SBI Corporate Salary Package

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:

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

1. 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.
2. 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.
3. 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:

1. Employees who hold SBI's Corporate Salary account have the privilege of maintaining a zero minimum balance in their savings account.
2. Holding a CSP allows employees to access ATMs all over the country.
3. At the time of opening of the account, CSP account holders can get a Demat and Online Trading account as well.
4. Account holders have the added benefit of availing up to 25% discount on the bank's locker facilities.
5. 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.
6. The bank provides account holders with free services such as the online fund transfers, drafts, SMS alerts, and cheques for various Indian cities.
7. To earn higher interest rates, account holders can create Multi Option Deposits (e-MODs) against their salary account.
8. 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.
9. 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:

1. Platinum Debit Card - monthly income above Rs.1 lakh
2. Diamond Debit Card - monthly income between Rs.50,000 and Rs.1 lakh
3. Gold Debit Card - monthly income between Rs.20,000 and Rs.50,000
4. 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: