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SBI Corporate Salary Package

The State Bank of India (SBI) is one of the oldest banks in India. It was established in the early 1800s as the Bank of Calcutta. The bank opened 2 other branches shortly after - Bank of Bombay and Bank of Madras. These 3 branches were later merged to form the Imperial Bank of India in 1921.

The bank came to be known as the State Bank of India in 1955 after the Indian government took control over the establishment and the Reserve Bank of India (RBI) held a 60% stake in the bank. The Government of India took over the RBI’s stake in SBI in 2008.

At present, SBI has over 18,000 bank branches in India and 191 international branches. SBI offers its customers a variety of services. One of these services includes offering corporate salary accounts.

SBI has Strategic Business Units (SBU) that are equipped specifically to handle corporate banking. The bank has SBU branches across 6 cities that deliver comprehensive solutions to its clients. SBI provides its clients with the convenience of availing themselves of a variety of services all under one roof. The corporate banking facilities are available to all types of undertakings, including local and international ventures regardless of the size of the venture.

Corporate Salary Package (CSP)

The SBI CSP provides account holders with a number of benefits. It also offers corporate institutions the privilege of customizing the package. This salary account has benefits for both employers and employees.

Features and benefits for employers

  • Opening CSP is very convenient since employers need not visit the bank branch to open salary accounts for their employees. Employers can intimate the bank about the same and schedule a visit by a bank official to open a salary account for new employees.
  • Employers need not pay high administrative fees when making transactions as a result of the bank’s online banking facilities. Employers can also have their employees’ salaries credited instantly to their salary accounts at no extra charge.
  • SBI’s corporate internet banking services help employers easily manage various employee salary accounts in a quick and hassle-free manner.

Features and benefits for employers

The features and benefits of Corporate Salary Package for employers are as follows:

  • Opening CSP is very convenient since employers need not visit the bank branch to open salary accounts for their employees. Employers can intimate the bank about the same and schedule a visit by a bank official to open a salary account for new employees.
  • Employers need not pay high administrative fees when making transactions as a result of the bank’s online banking facilities. Employers can also have their employees’ salaries credited instantly to their salary accounts at no extra charge.
  • SBI’s corporate internet banking services help employers easily manage various employee salary accounts in a quick and hassle-free manner.

Features and benefits for employees

The features and benefits of Corporate Salary Package for employees are as follows:

  • Employees who hold SBI’s Corporate Salary account have the privilege of maintaining a zero minimum balance in their account.
  • Holding a CSP allows employees to access ATMs all over the country.
  • At the time of opening of the account, CSP account holders can get a Demat and Online Trading account as well.
  • Account holders have the added benefit of availing up to 25% discount on the bank’s locker facilities.
  • CSP account holders applying for education loans, personal loans, car loans, and home loans against their account have the benefit of availing themselves of these loans at comparatively lower interest rates.
  • The bank provides account holders with free services such as the online fund transfers, drafts, SMS alerts, and cheques for various Indian cities.
  • To earn higher interest rates, account holders can create Multi Option Deposits (e-MODs) against their salary account.
  • SBI offers select CSP account holders the privilege of an overdraft facility that is equivalent to 2 months of the account holder’s net salary.
  • In addition to the various benefits directly associated with the employee’s salary account, SBI also provides employees with complimentary insurance cover up to Rs.20 lakh for death resulting from a personal accident. The bank also provides an insurance cover up to Rs.30 lakh for death resulting from an air accident.

SBI provides salary account holders with debit cards that have a host of benefits. The eligibility for the type of debit card is solely dependent on the account holder’s gross monthly income. The following are the debit cards offered by SBI for Corporate Salary Packages based on the account holder’s monthly income:

  • Platinum Debit Card - monthly income above Rs.1 lakh
  • Diamond Debit Card - monthly income between Rs.50,000 and Rs.1 lakh
  • Gold Debit Card - monthly income between Rs.20,000 and Rs.50,000
  • Silver Debit Card - monthly income between Rs.5,000 and Rs.20,000

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 for SBI Corporate 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 account?

    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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