The State Bank of India (SBI) is one of the country’s most well-recognised financial institutions. In the last century, SBI has made a number of changes in terms of the way that it operates and the range of services it offers its customers.
One of these services includes the salary accounts that it offers corporates and government offices. These salary packages are further categorised based on the type of government office, one of which happens to be the salary packages offered to railway employees.
Railway Salary Package (RSP)
The following are the types of accounts that are available to railway employees based on their monthly income:
- Silver - monthly income ranging from Rs.10,000 to Rs.25,000
- Gold - monthly income ranging from Rs.25,000 to Rs.50,000
- Diamond - monthly income ranging from Rs.50,000 to Rs.1 lakh
- Platinum - monthly income above Rs.1 lakh
Features and benefits for employees.
- Customers who hold the RSP do not have to maintain minimum balance in their account.
- The bank offers RSP account holders the Auto Sweep-In and Out facility. This facility can be activated and deactivated using the bank’s internet banking services.
- Railway employees who hold this type of salary account are eligible to discount of up to 25% on SBI locker rental fees.
- Account holders can avail themselves of home loans, education loans, auto loans, and personal loans at comparatively lower interest rates. A discount up to 50% can be availed on processing fees for loans.
- SBI RSP holders have free unlimited access to all SBI ATMs in the country.
- The bank does not levy any charges for SMS alerts, multi-city cheques, and drafts issued.
- Select customers have the privilege of obtaining an overdraft that is equivalent to 2 months net monthly income.
- RSP account holders have the added benefit of a free insurance cover up to Rs.20 lakh in the event of the account holder’s death as a result of a personal accident. Additionally, RSPs also have an insurance cover up to Rs.30 lakh for air accidents that result in the death of the account holder
Benefits for employers
- Employers can complete the onboarding process for new employees by requesting a bank official to visit their office premises.
- Crediting salaries is further simplified through the bank’s internet banking facilities. It allows employers the benefit of managing a number of salary accounts simultaneously. Administrative charges levied by the bank for salary disbursal are comparatively lower when it is done through internet banking.
SBI’s services are well-trusted by the Indian Railways and almost 46% of railway employees draw their salaries from an SBI account.
Documents required to open a salary account:
The documents below are required to open a salary account:
Any one of the documents
Any one of the following documents:
|Income proof (For salaried)||
|Income proof (For self-employed)||
FAQs for SBI Railway Salary Package (RSP)
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.
Do customers get insurance coverage with salary package accounts?
All the salary account holders get complementary personal accident insurance and air accident insurance cover.
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.
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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