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Salary Hacks

5 Best Salary Accounts in India Comparison & Review – 2019

Almost all the employees in India receive their salary payments via their salary accounts. Majority of the companies also allow their employees to select their salary account of their choice except a few which have restrictions or tie-ups.

Though the benefits of these accounts vary from company to company and salary range, it becomes necessary to select the best account as per the salary and location of the individual employee in order to get the best of money. Sometimes you can even earn extra 12% of your monthly salary as covered in this linked article below –

Click here to know How you can Earn extra salary just by changing your account!

In this article we will cover the factors to look while selecting a salary account in India, as well as a comparison of the current best salary accounts. Thus, you can choose the one which fits best for your lifestyle.

Factors to look while selecting Best Salary Account –

Interest Rates

Generally most salary accounts offer interest rates from 0 to 3.5% which are inflation negative. 
This means the value of money cannot beat inflation. 
Best banks by Interest rate : DBS, Kotak Bank, YES & RBL bank.

ATM Charges

With increasing push for digital transactions a majority of banks have put up ATM withdrawal limits as well as withdrawal charges like SBI.
We will cover the ones with least charges

NEFT / UPI / Online Transfer Rates

Majority of the banks have limits of number of free transactions allowed in a day e.g Bank of Baroda. 
Or the amount of money which can be transferred e.g SBI, Kotak bank. 
The need to avoid these charges is also going to be covered

Customer Care

Due to lack of time, we now cannot go to local bank for normal queries, neither we can waste our time in calling and explaining our problems. 
Thus, online and timely support and security of money is also a matter to be considered.

Rewards & Cashback

The rewards & cashback received on our purchases and utility bill payments is like extra money earned.
The article also gives a view on this factor.

Preferential Interest Rates for Loan, EMIs

Some banks even offer preferential lower interest rates and offers for Personal loans, Car & bike loans, and even home loan EMIs
These lower rates at times can even offset the lower savings rate limitations. 
We will recommend even the best salary account for loan users

Additional Benefits

Besides these banks have now also started offering benefits like free personal and family insurance, accidental covers, online fraud protection . 

Keeping the above factors in mind. We now shortlist the best Bank Accounts for you to choose. We have covered them each in tabular form with rankings as well as detailed explanations later after the table.

5 Best Salary Bank Accounts in India with Recommendations

Kotak Mahindra Bank : Platina Salary Account

Interest RatesBenefits & ProsCharges & ConsTotal Score
  • 5% (Account balance < Rs 1 Lakh)

  • 6% (Account balance over Rs 1 Lakh)
  • Unlimited ATM Withdrawals at all ATMs including other bank

  • FREE Neft / RTGS / IMPS at no charges

  • Personal accidental death insurance of Rs. 10 lakhs

  • Activ Money = Use your Fixed Deposit money without terminating fixed deposit
    • Average minimum balance needs to be maintained if salary is not credited for 2 months

    • AMB limit is high Rs. 1,00,000

    • Cash transactions only free upto 10 or Rs. 5 lakh whichever is earlier per month
    Benefits : 9.5/10
    Charges : 7/10
    Result : 8.25/10

    Kotak Mahindra Active Money is a service which lets you spend your Fixed Deposit Money , without breaking your FD. You can refill that money within a month, thus letting you earn interest rates of Fixed Deposits as well as enabling you to spend the money.

    DBS Bank : Corporate Salary Account

    Interest RatesBenefits & ProsCharges & ConsTotal Score
    • 6% (Account less than Rs. 1 lakh)

    • 7% (Account balance > Rs. 1 lakh)
    • Best Interest Rates among all banks

    • Unlimited withdrawals at all other bank ATMS

    • Auto Sweep in facility to earn Fixed deposit rates on your idle funds

    • No Minimum balance requirements for no salary credits
    • Less number of Physical bank branches

    • Difficult to obtain cheque books, DDs 
    • Benefits : 9.75 / 10

    • Charges : 6.75/10

    • Overall : 8.25 / 10

    HDFC Bank : Classic Salary Account

    Interest RatesBenefits & ProsCharges & ConsTotal Score
    • 3.5% for balance < Rs.50 lakh

    • 4% for balance > 50 lakh
    • Zero balance Account

    • Free Air/Road/Rail insurance cover of Rs. 5 lakh on Debit Card
    • Only 4 Free Cash transactions, Rs.150 per cash transaction then onwards

    • Rs 50 pin generation charges
    • Benefits : 7/10

    • Charges : 6/10


    • Overall : 6.5/10

    SBI CSP : Corporate Salary Package

    Interest RatesBenefits & ProsCharges & ConsTotal Score
    3.5% 
    • Zero Balance Account

    • Unlimited Transactions at any bank ATMs

    • Personal Accident Insurance with cover of Rs.20 lakhs

    • Preferential rates for Car loans, home loans and Education loans


    • Lower Interest Rates

    • Customer Support is very low
    • Benefits : 7/10


    • Charges : 6/10


    • Overall : 6.5/10



    ICICI Salary Account

    Interest RatesBenefits & ProsCharges & ConsTotal Score
    • 3.5 % for Balance less than 50 lakh

    • 4 % for balance greater than 50 lakh
    • ICICI Account comes with NPS Account which provides Tax benefits upto Rs.50,000

    • Preferential rates for Car loans, home loans, personal loans, and loans against securities
    • Not many differentiating factors apart from NPS facility


    • Benefits : 6.5/10

    • Charges : 6/10

    • Overall 6.25/10

    Thus, these are currently the best Salary accounts in India for 2019 , to get the best benefits. Incase, if you have any doubts or queries regarding the previous bank accounts or any other bank accounts, feel free to let us know in the comments section.

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