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CORPORATE SALARY PACKAGE: FREQUENTLY ASKED QUESTIONS

 

FAQS

 

1. How can one open a salary account with SBI under the Salary Package (CSP)?

2. What if the organization has a lesser number of employees than the prescribed 25 Employees?

3. Can gross monthly salary below Rs.5,000/- be considered for Corporate Salary Package

4. What are the product features of Salary Package?

5. What are the types of accounts available to the customer?

6. Is up gradation from one variant to another variant possible?

7. As a Salary Package Account holder, can I open a joint account and with whom?

8. Is there any insurance coverage for customers having corporate salary package with you?

9. How much can I withdraw from ATM per day?

10. Is there a daily transaction limit for transaction at Point of Sales (PoS)?

11. Can a customer get a welcome kit containing ATM card, cheque book, and internet password at the time of opening the account?

12. Are withdrawals at ATMs of banks other than State Bank Group free?

13. How is the salary credited in these accounts?

14. What is Employee Reimbursement Account?

15. What are the internet Banking Facility that is offered with my Salary Account?

16. What are the Mobile Banking Facility that is offered with my Salary Account?

17. Can I open salary account online?

18. How do I get my account transferred from one State Bank branch to another?

19. Can I continue to enjoy the Salary Account benefits if I change my job?

20. What happens to my existing Salary Package Account if the Company with which I am working deputes me Overseas. Can I open another NRE account?

21. What happens to my existing Salary Package Account if there are no salary Credits to the Account?

22. What are the concessions offered to ‘P’ segment (retail) loans under CSP?

23. What is Auto Sweep?

24. What is CORE POWER?

25. What all can I do under Core Power or Anywhere Banking facility offered to me with my Salary Account?

26. What are the features and benefits of the overdraft facility in Salary Package Account?

27. Am I eligible for Overdraft?

28. How many salary credits are required in my existing account to qualify for overdraft?

29. The overdraft facility offered is limited to 2 months net salary only?

30. How do I utilise this amount?

31. What are the documents required for opening a salary account?

 

1. How can one open a salary account with SBI under the Salary Package (CSP)?

 

The person who is eligible for Corporate Salary Package is required to approach his employer to have a formal arrangement with Bank for remitting the salary to the concerned branch(es) provided the organization has at least 25 employees with gross monthly salary above Rs.5,000/- p.m. CSP account can be opened at all SBI Branches in India.

 

One can approach us in any of the following ways:

 

  • Walk into the nearest State Bank of India, Branch.
  • Our Sales team / Branch Staff will visit your office premises at a time and date of your convenience for making a presentation of the Salary Package.
  • Existing Accounts can also be converted to CSP accounts, if there is a tie up.

2. What if the organization has a lesser number of employees than the prescribed 25 Employees?

 

The Minimum salary payout of the Corporate/ Institution should be Rs.1.25 lacs p.m. Where the accounts to be opened are less than 25 numbers the facility will be decided based on business consideration.

 

3. Can gross monthly salary below Rs. 5,000/- be considered for Corporate Salary Package

 

Yes. If such employees are not more than 20% of the total employees of an organization and all the salary accounts are maintained with the Bank. If such employees are more than 20 % opening of such salary accounts under CSP will be decided on business consideration.

 

4. What are the product features of Salary Package?

 

The main features of the CSP are zero balance, free ATM-cum-Debit Card, Additional ATM Card for joint account holder, Free Internet Banking, Free Core Power (under which we offer banking at any of our 15000+ branches across India), Free Multicity cheques, Savings Plus (Auto Sweep Facility) etc.

 

(Salary Package account is a special account offered to customers with regular salary credits to the account. In case, the monthly salary is not credited to the salary package account for more than 3 consecutive months, the special features under the Salary Package account stand withdrawn. The account shall then be treated as a regular Savings account, and all charges shall be levied thereafter as applicable to such accounts)

 

5. What are the types of accounts available to the customer?

Four variants, namely Silver, Gold, Diamond and Platinum are available, depending on the level of the employee’s gross monthly salary or Rank/ Designation of the employee. These variants have different facilities on offer.

 

 

6. Is up gradation from one variant to another variant possible?

 

A. Yes. On production of proof of gross salary per month which makes him eligible for higher variant of the account, the branch will upgrade the account to the eligible variant e.g. from Silver to Gold or from Gold to Diamond, etc.

 

7. As a Salary Package Account holder, can I open a joint account and with whom?

 

You can open a Joint Account with your Spouse/ parent/ etc.

(Please contact your nearest branch for more details.)

 

8. Is there any insurance coverage for customers having corporate salary package with you?

 

Salary Package account of SILVER, GOLD, DIAMOND and PLATINUM variants carries a Personal Accident Insurance (PAI) cover. In the unfortunate event of loss of life in a mishap/accident the Salary Package Account Holder’s nominee/Joint Account Holder will receive the benefits of insurance cover ranging from Rs.1 Lacs to Rs.10 Lacs depending on the Salary Package variant.

 

To keep the personal accident insurance activated, the Salary Package account should have received salary credits in at least two months preceding the date of the incident. The intimation of death should be made to the Insurance Provider i.e. Reliance General Insurance Company Limited (w.e.f 04.01.2014 to 03.01.2015) within 90 days of death of Salary Package Account Holder. The Claim form complete in all respects should be submitted within 90 days thereafter.

 

(Please contact nearest SBI branch for details)

 

9. How much can I withdraw from ATM per day?

 

  • The State Bank Classic Debit Card issued to Silver variant customer permits you withdrawal up to Rs.40,000/- per day without any restriction on the number of withdrawals.
  • The State Bank Gold International Debit Card* issued to Gold, Diamond variant customer permits withdrawal up to Rs. 50,000/- or foreign currency equivalent of daily Rupee Cash Limit, abroad.
  • The State Bank Platinum International Debit Card* issued to Platinum variant customer permits withdrawal up to Rs. 1,00,000/- or foreign currency equivalent of daily Rupee Cash Limit, abroad.

 

*issued on request by the Salary Package Account Holder.

 

10. Is there a daily transaction limit for transaction at Point of Sales (PoS)?

 

The daily transaction limit at Point of Sales (PoS) will be Maximum Rs.50,000 for Classic Debit Card and Rs.2,00,000 for Gold and Platinum ATM Card, subject to adequate balance in the account. However certain Merchant establishments (MEs) may have their own minimum and maximum level of transaction for acceptance of the card.

 

11. Can a customer get a welcome kit containing ATM card, cheque book, and internet password at the time of opening the account?

 

Yes. The Welcome Kit contains non personalised ATM Card and also a Non Personalised Cheque Book. The customer can also collect an Internet Kit comprising of User ID and password.

 

12. Are withdrawals at ATMs of banks other than State Bank Group free?

 

Yes, upto 5 transactions (financial and/or Non Financial) in Savings Account per month with a maximum cash withdrawal of Rs.10,000/- at one time (charges as per RBI regulations).

 

13. How is the salary credited in these accounts?

 

Once the salary accounts are opened, the account numbers will be given by the employee to the employer, who will arrange for salary credit. The salary can be credited by the employer by using Corporate Internet Banking (CNIB) without the intervention of the branch. The employee can open account in any of our 15000+ branches in India and employer can remit from a single point. Salaries can also be credited by the employer through NEFT, RTGS, ECS etc.

 

14. What is Employee Reimbursement Account?

 

Employee Reimbursement accounts are offered to employees of Corporates already having a Salary Package Account relationship with State Bank. Various Reimbursements other than salaries paid by the employees can be routed through this account. The account is a Current Account with Zero Balance feature and no annual maintenance charges. It is linked to the primary Salary Account. It provides a very hassle free and convenient way of reconciliation both for the corporate and the employee. The same ATM cum Debit Card issued to the Salary Account can be linked to Employee Reimbursement Account.

 

15. What are the Internet Banking Facilities that are offered with my Salary Account?

 

SBI Offers Internet Banking facility with a “VeriSign” certified enhanced security feature. Apart from that, the following features have been provided:

  • Balance Enquiry
  • Fund Transfer
  • Transaction Enquiry
  • Statement of Account
  • Transfer of Funds to any other account in any SBI Branch across the country.
  • Transfer of Funds to Non SBI Bank Account through NEFT.* -
    (for more details contact your nearest SBI Bank branch.)
  • Service Requests. - DD request / Online Fixed Deposit / Cheque book request/ Recurring Deposit/ Setting up of Standing Instructions.
  • Utility Bills Payment.
  • SBI Credit Card Online Payment.
  • Application supported by Blocked Amount (ASBA) – to apply for IPOs whilst blocking fund in your account - please contact your nearest branch for more details.
  • Demat Accounts: View Holdings.
  • TDS on your investments / deposits/ Salary during the year: View Form 26AS
  • Online Term Deposits/Recurring Deposits/Account Opening application
  • E services like online tax filling, online payment of taxes

 

16. What is the Mobile Banking Facility that is offered with my Salary Account?

 

Following features are available with SBI FreedoM:

  • Balance Enquiry
  • Funds Transfer to any other account in any SBI Branch across the country.
  • Transfer of Funds to Non SBI Bank Account through NEFT*
  • Service Requests. – Cheque Book request/ stop payment instructions.
  • Utility Bill Payment.
  • SBI Credit Card / SBI Life Insurance Premia Payment.
  • Demat Accounts.

 

*For more details contact your nearest branch

 

17. Can I open Salary Account online?

One may apply for opening a new Salary Account online.

 

 

18. How do I get my account transferred from one State Bank branch to another?

 

Our Core Banking facility allows you to continue with the same account at all our Branches. However for transfer of an account, you would to need to submit an application/ request letter to your home branch.

 

Please contact your nearest branch for further details.

 

19. Can I continue to enjoy the Salary Account benefits if I change my job?

 

You may continue to draw your salary through the Salary Package Account even in the case of change in employment. You would need to intimate your employer about your existing Bank details, so that the monthly salary credits are routed through the same account. You would also need to intimate your Bank branch for the required change in records with the Bank.

 

20. What happens to my existing Salary Package Account if the Company with which I am working deputes me Overseas. Can I open another NRE account?

 

Your existing Salary Package account can get converted to Non-Resident Ordinary Account, where you can continue to receive local credits for all sources including your salary. In case you also draw salary overseas, you can open a Non Resident External Account wherein you can remit your monthly salary from abroad.

 

21. What happens to my existing Salary Package Account if there are no salary Credits to the Account?

 

Salary Account is a special account offered to customers with regular direct salary credits coming into this account. In case, the monthly salary is not credited into the account for more than 3 consecutive months, the special features offered under Salary Package stand withdrawn and the account shall be treated as Normal Savings Account under our standard charge structure, and all charges shall be levied and applied as applicable to normal savings accounts.

 

22. What are the concessions offered to ‘P’ segment (retail) loans under CSP?

 

As part of a comprehensive package, a concession on interest Rates and Processing charges are available for those opting for CSP for Home Loan, Auto Loan for permanent employees, on a case to case basis. These concessions are at the Discretion of the Bank.

 

23. What is Auto Sweep?

 

This is a facility to transfer amount over and above the threshold balance to a fixed deposit account from Savings account to earn higher interest. If the balance in the account is not sufficient to honour a cheque/ ATM withdrawals, the system automatically pre closes the fixed deposit/ or part of it and credits the same to your SB account.

 

24. What is CORE POWER?

 

This is an ANYWHERE BANKING SERVICE offered to the customers. Customers of a particular branch can carry out certain transactions from any other branch of SBI.

 

25. What all can I do under Core Power or Anywhere Banking facility offered to me with my Salary Account?

 

Anywhere banking facility would allow you to operate your account from any branch of SBI at the same center or other location, other than the Home branch where you have opened your account.

 

Services Available* are:

 

·               Transfer of funds in the SB account from Home Branch to any other account (self or third party) at another branch, for same day credit

·               Deposit of Cash, by the customer or by third party, for same day credit to the account from a non-home branch

·               Same day credit to the account in respect of cheques/instruments

o    Deposited at the home branch and drawn on other branches at home centre

o    Deposited at home branch and drawn on branches at non home centres

o    Deposited at a non-home branch and drawn on home/other branches

·               Deposit of cheques/instruments at any outstation branch (for credit to the account at home branch) which are drawn on that outstation centre

·               Encashment of SB cheques by the account holder at non home branch. Such encashment can be for

o    Cash Withdrawal

o    For transferring the proceeds to any other SB/Current account (self or third party) at another CBS branch

o    For issuance of Drafts/Bankers cheque


*Subject to terms and conditions.

 

26. What are the features and benefits of the overdraft facility in Salary Package Account?

 

The features and benefits of the overdraft facility in Salary Package Account are:

 

  • up to 2 times Net Monthly Salary, Overdraft limit set up on the existing CSP account, Overdraft amount repayable in 6 EMIs
  • Minimum documentation
  • No processing fees
  • No pre-closure charges
  • Easy-to-use and easy-to-pay facility
  • Freedom to use limit through Cheque book, ATM, online transfer, etc.,
  • Interest payable only on the utilized amount, Monthly Salary and other Credits in the account help save interest

Terms & Conditions Apply. Overdraft at the sole discretion of SBI. For more details contact your branch

 

27. Am I eligible for Overdraft?

 

Yes. If you have minimum 6 months of residual service and your salary account with us has regular salary credits.


28. How many salary credits are required in my existing account to qualify for overdraft?

 

Minimum 3 salary credits are required.


29. The overdraft facility offered is limited to 2 months net salary only?

 

Yes. Depending on your eligibility, the maximum amount you can avail as an overdraft up to 2 times the Net Monthly salary, subject to certain monetary ceiling. The facility operates in the form of a short term loan for use during short-term exigencies. The overdraft is repayable in 6 months. However the customer can apply to the Branch to convert this overdraft to a Personal Loan account with higher limit, based on his eligibility at the discretion of the Bank.

 

Terms & Conditions Apply. Overdraft at the sole discretion of SBI. For more details contact your branch

 


30. How do I utilise this amount?

 

This amount is made available in your Salary Account. It can be withdrawn through the regular modes i.e. ATM, Cheques, online transfers.


31. What are the documents required for opening a salary account?

 

The following documents are needed:

 

Passport size photographs (2 nos.)

 

Certificate/letter of identity /address issued by the employer

 

In addition to the certificate/letter issued by the employer, at least one of the officially valid documents as provided in the Prevention of Money Laundering Rules (viz. passport, driving licence, PAN Card, Voter’s Identity card, etc.) or utility bills for KYC purposes for opening bank accounts of salaried employees.

 

Joint Accounts

For joint accounts the above documents are required for both, the applicant as well as the joint applicant(s).

For more details contact your nearest branch.


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