Best Banks for Salary Accounts in India

Best Bank For Salary Account
Best Bank For Salary Account

A Salary Account in a reputed bank holds great value, and a lot of people who have just started their careers are interested in knowing about different salary accounts and their offerings. While the role and benefits of such accounts are not unknown to working professionals, they work wonders in transferring money from one account to another, seeing the bank statements, and seizing advantage of value-added benefits like exclusive credit cards, instant personal loans, etc.

Beyond this, the salary accounts are operational at zero balance, which means you don’t have to maintain a balance like a standard savings account. 

While the majority of companies tie up with banks to provide salaries, some of them ask their employees to open an account on their own. With so many banks in India, it becomes a daunting task to pick one for yourself.

This is why we are here with the list of best salary accounts in India and the perks that they come with. Have a look and choose a bank that suits your needs.

List of 10 Best Banks for Salary Accounts

1. ICICI Bank

ICICI Bank Logo
ICICI Bank (Image Source: ICICI)

A benefit-rich payroll account by ICICI is a perfect pick for all employees and employers to enhance their banking experience. ICICI presents a zero balance salary account with an add-on debit card at no extra cost.

This account allows organisations to easily disburse the salaries through any online platform, NEFT, or simply by sending a statement of advice with required details. The ICICI salary account holder gets myriad benefits like easy fund transfer, free phone banking, PPF account, etc.

Types of Salary Account:

  • Gold Salary Account
  • Silver salary Account
  • Defence Salary Account
  • Titanium Salary Account

Features and Benefits:

  • Personalised chequebook
  • No minimum balance maintenance requirement
  • Attractive loan and credit card offers
  • 8-8 banking privilege
  • Higher cash withdrawal and spending limit
  • Complimentary personal accident insurance protection
  • Free debit card

Required Documents:

  • Stamped and Signed introduction by the company
  • PAN card photocopy
  • Address proof

Eligibility Criteria:

  • The organisation must have over 20 employees
  • Rs 20,000 (Rural) and Rs 25,000 (All Cities) should be the average salary

2. HDFC Bank

HDFC Bank Logo
HDFC Bank (Image Source: HDFC)

HDFC salary account is an easy and convenient way of distributing monthly salaries to employees by the employer. It is an account that provides the benefits of modern and customised banking like free-of-cost mobile banking, phone banking, and SMS banking.

The bank also provides the salary account holders with interest between 3-6%. Besides this, the customer will get free assistance from a personal Relationship Manager for every banking requirement.

Types of Salary Account:

  • HDFC Regular Salary Account
  • Family Salary Account
  • HDFC Premium salary account
  • Defence Salary Account
  • Reimbursement Account
  • Government Salary Account
  • Basic Savings bank deposit account (Salary)

Features and Benefits:

  • Zero minimum balance account
  • Free debit card with a higher limit
  • No cost chequebook, passbook, or e-statement
  • Attractive cashback and discounts
  • Free insurance cover
  • Travel and fuel surcharge waiver or reversal
  • Easy fund transfer via NEFT / RTGS online

Required Documents:

  • Application form
  • Identity and address proof
  • Latest passport size photographs

Eligibility Criteria:

  • You must be employed with either a corporate or business that has a tie-up with HDFC bank, a defense unit, or a government entity
  • Salary Credit is equal to or more than Rs 15,000

3. SBI Bank

SBI Bank Logo
SBI Bank (Image Source: SBI)

SBI offers an extensive range of salary accounts for various sectors of society to suit everyone’s needs. There are different accounts for different employer profiles. However, all of them are customised with remarkable offerings for a professional like hassle-free account opening, no minimum balance requirements, easy account management, etc.

At attractive terms, personal loans like home loans, Xpress Credit loans, auto loans, and more are also offered to salary account holders. This power-packed Salary Account is definitely a great choice.

Types of Salary Account:

  • Corporate Salary Package (CSP)
  • State Government Salary Package (SGSP)
  • Central Government Salary Package (CGSP)
  • Defense Forces Salary Package (DFSP)
  • Indian Railways Salary Package (IRSP)
  • Police Salary Package (PSP)
  • Central Armed Police Salary Package (CAPSP) – Para Military
  • Indian Coast Guard Salary Package (ICGSP)

Features and Benefits:

  • Instant salary credits with no unnecessary delays
  • Unlimited ATM transactions of any bank across the country
  • Complimentary Personal Accident Insurance (Death) cover of up to Rs 20 lakh
  • 25% off on the annual rent of a locker
  • Exclusive SBI reward points on various transactions
  • 50% off on the processing fees of all types of loans
  • Overdraft facility on up to 2 months’ net salary

Required Documents:

  • 2 passport size photographs
  • Proof of identity and address
  • PAN card
  • Proof of Employment
  • Latest Salary slip

4. Axis Bank

Axis Bank Logo
AXIS Bank (Image Source: Axis)

Axis Bank has an exclusive range of salary accounts depending on the nature of work. These accounts vary from each other on the basis of daily withdrawal limit, type of debit card, shopping limit, and more.

While they are for different job profiles, all of them provide impressive employee delights and added benefits that make them best-in-class salary accounts.

They offer seamless and convenient access to the salaries and preferential treatment when you step into Axis branches or opt to call the Phone Banking numbers.

Types of Salary Account:

  • Burgundy Salary Account
  • Easy Access Salary Account
  • Liberty Salary Account
  • Prestige Salary Account
  • Priority Salary Account
  • Axis Republic Salary Account
  • Defence Salary Account
  • Employee Reimbursement Account
  • Prime Salary Account

Features and Benefits:

  • No opening deposit and average monthly balance mandate required
  • 3%-4% interest on daily balances every quarter
  • 24*7 banking with free SMS alerts and free access to all branches and ATMs
  • Unlimited NEFT and RTGS transactions to all customers
  • Complimentary debit card with an outstanding withdrawal limit
  • Copious discounts and reward points on every spending with Axis salary account debit card
  • Exclusive discount on locker fees and complimentary airport lounge access

Required Documents:

  • Two latest passport-sized photographs
  • Address proof
  • ID proof
  • Complete application form

Eligibility Criteria:

  • Indian citizen
  • Have valid PAN and Aadhaar number
  • The company must be on-boarded corporate of Axis Bank
  • Introduction of the company stamped and signed by the authorised signatory
  • Net monthly salary credit as per the type of salary account

5. Kotak Mahindra Bank

Kotak Mahindra Logo
Kotak Mahindra Bank (Image Source: Kotak)

Kotak Mahindra Bank is among the largest banks in the Indian private banking sector that permits its clients to open a salary account through two channels, i.e., Offline & online.

It offers distinct kinds of salary accounts depending on your monthly salary and nature of work. All of these accounts are designed to provide a range of benefits to both the organisation and employees.

They are loaded with benefits for making banking easy for account holders and simplifying the salary credit process for organisations.

Types of Salary Account:

  • Ace Salary Account
  • Platina Salary Account
  • Edge Salary Account
  • Neo Salary Account
  • Salary Account for Defence Forces
  • NationBuilders Salary Account

Features and Benefits:

  • Zero balance salary accounts that are subject to monthly salary credit
  • 4% interest on account balance every year
  • Low processing fees on Kotak Mahindra home loans and personal loans
  • Free-of-cost debit card with a higher withdrawal limit and swipe at POS
  • Exclusive healthcare benefits for all employees
  • Fuel surcharge waiver on using a debit card at any fuel pump in India

Required Documents:

Original and self-attested copies of the following documents-

  • Identity Proof
  • Residence Proof
  • Signature Proof
  • Employment Proof

Eligibility Criteria:

  • Employees drawing a net salary of Rs 10,000 and above (depending on the type of account)
  • Corporate must be empanelled for Salary2Wealth Program with Kotak
  • Only for Indian residents in all geographies
  • The age of the employee must be 18 years or above

6. IDFC First Bank

IDFC First Bank Logo
IDFC Bank (Image Source: IDFC)

IDFC First Corporate Salary Account is a zero balance account that lets employees make most of their earnings with a wide range of benefits.

Alongside the high-interest rate, this account provides benefits up to Rs 34,500, including insurance cover, medical vouchers, dining deals, shopping coupons, and more.

These salary accounts have minimal fees and no balance maintenance requirement that helps enhance the employee’s banking experience.

Types of Salary Account:

  • Corporate Salary Account

Features and Benefits:

  • Free air accident insurance of up to Rs 1 crore
  • Personal accident insurance covers up to Rs. 35 lakh
  • No annual debit card fees and re-issuance fees
  • Up to 6% interest rate p.a. on progressive balance
  • Free lounge access at airports in major cities around the country
  • Free inward and outward Electronic Funds Transfer facility (NEFT/IMPS/RTGS)
  • Unlimited ATM transactions and assured vouchers or cashback on transactions via debit card

Required Documents:

  • Indian citizen
  • Resident of India
  • Foreign nationals residing in India and meeting Indian government criteria

Eligibility Criteria:

  • Passport-size photograph
  • PAN Card or Form 60
  • Aadhar Card
  • Any of the following documents (in case of physical account opening)
    • Passport
    • Voters ID
    • Driving License
    • Job card signed by State Government officer
    • National Population Register issued a letter

7. RBL Bank

RBL Bank Logo
RBL Bank (Image Source: RBL)

With the appropriate tagline of “Your Savings are with Us”, the RBL bank secures your savings and salary and offers attractive interest rates up to 6%.

A Salary Account with RBL bank comes with premier features and minimal charges to simplify your salary payments and banking needs. It is a zero-balance account that offers an array of benefits for making the most of your earnings and enjoying a hassle-free banking experience.

Along with competitive interest rates, the employee will get free-of-cost internet, mobile, and SMS banking.

Types of Salary Account:

  • Executive Salary Account

Features and Benefits:

  • No-cost debit card options: Visa Classic or Platinum Debit Card or a Master Titanium or Platinum Master Debit Card
  • Higher cash withdrawal and shopping limit, depending on the type of debit card
  • Attractive interest rates on Fixed Deposit and the tax-saving deposit facility
  • Free-of-cost aid from the team of experienced wealth professionals
  • Complimentary cheque book for every employee every quarter
  • Safe deposit locker facility at no additional cost

Required Documents:

  • Filled application form with right details
  • Identification proof
  • Residential proof
  • Recent passport-size photographs
  • Employment offer letter, employment contract and introduction letter from the company signed and stamped by an authorised signatory

Eligibility Criteria:

  • Net monthly salary must be between Rs. 20,000 to Rs. 50,000

8. Citibank

Citibank Logo
Citibank (Source: Citibank)

Citibank offers a Suvidha Salary Account that is tailor-made to suit the banking needs of different professionals in this digital age.

It is best-in-class savings account with a powerful debit card, no minimum balance requirement, exclusive offers, on-the-go mobile banking, and more.

It offers ample benefits along with competitive interest rates, making it a one-stop solution for all the banking needs of employees. When it comes to choosing a salary account, Citibank is definitely a smart choice.

Types of Salary Account:

  • Citibank Suvidha Salary Account

Features and Benefits:

  • Overdraft up to 5 times of net monthly salary credited into the account
  • Zero fee debit card that is accepted by all merchants and ATMs across the world
  • Attractive reward points on every shopping via a debit card that are redeemable for cash
  • Complimentary accident cover for every employee of Rs 10 lakh
  • Preferential pricing on Citibank personal and home loans
  • No-cost funds transfer through NEFT, RTGS and IMPS

Required Documents:

  • Two recently-clicked passport-size photographs
  • Proof of address
  • Identity proof
  • Proof of employment (In case of individual account opening)

Eligibility Criteria:

  • The organisation must have an ongoing salary account tie-up with Citibank

9. Bank of Baroda

Bank of Baroda logo
Bank of Baroda (Image source: BOB)

Bank of Baroda offers a wide range of salary accounts targeting different professionals. This account varies according to the nature of work and the net monthly salary that credits to the account.

However, all of these accounts facilitate no minimum balance requirement and offer attractive benefits to make banking simple and easy.

Some of the benefits include an overdraft facility, retail loans processing charge waiver, Sweep facility, and more. With such great offerings, choose your account and give wings to your dreams.

Types of Salary Account:

  • Salary and Pension Solutions for Indian Military Personnel
  • Salary and Pension Solutions for Indian Central Forces Personnel
  • Baroda Police Forces Salary Package
  • Salary and Pension Solutions for Central/ State Govt. employees
  • Salary and Pension Solutions for Central/ State Govt. employees
  • Baroda Salary Classic Account
  • Baroda Super Salary Account
  • Baroda Salary Premium Account
  • Baroda Salary Privilege Account

Features and Benefits:

  • Overdraft facility up to Rs 3 lakh, depending upon the type and salary of a person
  • Discount on debit card issuance along with impressive cashback and offers on card usage
  • Exclusive discounts on locker rentals, Demat AMC, and an issuance fee of prepaid cards
  • Lifetime free credit card subject to eligibility criteria of minimum income
  • Complimentary Air Accidental Insurance cover and Accidental Insurance cover

Required Documents:

  • PAN number or Form 60
  • Official valid documents including:
    • Passport
    • Driving license
    • Aadhaar Number
    • Voter’s Identity Card
    • Job card issued by NREGA
    • Letter by National Population Register

Note: These documents further vary with the type of company and the residence of the individual. Click here to get the entire list of documents.

10. YES Bank

Yes Bank Logo
Yes Bank (Image Source: Yes Bank)

India’s fourth-largest private bank – YES bank, offers comprehensive solutions for defence personnel and corporate employees. These accounts offer preferential rates, digital experience, and exclusive benefits to fulfill the needs of every employee.

For salaried customers, the minimum balance requirement is nil and interest rates are high. These accounts also come with free and unlimited ATM transactions both at Yes bank ATMs and non-YES bank ATMs.

Along with this, there is a long list of benefits that an employee can enjoy by tying up with HDFC bank.

Types of Salary Account:

  • Yes Digital Salary Account
  • Smart Salary Platinum
  • Smart Salary Exclusive
  • Yes Honor Exclusive
  • Yes Honor Platinum
  • Women Salary Account
  • Yes Vijay Advantage
  • Yes Vijay Exclusive

Features and Benefits:

  • Zero balance salary account even after retirement
  • Free-of-cost banking services both at branches or on a digital platform
  • No-cost RTGS, NEFT, and UPI transactions via net banking or mobile banking
  • High debit card transaction limits with outstanding rewards on every transaction
  • Insurance cover personal accident, air accident, education, and home & vehicle modification
  • Special offers, discounts, and cashback on shopping, dining, leisure, travel, etc.

Required Documents:

  • Account opening form duly filled in
  • PAN Card / Form 60
  • Latest photograph
  • Proof of Identification
  • Proof of Signature
  • Address Proof
  • Employment Proof

Eligibility Criteria:

  • Resident of India
  • 18 years of age and above

Final Word

With an extensive breakdown of what each bank has to offer, we hope you can now choose the best bank for your salary account. We have personally researched deeply on different banks and figured out the best ones for you. All the mentioned banks on the list are perfect for making salary distribution easier for employers and providing employees with distinct benefits and services. Now that you have the list choose the bank that fits your requirements and open your account today.


Which bank is best for salary accounts in 2022?

In 2022, we have researched and found that the ICICI Bank Salary Account, RBL Bank Executive Salary Account, HDFC Bank Regular Salary Account, and Axis Bank Prime Salary Account are some of the best accounts based on features and convenience.

Which private bank is best for a salary account?

With the highest interest rate of 6% above Rs 25 lakh and up to 1 crore, the IDFC FIRST Corporate Salary Account tops our list.

How to select the best salary account in India?

To select the best salary account among Indian banks, first of all, focus on the interest rates offered, then check the number of branches or ATMs in your city. Finally, find which bank is offering the maximum number of free ATM withdrawals and other such services.

What are the benefits of a salary account?

The benefits of a salary account are several; we have listed the most relatable ones here:

  • With a Salary account, the account balance can be kept at zero without any extra charges.
  • Free lifetime Debit Card with exclusive benefits.
  • You can get Auto Sweep Facility, which means with auto sweep, the saving account is connected to a fixed deposit account, and a financial limit is specified.
  • Free unlimited transactions across any bank’s ATM, Multi-City Cheques, and free Demand Draft 

Which is the best salary account for government employees?

The best salary accounts for government employees are mentioned here on the basis of the interest they offer.

  1. Up to 2.70% Interest rate
    • SBI Corporate Salary Package
  2. Up to 3.50% Interest rate
    • ICICI Bank Salary Account
    • HDFC Bank Regular Salary Account
    • Axis Bank Prime Salary Account
    • Kotak Platina Salary Account
  3. Up to 6% Interest rate
    • IDFC First Corporate Salary Account
    • RBL Bank Executive Salary Account

Where can I open the best salary account?

You can open the best salary account with any of the banks mentioned above in this blog, as per your requirements.

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