Product Details
Bank Name
Karnataka Bank
Account Name
KBL Corporate Salary Account Ultimate
Account Type
Salary
Interest Rate
Up to INR 1 Lakh: 2.75%
Above INR 1 Lakh and up to INR 10 Lakh: 2.75%
Above INR 10 Lakh and up to INR 50 Lakh: 2.75%
Above INR 50 Lakh and up to INR 100 Lakh: 3.5%
Free Debit Card
NCMC Rupay Select International debit card
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Account Opening Fees
0
Annual Maintenance Fees
0
Minimum Account Balance
Gross salary should be more than or equal to Rs. 1,00,000.
Debit Card Charges
0
NEFT Charges
Free if done through net banking/mobile banking.
IMPS Charges
Free if done through net banking/mobile banking.
Fees and Charges
KBL Corporate Salary Account Ultimate
Special Features
100% concessions in processing charges on retail loans.
Users will get 2 domestic lounge access per quarter & 2 International lounge accesses per calendar year.
Complementary 12 months Amazon Prime or Hotstar membership or 6 months SonyLiv membership every year.
Complementary premium health checkup package/year.
Complementary 30 days free offline GYM membership/year.
Complementary Golf Lesson or round/year.
Complementary INR 100 coupon for cab service/year.
Eligibility Criteria
For employees
Any salaried individual who intends to get their salary credited to Karnataka Bank even if their employer does not have a salary account relationship with the bank.
For employers
If an employer has a CASA account with Karnataka Bank, they can provide this zero balance salary account facility to some or all of their employees.
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
Personal accident insurance cover up to Rs. 50 lakhs.
Jewellery Insurance up to Rs. 2 lakhs.
100% concessions in processing charges on retail loans.
Users will get 2 domestic lounge access per quarter & 2 International lounge accesses per calendar year.
Complementary 12 months Amazon Prime or Hotstar membership or 6 months SonyLiv membership every year.
Complementary premium health checkup package/year.
Complementary 30 days free off line GYM membership/year.
Complementary Golf Lesson or round/year.
Complementary INR 100 coupon for cab service/year.
Cons
Low interest rates.
KBL Corporate Salary Account Ultimate
The account comes loaded with a number of value add features. However, the account offers low interest rate. It can be considered by individuals who are looking for a good package of value add features.
Abhijeet Saxena
Abhijeet Saxena
Nalsar University of Law
Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi
Ex - Khaitan & Co. Bengaluru,
Ex - National Stock Exchange, Mumbai,
Ex - Argus Partners, Mumbai
Product Review
Account Opening and Procedure
How to open an Account?
To open a KBL Corporate Salary Account with Karnataka Bank, your employer needs to initiate the process. Here's a general overview:
1. Employer's Role:
Approach Karnataka Bank: Your employer needs to contact the nearest Karnataka Bank branch to discuss the implementation of a corporate salary account scheme.
Agreement: The employer and Karnataka Bank will need to sign an agreement outlining the terms and conditions of the salary disbursement process.
Employee Information: The employer will provide Karnataka Bank with the necessary employee details, including names, contact information, and employment details.
2. Employee's Role:
Minimal Involvement: Once the agreement is in place, employees typically have minimal involvement in the account opening process.
Salary Disbursement: Your salary will be directly credited to your designated KBL Corporate Salary Account.
Access to Banking Services: You'll have access to various banking services, including ATM withdrawals, online banking, and mobile banking.