367959 SIP myths you must know!
Benefits depend upon the amount of salary credited every month
If you have a salary account with State Bank of India, you have a few reasons to be happy. The bank offers salary account holders multiple benefits.
The benefits listed by the bank are: insurance benefits, rebate in personal loan, home loan, car loan, education loan, etc. There are a few other benefits too.
Bouquet of benefits
Accidental death cover: SBI salary account holders are entitled to a maximum free accidental death cover up to Rs 20 lakh. The insurance cover goes up to Rs 30 lakh if death happens due to air crash.
Unlimited ATM access: These account holders can get the facility of zero balance account and free unlimited transactions across ATMs of any Bank. Also, these accounts come bundled with free SBI credit card issuance offer.
50% offer in loan processing fee: A SBI salary account holder is eligible for a discount up to 50% of loan processing fee on any loan like personal loan, home loan, car loan, etc.
Rebate in locker charges: SBI offers its salary account holders up to 25% off on annual locker charges. Also, they get some preference when lockers, usually in high demand, are distributed.
Overdraft facility: SBI offers lucrative overdraft facility to its salary account holders. The bank gives its customers up to two months of salary under overdraft facility.
Free drafts, cheques: SBI issues free demand drafts, multi city cheques to its customers who have salary account with them.
Besides free SMS alerts, free NEFT/RTGS facility are also there for the customers. Customers can also have benefits of demat and online trading.
Classifications
SBI determines the extent of facilities depending on the amount of salary deposited every month.
The accounts are classified into four different categories – Platinum, Diamond, Gold and Silver.
Accounts where Rs 1 lakh and above is deposited per month are called Platinum. Diamond account holders have salary between Rs 50,000 and Rs 1,00,000.
Gold salary accounts are those where the monthly salary credited is between Rs 20,000 and Rs 50,000 while Silver accounts have salary between Rs 5,000 and Rs 20,000 a month.