The State Bank of India (SBI) is one of the country’s most well-reputed and trusted banks. Established over 100 years ago, the bank extends financial services that go beyond just offering savings accounts to its customers.
One of the many financial services that the bank offers its customers is its various salary accounts. The salary accounts have features and benefits that vary depending on the needs of the customer. Apart from the corporate salary packages, SBI also has salary accounts for individuals employed by the state and central government. The Police Salary Package (PSP) is one such account. The account was developed for those employed in the central police organisations including Civil Police, Railway Protection Force, Armed Police, and Government Railway Police.
Types of salary packages
The PSP features and benefits of the PSP vary based on the designation of the police official. The following are the variants of the salary account that differ based on the official position of the employee.Police officers
- Platinum account: The Platinum account is offered to senior employees of the police force. Individuals who are eligible to hold this type of account include those who hold positions such as the director general of police, senior superintendent of police, joint commissioner of police, and deputy inspector general of police among others.
- Diamond account: The Diamond account is offered to those who hold designations such as Deputy Commissioner of Police, Additional Deputy Commissioner of Police, and Assistant Superintendent of Police among many others.
- Gold account: The Gold account is offered to individuals who hold positions such as Assistant Inspector of Police, Police Sub-Inspector, and Assistant Police Inspector among other positions.
- Silver account: The Silver account is offered to employees holding positions such as Senior Police Constable, Police Head Constable and Police Constable.
- Platinum account: The Platinum account is offered to senior staff members including additional commandant general and senior staff officers.
- Diamond account: The Diamond account is offered to junior staff and district commandant officers.
- Gold account: The Gold account is offered to assistant quartermasters, assistant superintendents, and office superintendents among others.
- Silver account: The Silver account is offered to clerical staff, sepoys, drivers, and peons among others.
Features and benefits to employees
- Account holders have the benefit of maintaining zero balance in their account.
- Customers have the advantage of availing a discount up to 25% on locker charges.
- PSP account holders have the benefit of free unlimited transactions at any ATMs across the country.
- Account holders receive up to 50% off on processing fees when they avail home loans, personal loans, educational loans, and car loans from SBI.
- The PSP account comes with an Auto-Sweep facility for fixed and recurring deposits opened against the account.
- Select account holders have the benefit of availing an overdraft facility of up to 2 months of their net monthly salary.
- Services such as online transfers, SMS alerts and issuance of drafts and multicity cheques are provided free of charge.
- Account holders also get additional benefit of an insurance cover up to Rs.20 lakh and Rs.30 lakh respectively for personal accidents and air accidents that result in the death of the account holder.
Benefits to the employer
- Employers enjoy a hassle-free experience of opening accounts for their employees.
- The bank allows employers the facility of managing the accounts of all their employees simultaneously.
- SBI does not levy any charges for salary disbursement.
- Online transactions reduce administrative charges and the paperwork that is often associated with salary accounts.
SBI has salary accounts for members employed in various fields. The PSP offers benefits to both the employers and employees.