety of customers. One of the many services that SBI offers its customers is its salary account packages. These accounts vary in terms of the customer base to which they cater. The features of the salary account that SBI offer The features of the salary from those meant for corporate institutions and the armed forces, to the state and central government. The benefits offered by these salary accounts are unique to each of them.

Central Government Salary Package (CGSP)

The Central Government Salary Package (CGSP) is a salary account that is tailor-made for individuals employed in various departments of the Central Government, National Bank for Agriculture and Rural Development (NABARD), and the Reserve Bank of India (RBI). The account has various benefits for both employees and employers.

The following are the types of accounts that are available to central government employees based on their monthly income:

  • Silver - monthly income ranging from Rs.10000 to Rs.25,000
  • Gold - monthly income ranging from Rs.25,000 to Rs.50,000
  • Diamond - monthly income ranging from Rs.50,001 to Rs.1 lakh
  • Platinum - monthly income above Rs.1 lakh

Features of SBI Central Government Salary Package:

The features of the CGSP vary depending on the designation and the gross monthly income of the account holder. However, there are some features and benefits that are common to all CGSP account holders.

  • Account holders have the benefit of maintaining a zero minimum balance in their account.
  • SBI allows for free unlimited ATM transactions across all SBI ATMs in the country.
  • Most CGSPs come with an SBI credit card.
  • Drafts, multi-city cheques, and regular SMS alerts are offered free of charge.
  • Account holders can avail a discount of up to 25% on SBI lockers.
  • SBI does not levy an annual maintenance charge on debit cards for CGSP accounts.
  • Home loans, auto loans, education loans, and personal loans can be availed at comparatively lower interest rates. Additionally, account holders can also avail a discount up to 50% on processing fees.
  • Customers can earn a higher rate of interest on deposits by using auto-sweep to create Multi Option Deposits (eMODs).
  • Select customers have the privilege of obtaining an overdraft that is equivalent to 2 months net monthly income.
  • Use of an SBI debit card for CGSP account holders come with a number of offers, including loyalty points through the bank’s SBI Rewardz programme.
  • CGSP account holders receive a complimentary insurance cover up to Rs.20 lakh for personal accidents that result in the death of the account holder. Additionally, account holders also receive a complimentary insurance cover up to Rs.30 lakh for air accidents that result in the death of the account holder.

Benefits for employers

  • Employers have the benefit of on boarding their employees by requesting a visit from the bank official at the office premises.
  • Employers can manage a number of salary account in various centers with a few clicks. SBI’s internet banking facilities make it more convenient for employers to disburse employee salaries. Furthermore, the administrative charges and the amount of paperwork involved is comparatively lower when organisations use internet banking.

SBI is one of the most well-known banks in the country and since it is run by the Central Government, individuals employed by the various central government institutions and departments reap the most benefits from their salary accounts.

Documents required to open a salary account:

The documents below are required to open a salary account:

Identity Proof Any one of the documents
  • Aadhaar card
  • Driving Licence
  • Passport
  • Voter’s ID card
  • PAN Card
  • Ration Card
Address proof Any one of the following documents:
  • Aadhaar card
  • Telephone bill
  • Passport
  • Ration card
  • Electricity bill
  • Voter ID card
Income proof (For salaried)
  • Pay slips (last six months)
  • Bank statements
Income proof (For self-employed)
  • Proof of business ownership
  • Proof of business continuity
  • Office address proof
  • Bank statements (not more than six months old)
  • Audited financials (not more than two years old)

FAQs of SBI Central Government Salary Package audit

  1. Can I convert my existing account with SBI to Corporate salary package account?

    Yes, you can convert your existing account to a corporate salary package account.

  2. Do customers get insurance coverage with salary package accounts?

    All the salary account holders get complementary personal accident insurance and air accident insurance cover.

  3. What will happen to my salary account if salary is not credited in that account?

    If the salary does not get credited for more than three consecutive months, all the special features of the salary account will get withdrawn.

  4. Can I continue my salary account if I change my job?

    Yes, you can continue your old salary account even if you change your employer.

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