7 Best Banks for Salary Accounts in India

Choosing a suitable bank for your salary account is crucial to ensure streamlined, hassle-free payment transactions and avail of attractive benefits. Numerous private and public banks in India offer salary accounts; it’s vital to understand the key features, benefits, and facilities provided by these banking service providers. Today, we will learn about the top seven banks for salary accounts in India to help you choose the right bank for your new salary account.

1. State Bank of India

State Bank of India, popularly called SBI, is India’s biggest public sector bank and offers various salary accounts for different sectors to meet every working professional’s expectations. SBI offers different accounts for different types of employers and provides several customization options, backed with hassle-free account opening, no need for minimum balance, and straightforward account management. SBI’s salary account offers easy home loans, Xpress credit loans, and other helpful facilities.

State Bank of India

Key Benefits:

  • Known for hassle-free and instant salary credits without unnecessary delays.
  • Provide limitless ATM transactions of any bank across India.
  • Backed by personal accident insurance (death) cover of up to Rs 20 lakh.
  • Save up to 25% on SBI’s annual rent of locker service.
  • Earn SBI’s reward points on banking transactions.
  • Save up to 50% on loan processing fees for SBI salary account holders.
  • Avail of overdraft serves for up to 2 months’ net salary.

Also Read: 5 Best Banks for Savings Accounts in India

2. HDFC Bank

HDFC Bank is one of the preferred choices among national and international companies required to pay employees’ salaries in an easy and convenient manner. HDFC provides several salary accounts, including the HDFC Bank Corporate Salary Account, which offers up to 4% per annum interest rates. The bank offers several modern banking facilities, including free-of-cost mobile, phone, and SMS banking. Customers can earn up to 6% of the interest rate on selected salary accounts. The account holder also gets free assistance from dedicated relationship management.

HDFC Bank Current Account

Key Benefits:

  • Get a free debit card facility with the upper limit.
  • Free-of-cost passbook, chequebook, and e-banking statement.
  • Several discounts and offers on banking transactions.
  • Avai of travel and surcharge waiver benefit from SBI.
  • Hassle-free and quick fund transfer through online NEFT/RTGS.
  • SBI’s salary account does not require any minimum balance amount.

3. ICICI Bank

If you want to improve your banking experience, ICICI’s salary account would be ideal. ICICI Bank provides its zero balance salary account with several add-ons, including debit cards, at no extra cost. Employers can easily distribute salary among employees from applicable digital platforms, NEFTs, or by sending a statement of advice with required details. Some major benefits of having ICICI Bank’s salary account include simple fund transfers, a PPF account, and no-cost phone banking.

ICICI Bank Current Account

Key Benefits: 

  • Provides eight-on-eight banking privileges.
  • Comparatively higher cash withdrawal and spending limit.
  • Debit card option at no extra or hidden charge.
  • Incredible offers on ICICI personal loans and credit cards.
  • There is no requirement to keep a minimum account balance.

4. Axis Bank

The salary account provided by Axis Bank is suitable for professionals who earn from Rs 25,000 to Rs 1 lakh as a monthly salary. Axis Bank provides up to Rs 40,000 daily withdrawal limit for ATM transactions and Rs 2 lakh on shopping. The bank provides personal accident cover, up to 5 free Axis ATMs, and other banks’ ATM transactions. Axis Bank also allows customers to earn cashback and redeem attractive discount offers to save money on their online transactions.

Axis Bank Current Account

Key Benefits:

  • Offer up to 4% interest on a quarterly basis.
  • 24/7 banking facility and free SMS alert.
  • Easy and limitless NEFT/RTGS transactions.
  • Optional debit card facility with a higher withdrawal limit.
  • Earn discount coupons and reward points on digital transactions.

5. IDFC First Bank

IDFC First Bank is another great choice for employees and employers looking to open a salary account. The bank opens a zero balance account, provides higher interest rates, and benefits of up to Rs 34,500 (including insurance, dining deals, and medical vouchers). Also, IDFC First Bank charges very minimal charges for its services, improving employees’ banking experience. 

IDFC First Bank

Key Benefits:

  • Offer air accident insurance cover of up to Rs 1 crore
  • Account holder gets personal accident cover of up to Rs 35 lakh
  • Free of-cost issuance and re-issuance of debit card
  • Earn up to 6% interest rate on the deposited amount
  • Safe and secure online fund transfer through NEFT, IMPS, and RTGS
  • Limitless ATM transactions and the availability of several cashback and discount offers. 

6. Kotak Mahindra Bank

Kotak Mahindra Bank offers a variety of salary accounts, including Platina, Neo, and Edge. This bank-for-salary account allows customers to open their accounts online or offline. The available salary accounts at Kotak come with several benefits ranging from higher interest rates to fuel charge surcharge waivers and dedicated healthcare benefits.

Kotak Mahindra Current Bank Account

Key Benefits:

  • Provides up to 4% yearly interest on the deposited fund.
  • Get up to five free ATM transactions every month.
  • Attractive personal finance facilities with low processing charges.
  • Up to Rs 25,000 for everyday ATM withdrawal limit.
  • Free online fund transfer through NEFT & RTGS.

7. RBL Bank

RBL Bank is known for its superior banking services, especially for salary account holders. The bank provides a higher interest rate of up to 6% and charges no SMS, mobile, or Internet banking fees. Customers can avail of complementary debit cards and cheque book facilities. RBL bank also provides a deposit locker facility without charging anything extra from the customer. 

RBL Bank

Key Benefits:

  • No issuance charges for debit cards for the salary account holder.
  • A variety of debit cards are available at RBL to serve different purposes.
  • Higher cash withdrawal and shopping limits than other banks.
  • Free SMS and email alerts on every executed transaction.
  • Receive an interest rate of up to 7% on progressive money.


When choosing the best banks for salary accounts, there are many factors to consider, including customer support, digital banking facilities, lower service charges, higher interest rates, and other benefits. Banks like SBI, HDFC, ICICI, and Axis Banks are preferred choices among companies willing to easily send their employees salaries without bearing unnecessary risk on their financial transactions. If you also aim to choose the ideal bank for a salary account, go through these factors, compare different banks’ offerings, and finally select the bank where you can easily open a salary account and make better use of available facilities and attractive benefits.

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