SBI State Government Salary Package-SGSP
The State Bank of India (SBI) is India’s most well-renowned bank. Established over a century ago, SBI has progressed with the times and has adapted its practices to fit the current banking standards. It is the country’s largest bank and is run by the Indian government. The bank runs its operations across all Indian cities and in 36 other countries as well.
SBI offers its customers a variety of banking and financial services. Like the bank itself, the services offered have grown and the scope of these facilities has diversified to better serve the customer.
The salary account is one of the many services that the bank offers its customers. SBI has a variety of salary accounts, each developed to benefit a specific group of working professionals. One of these salary accounts is the State Government Salary Package (SGSP).
The SGSP is a salary package that was developed keeping in mind the requirements of those employed by State Governments as well as the governmental organisations that employ them. The SGSP has 4 variants of the account. The distinction between each of these variants is based on the designation and net monthly income of the savings account holder. The distinctions are made as follows:
- Platinum: This variant of the account is offered to those employees whose gross monthly income is Rs.1 lakh.
- Diamond: This variant of the account is offered to state government employees who have a gross monthly income that ranges between Rs.50,000 to Rs.1 lakh.
- Gold: This variant of the account is offered to employees who have a gross monthly income between Rs.20,000 to Rs.50,000.
- Silver: This variant of the account is offered to state government employees whose gross monthly income ranges between Rs.5,000 to Rs.20,000.
Features and benefits to the account holder:
- The SBI SGSP account is a zero balance account. In addition to not having to maintain a minimum average balance, the account also provides the account holder with free unlimited ATM transactions at all ATMs across the country.
- The bank offers customers the opportunity to earn a higher rate of interest on their account through the Auto-Sweep facility. This facility helps create multi-option deposits against the balance of the account holder.
- Account holders can open online trading and Demat accounts at the time of opening their SGSP account.
- SGSP account holders are given preferential interest rates for home loans, personal loans, education loans and car loans availed against their account. Additionally, they also receive a 50% discount on the loan processing fee.
- Select customers are given the privilege of obtaining an overdraft facility that is equivalent to 2 months of the account holder’s net monthly salary.
- All account holders receive a complimentary insurance coverage of Rs.20 lakh for personal accidents that result in the death of the account holder. Account holders also receive a complimentary insurance cover of Rs.30 lakh for air accidents that result in the death of the account holder.
- SGSP account holders are eligible to avail a discount up to 25% on locker rental charges.
- Drafts, SMS alerts, and multi-city cheques are issued free of charge. The bank also does not levy any charges for its internet banking services.
Benefits to the employer:
- SBI does not charge employers for salary disbursement.
- The bank’s internet banking facilities makes it easy for employers to manage a number of salary accounts simultaneously.
- In addition to the convenience, SBI’s internet banking facilities reduce the amount of paperwork involved with salary disbursement and significantly lower administrative costs.
- Onboarding new employees can be done by requesting a visit from a bank official to the organisation’s office premises. Employers can also open salary accounts for their employees online.
SBI, as an organization, is constantly evolving and adapting to the changes in the industry. These changes have been incorporated with efficiency and precision—further proving why it is a name that is revered in the banking industry.
Documentation required:
The following documents are required for opening a SBI Salary Account:
- Proof of address: Aadhar card, PAN card, electricity bill, etc.
- Proof of identification: PAN card, Passport, etc.
- Proof of signature: Aadhar card, PAN card, etc.
- Proof of Employment: Last three months' salary slips, ITR
- 2 passport size photographs.
Note: For joint account, documents of both the holders will be required.
How to apply for SBI State Government Salary Package?
There are multiple ways to apply for SBI Salary Package:
- You can call at SBI branch and request a salary package. You will receive a call back within five working days.
- You can also visit the nearest SBI branch and apply for a salary package.
FAQs on SBI State Government Salary Package
- What are the different salary packages offered by State Bank of India?
The different salary packages offered by State Bank of India are: Indian coast guard salary package, Central Government Salary Package (CGSP), Corporate Salary Package (CSP), State Government Salary Package (SGSP), Defense Salary Package (DSP), Railway Salary Package (RSP), Para Military Salary Package (PMSP), Police Salary Package (PSP)
- Can I apply for SBI Salary Account online?
Yes, you can apply for SBI Salary Account Online.
- Can I continue using my SBI salary account if I change my job?
Yes, you can continue using your SBI salary account even if you change your job.
- What happens to my SGSP account after retirement or job change?
It may be converted to a regular savings account and SGSP benefits will stop.
- Is there a salary limit to open an SGSP account?
No fixed limit, but account type depends on your monthly salary (starting from ₹5,000).
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