SBI: Free insurance coverage up to Rs 1 crore, huge benefits offered by SBI

SBI: State Bank of India (SBI) provides salary accounts that come with a variety of exclusive benefits. If you are a salaried employee and choose to open your salary account with SBI, you will gain access to numerous facilities and advantages. This account is specifically designed for individuals employed in central and state governments, defense forces, paramilitary forces, police forces, as well as corporate institutions. It offers advanced and secure net banking and mobile banking services. Here are some of the key benefits of the SBI Salary Account.

Insurance coverage (in case of death) of up to Rs 1 crore

The SBI Salary Account operates as a zero-balance account, allowing unlimited transactions at any bank ATM across India without any charges. Account holders are entitled to complimentary personal accident insurance coverage (in case of death) of up to Rs 40 lakh, along with free air accident insurance coverage (in case of death) of up to Rs 1 crore. Additionally, account holders can benefit from personal loans, home loans, car loans, and education loans at competitive interest rates. There is also a discount of up to 50% on annual locker rental fees for SBI salary account holders.

You can utilize auto-swipe to set up an e-MOD (Multi Option Deposit) and earn higher interest rates. Furthermore, you have the option to open a demat and online trading account during the onboarding process. Other advantages include the ability to issue drafts, multi-city cheques, and receive SMS alerts at no cost. Fund transfers via NEFT/RTGS can be conducted online without any fees. Additionally, you can accumulate points through various transactions via the SBI Rewards loyalty program and take advantage of regular offers available through the SBI debit card and the YONO app.

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