CORPORATE SALARY PACKAGE

This offering is a bundle of several benefits at the core of which is a Savings Bank
Account without any minimum balance requirement. The Bank has entered into
Corporate Tie-ups with reputed Corporates and Institutions with the proposition that if
they open their Salary Accounts with us, their employees would get a plethora of
benefits in asset products.
1.Eligibility of Corporate/Institution:These accounts will be available to the employees
of a Corporate or Institution, only where the organisation has a minimum of 25
employees with minimum payout of Rs.1.25 lacs p.m., and minimum gross monthly
salary per account of Rs.5,000/-.
2. The product has 4 variants:
A. Corporate Salary Account Silver
B. Corporate Salary Account Gold
C. Corporate Salary Account Diamond
D. Corporate Salary Account Platinum
3. Product features of first three variants are as follows:
Silver*
Gold
Diamond
between Rs.5,000/- between Rs.20,000 between Rs.50,000 and
Eligibility:
and Rs.20,000/and Rs.50,000/Rs.1,00,000/gross
monthly
salary
NIL
NIL
NIL
Min balance
ATM
cum Free domestic card. Free - International Free International Card.
Card.
Debit Card
No annual maintenance charges
Free
Free
Free
INB
No Core Power charges (PB/CITU/5 dt. 29.9.08)
Core Power
Cheque Book 25 leaves free in a 50 leaves free in a year, extra leaves at Rs.5 per
year, extra leaves leaf.
Personalised Cheque books for Brs linked to
at Rs.5 per leaf.
LCPC at no extra cost.
Personalised
Cheque books for No limit on the number of Cheques.
LCPC linked brs at Personalised Cheque Books available for Brs
linked to LCPC at no extra cost.
no extra cost.
Multi
City Cheque Leaf charges: NIL.
Cheque issue chgs: Free upto Rs 2 lac
Cheques
Transaction charges : NIL ( upto Rs. 2 lac)
Charges
Interest: 4.00% above SBAR
Easy
Overdraft limited to 2 months Net Salary.
Overdraft
upto
2 Adjusted into next Salary(ies) within 6 months.
Can be converted into a Personal Loan on application. Xpress Credit
Months
given to employees of eligible Cos. SBI Saral to others
Salary
Xpress Credit will be given to the employees of companies having SB1/
SB2 rating. Companies with SB3 rating who satisfy the takeover norms
are also included.
Optional A/c Free Quarterly for Free Quarterly for Free Monthly for Brs
brs linked to LCPC. Brs linked to LCPC.
linked to LCPC
Statement

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in
lieu
of
Passbook
Utility
Bill
Payments
through
Internet
Transac-tions
at Branch

Customers have a choice between a/c statement and passbook at

LCPC centres. If a/c statement is selected, passbook will not be issued.
Free of Cost (as per the present scheme)

3 Cash deposit 4 Cash deposit txns No limit on number of

txns p.m free.
p.m free.
cash
deposit
Additional
txns: Additional txns: Rs.30 transactions
Rs.30 per txn
per txn
Cash Withdrawal transactions not charged.
number
of
Transac-tions Any no. of txns Any no. of txns Any
subject
to
a subject to a maximum transactions subject to a
at ATM
maximum limit of limit of $1,000 per maximum limit of $1,000
Rs.25,000 per day
day for International per day for International
Card
Card
Savings Plus- Threshold Amount: Rs.5,000/Auto Sweep TDRs/ STDRs to be created for a minimum amount of Rs.10,000
(and in multiples of Rs.1,000) in any one instance
facility
Available for all a/cs Available for all a/cs
Available for all a/cs
Passbook
4. Corporate Salary Accounts Platinum
Eligibility: Gross Monthly Salary above Rs.1, 00,000/Features: Vishesh Status in addition to all features of the Diamond variant. All other
charges same as are applicable for Savings Bank Account Customers.
*Exemption: extension of Silver variant to those earning less than Rs 5000/- pm:
When a tie up is offered to a Corporate, Circles may permit coverage of all employees
under the CSP, including placing those earning less than Rs.5,000 p.m under Silver
variant, provided that:
(i) All the salary accounts are maintained with our Bank.
(ii) The employees drawing gross salary less than Rs.5,000/- p.m. should not be more
than 20% of total employees offered for such package.
(iii) Such cases may be approved by the Circle CGM based on business
considerations.[PB/PL/60 dt. 5.2.07]
5. Other Instructions:
a. Core Banking:This package (CSP) was initially available only at Core Banking
branches [later extended to Bankmaster branches with modifications.] The charges for
crossing threshold limit for transactions at the branch will be recovered by the system
at the end of the month.
The Bulk Account Creation package for opening SB A/cs may be used to generate
proper MIS.
In Bulk A/c Creation File Upload screen, 2 new fields are added for statistical purpose.
If the a/cs being created are salary a/cs under tie-ups, user should select S in
salaried(S)/Others(O) and ensure to give Employer name in the header in bulk deposit
a/c creation. If these are not salary a/cs, O can be selected in salaried(S)/Others(O)
field.[ IT Department, Belapur]

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b. Multi-City Cheques:

Multi-City Cheques (MCCs) available only at the authorized branches. In case the
Circle authorities want a particular branch to be authorized for issue of MCCs, they
would have to get in touch with the concerned departments at CBD Belapur for
authorization.
Cheque Issue charges for multicity cheques to be manually recovered.
The relevant documents to be collected from customers, who wish to use the facility
of Multi City Cheques at the time of a/c opening. In case a customer asks for the
facility at a later date, the documents should be collected at the time of making the
facility available to him.
For the purpose of deciding eligibility of employees for a variant as also for setting up
the OD limit, Net Monthly Income to be taken into account which should include only
the fixed pay p.m of employee without any deductions.
Care to be taken to ensure that the Net salary is not inflated in a particular month.
For this purpose, salary slips of previous months may be verified.
A letter of application for overdraft and an undertaking for liquidating the overdraft
account need to be taken (as per specified format).
For giving Overdraft facility upto 2 months Net Monthly Income, the Branch to open
an OD Account along with the SB Account. The limit for the same to be decided
based on the salary details of the person. The customer not to be given a cheque
book on the OD A/c and ATM Card not to be linked to OD a/c.
The overdraft a/c will be liquidated from salary credit of subsequent months within a
period of six months. Where the customer agrees for clearing the overdraft earlier,
the same can be permitted. Suitable diary note to recover the amount from
subsequent salary credit for liquidation of OD to be made.
c. ATM Card:
For people who want 2 ATM Cards, the accounts can be opened on an either or
survivor basis and 2 cards can be issued. Branches to exercise the option available
for domestic/ international debit card at the time of opening of account for uploading
the data for issue of cards.
d. Documentation:
For proof of identity, Identity Cards issued by reputed employers are acceptable and
for proof of residence letter from reputed employers can be taken in terms of KYC
norms spelt out in circular No. NBG/BOD/GB/1917 dated 16th February 2006
Salary Slip of individual employees for last 3 months to be taken for categorization of
accounts as silver, gold, platinum or diamond. (In case of new recruits, copy of the
offer letter given to them by their employer, giving break up of their salary would
suffice.)
Request letter by the employer to open the salary a/c to be taken along with a list of
the names and employee codes of the persons whose a/cs have to be opened (as
per specified format)
The option letter for availing Savings Plus facility to be obtained at the time of
account opening

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