7 Best Salary Accounts in India for Salaried Individuals in 2024

If you’re a working person and get monthly income from your employer, the role of a salary account is not unknown to you. Those of you who are stepping freshly in the working sector should also be well-acquaint with a salary account.

Let’s talk about top salary accounts in India for 2024 along with the features and benefits of a salary account.

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What is a Salary Account?

A salary account is a bank account in which your salary is transferred or credited by your employer. Salary accounts are generally opened in bulk on request of companies and corporations for which these business units tie-up with each other. The employer selects a date on which the bank takes the set amount from the company and distributes it accordingly to the employees.

However, some banks may allow you to open a salary account by yourself.  For this, you need to provide proof of employment or approval by your employer.

Top 7 Salary Accounts in India 2024

The following is the list of the best 7 salary accounts available in India:

Note: Interest rates updated as on 13th May 2024 and are subject to periodic change.

Features of a Salary Account

Some of the basic features of salary accounts are as follows:

  • Zero balance accounts
  • Debit card provided
  • Personal loan facility
  • Free NEFT* and/or RTGS** transfers (electronic payment systems maintained by RBI)

*National Electronic Funds Transfer
**Real Time Gross Settlement

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Features of the Top 7 Salary Accounts 

If your company allows you to have a salary account other than the one they have a tie-up with, you can choose from any of the following on the basis of your requirements:

1. RBL Bank Executive Salary Account

  • Interest up to 7.50%
  • Unlimited free cash withdrawals per month on all RBL ATMs and 10 free cash withdrawals at other domestic bank ATMs
  • Comes with different debit card options Visa Classic/Platinum Debit Card/Master Titanium/Platinum Master Debit Card
  • Email and SMS alerts on every transaction
  • Safe deposit locker facility
  • Complimentary chequebook

Also Read: RBL Bank Savings Account

2. IDFC First Corporate Salary Account

  • Interest up to 7.00%
  • Free inward and outward Electronic Funds Transfer (NEFT/IMPS/RTGS)
  • No annual debit card fees and debit card re-issuance fee
  • Comes with 2 debit card options- Visa Signature Debit Card and Visa Platinum Debit Card
  • Unlimited Free ATM transaction across all domestic bank ATMs subject to meeting the minimum credit transaction criteria (Rs. 15,000 or above Visa Signature Debit Card holders and Rs. 10,000 or above for Visa Platinum Debit Card holders)
  • Free personal accident insurance cover up to Rs. 35 lakh and air accident insurance cover up to Rs. 1 crore

Know More: IDFC First Bank Savings Account

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3. Kotak Platina Salary Account

  • Offered at interest rate of 4.00%
  • Unlimited transactions across all VISA ATMs in India on Platinum debit card
  • Facility to transfer funds via NEFT, RTGS and IMPS – no charges
  • Complimentary Personal Accidental Death Cover – up to Rs. 25 lakh
  • Auto Sweep-in/Sweep-out facility available
  • 25% Discount on locker rental

Know More: Kotak Mahindra Salary Accounts

4. Axis Bank Prime Salary Account

  • Interest up to 3.50%
  • Suitable for those with monthly salary bracket of Rs. 25,000 – Rs. 1 lakh
  • Daily withdrawal limits of Rs. 40,000 at ATMs and Rs. 2 lakh for shopping transactions
  • First 5 free transactions at Axis Bank ATMs and first 5/3 transactions free at non Axis Bank ATMs in non-metro/metro locations respectively
  • Daily shopping limit of Rs. 5 lakh with Visa Rewards Plus debit card
  • Personal Accident Cover – Rs. 5 lakh
  • For those with a monthly salary of more than Rs. 1 lakh, Axis Priority Salary Account is a good option (up to 10% cashback on online debit card spends of up to Rs. 25,000/quarter)

Know more: Axis Bank Salary Accounts

5. HDFC Bank Regular Salary Account

  • Interest up to 3.50%
  • Free ATM transactions in a month
    1. HDFC Bank Debit Card – First 5 transactions across all cities
    2. Other Bank ATMs – First 3 transactions in top 6 cities (Mumbai, New Delhi, Chennai, Kolkata, Bengaluru and Hyderabad)
    3. Other Bank ATMs – First 5 transactions in remaining cities (other than the abovementioned top cities)
  • Daily domestic ATM withdrawal limit up to Rs. 25,000
  • Personal Accident Cover – up to Rs. 10 lakh
  • Transfer funds freely via NEFT or RTGS
  • Personal loans offered as per the eligibility

Know more: HDFC Bank Salary Accounts

6. ICICI Bank Salary Account

  • Interest up to 3.50%
  • International debit card with zero annual fee
  • 4 Account variants available – Silver, Gold, Titanium & Defence
  • Free personalised chequebook and phone banking

Know More: ICICI Bank Salary Account

7. SBI Corporate Salary Package

  • Interest up to 3.00%
  • 4 variants available as per net monthly salary
    1. Platinum: Above Rs. 1 lakh
    2. Diamond: Above Rs. 50,000 – up to Rs. 1 lakh
    3. Gold: Above Rs. 25,000 – up to Rs. 50,000
    4. Silver: Between Rs. 10,000 – Rs. 25,000
  • Free unlimited transactions across all ATMs (any bank)
  • Transfer funds without charges via NEFT or RTGS
  • Credit card offered
  • Complimentary Personal Accident Cover – up to Rs. 20 lakh
  • Auto Sweep-in facility available via which one can earn higher interest by linking it to SBI e-MODS

Know more: SBI Salary Account

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How to Select the Best Salary Account in India

When choosing a salary account, analyse your options on the basis of the following points:

  1. Interest Rate – To check interest rates of a salary account, go to the savings account interest rates sections because the salary account is basically a type of savings account only. Check and compare which bank is giving better interest on daily balance.
  2. ATM-Related Facilities – If you require frequent cash withdrawals, choose a salary account that gives the maximum number of free ATM withdrawals. Also, check if the bank you’re picking has a good number of ATMs in your city at least.
  3. Additional Facilities – Check for additional facilities that the banks are offering. Look for facilities like reward points on debit card spends, insurance, cashback, preferential rates on a personal loan, car loan, home loan, etc.

Now, let’s address some of the common confusions related to a salary account.

Salary Account vs Savings Account

Although salary account is a type of savings account, there is one big difference between the two, viz. Monthly Average Balance (MAB).

Salary account comes with no MAB requirement. This means that if your account has no money in it, you will not be asked to close the account or pay any penalty on it. Also, salary account does not need a minimum opening balance. It can be opened with zero balance.

However, for a savings account, the main purpose is to encourage savings and thus one should maintain the monthly average balance set by the bank. On non-compliance of it, the bank will charge you with a penalty.

Salary Account vs Current Account

Where a salary account is created for the purpose of crediting monthly salary, a current account is created to facilitate daily transactions.

As the name suggests, a salary account is for salaried individuals in which their employer pays them their due remuneration. A salary account comes with some limit on daily transactions/withdrawals beyond which charges apply.

Current account is suitable for those involved in daily business operations. There are no charges on daily transactions in a current account.


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