Product Details
Bank Name
State Bank of India
Account Name
State Government Salary Package (SGSP)
Account Type
Salary Account
Interest Rate
Balances less than Rs. 10 Crore - 2.70% p.a.
Free Debit Card
It will depend upon the monthly salary of the user.
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Account Opening Fees
0
Annual Maintenance Fees
0
Minimum Account Balance
0
Debit Card Charges
It will depend upon the monthly salary of the user.
NEFT Charges
Free online
IMPS Charges
Free online
Fees and Charges
State Government Salary Package (SGSP)
Special Features
Users will get a zero balance account and free number of unlimited transactions across ATMs of any bank in India.
Users will get complimentary personal accident insurance (Death) cover up to Rs. 20 lakhs.
Users will get complimentary air accident insurance (Death) cover up to Rs. 30lakhs.
Users can avail of Personal loans, Home loans, Car loans and Education loans at attractive rates and can get upto 50% off on the processing fee.
Users will get upto 25% off on annual locker rental.
Eligibility Criteria
Permanent employees of state government, Union territories and state boards etc. in States in Union Territories, Including Teachers/Professors of aided School, Colleges, Universities, etc. can avail of Salary Accounts under State Government Salary Package (SGSP). According to net monthly salary:
Silver: Between 10,000 and 25,000/-
Gold: Between 25,000 and 50,000/-
Diamond: Between 50,000 and 1,00,000/-
Platinum: Above 1,00,000/-
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
Users will get a zero balance account and free number of unlimited transactions across ATMs of any bank in India.
Users will get complimentary personal accident insurance (Death) cover up to Rs. 20 lakhs.
Users will get complimentary air accident insurance (Death) cover up to Rs. 30lakhs.
Users can avail of Personal loans, Home loans, Car loans and Education loans at attractive rates and can get upto 50% off on the processing fee.
Users will get upto 25% off on annual locker rental.
Users can avail of Auto-Sweep to create e-MODs (Multi Option Deposits) and earn higher interest.
Users can avail of Demat & Online Trading A/c at the time of on-boarding itself.
Users will get free online NEFT/RTGS transactions.
Users can earn points on various transactions through loyalty program "SBI Rewardz".
Cons
Low interest rates.
State Government Salary Package (SGSP) Review
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?
How to Open an SBI Salary Account:
Online Application: Visit the SBI website or use the YONO app to start the application process. You'll likely need to provide details about your employer and income.
Video KYC: SBI often uses Video KYC for online account opening. You'll need to have your Aadhaar and PAN details handy.
Branch Visit (Potentially): While some processes are fully online, you might need to visit an SBI branch to complete certain formalities or verification steps.