When you set out to open a salary account, you will definitely get confused as to which bank you should select. This is because many banks offer so many benefits. They hide some of the details and policies that may end up draining your account later on. SO in this article, I’ll put some of the top banks in India under the scanner and help you figure out which bank is essentially good for your salary accounts in the longer run.

Things To Check Before You Open Your Salary Accounts In a Bank:

1. Is your money safe?
2. Are facilities like mobile and internet banking available?
3. How many branches of the bank are there in your city? Also, if you travel a lot, you should check if the bank has their branches in other cities and countries as well.
4. You must check if the bank has some hidden rules or policies by thoroughly going through the terms and conditions of the bank and question the agent of the bank.
5. Check the minimum balance that you are required to maintain in your account.
6. What is the interest rate that the bank is offering?
7. What are the charges for transactions?
8. How good is the customer support of the bank?
9. Are there any rewards?

Now, we’ll go through the 7 most popular banks in India and see what they offer for a salary account:

1] HDFC Salary Account

There are 7 types of salary accounts that HDFC offer. You should go through all of them to see what fits perfectly with your requirements and priorities. Mostly, people go for the regular salary account, but other than that, HDFC offers premium salary account, defense salary account, classic salary account, reimbursement salary account, basic salary account, and family salary account. Regular salary account has the following benefits:

1. It is a Zero Balance account i.e. you do not have to maintain a minimum balance.
2. You get an additional accidental death coverage of Rs 5,00,000.
3. You also get a domestic shopping limit of Rs 2,75,000.
4. You get zero surcharges on fuel.
5. To see all the details, go to their Official HDFC Website.

2] ICICI Salary Account

ICICI has emerged as one of the best banks in India during recent times. It is well known for it good customer service. It also has a lot of new and exciting offers and schemes that are attracting many customers. The ICICI regular salary account has the following benefits:

1. It is a zero balance account.
2. No annual fees are charged.
3. First 5 transactions of every month are free and after that Rs 20 is charged on every financial transaction.
4. There is a good range of reward point system.
5. Credit cards and loans get special rates.
6. Demand Draft facility is completely free.
7. Lost debit card liability is up to Rs 2,00,000.
8. You can check the Official ICICI Website.

3] SBI Salary Account

There is no doubt that the SBI is the most popular bank in India. This is because it is a public sector bank which instantly gets the trust of the people. Add to that the wide network of branches and ATM’s across the country, there is hardly any other bank that comes close to SBI.SBI offers different salary accounts like, central government, state government, corporate, defense, police, railways, Indian coast guard and paramilitary salary accounts. The SBI salary account has the following benefits:

1. It is a zero balance account.
2. There is an option to overdraft up to 2 months of salary that can be repaid within 6 months.
3. For international cash withdrawal, SBI charges Rs 112 + 3.93% of the transaction amount.
4. It has a huge range of value-added benefits.
5. It has the biggest ATM network.
6. You can check the Official SBI Website.

4] Axis Bank Salary Account

Axis bank has also gained some popularity over the years due to its wide range of offers for the corporates.Axis bank offers prime, employee reimbursement, defense, easy access and priority salary accounts. The Axis bank Prime salary account has the following benefits:

1.  It also has a zero balance account.
2. It offers 4% interest rate on daily balances. The interest rate amount is paid quarterly.
3. Axis bank also offers free unlimited NEFT transactions.
4. It gives a personal accident insurance of Rs 5,00,000.
5. Axis bank has many food outlets as partners. SO you can get minimum 15% off at these places.
6. You can visit the Official Axis Bank Website here.

5] Kotak Mahindra salary account

Kotak Mahindra Bank isn’t as popular as the above banks but it does offer some benefits that can be useful for a lot of us. Kotak Mahindra bank offers Platina, Edge and Neo salary accounts. Each has their own benefits. Go through their benefits and choose wisely. Following are the benefits:

1. You get zero charges for fueling.
2. You have access to unlimited value demand drafts that will be delivered to your home.
3. For platinum accounts, you can earn up to 6% interest every year.
4. You get a shopping limit of Rs 2,00,000/day.
5. You also get a lost card liability of Rs 2,00,000.
6. You can visit the Official Kotak Mahindra Website here.

6] Citibank Suvidha Salary Account

Citigroup, which is listed in Global 2000 by Forbes in May 2016, has a subsidiary that is Citibank. Customer satisfaction is very high compared to other banks. Citibank offers following benefits for salary account.

1. It has zero balance accounts.
2. There are reward points that you can redeem for cash and these reward points never lapse.
3. Home and personal loans get preferential pricing.
4. You can get auto overdraft facility for up to 5 times your net monthly salary.
5. You can visit the Official Citibank Website here.

7] Yes Bank Smart Salary Advantage Account

Yes, the bank offers a rather customized salary account depending on your requirements and priorities. Some benefits are:

1. It has a zero balance account.
2. You get a lost card liability as well as purchase protection on your debit card.
3. Using net banking for registered billers, you get free utility bill payment.
4. You get unlimited free transactions across all Yes Bank ATM’s.
5. You get the security of the account.
6. You get a free deemat account with 50% waiver on AMC for the lifetime.
7. You can visit the Official Yes Bank Website here.

Hope you found this article helpful in choosing right bank for your salary account. For further queries or suggestions, please leave a comment below.