RAILWAY SALARY PACKAGE BY STATE BANK OF INDIA
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RAILWAY SALARY PACKAGE
Benefits for Employer
Centralised Salary Administration. Single point salary upload.
One debit and multiple credits
Payment through Corporate Internet Banking free of cost with additional security features of an administrator.
Savings on Remittance Costs.
eZ Pay Cards for workers in lieu of cumbersome cash payments. Upload through CINB
Alternative payment solutions through BC/BF model
SMS alerts for salary credits
Railway Salary Package
Railway Salary Account – USPs
Zero Balance Account
Free ATM cum Debit Card exclusively designed for Railway employees
No limit on number of withdrawals from SBI ATMs.
Free Add on Card available for Joint Account Holders opened on ‘Either or Survivor’ basis
‘Anywhere Banking’ at over 14,000 plus Core Banking branches.
Free transfer of funds within SBI
Free updating of Pass Book at any Branch
Free cash deposit at any Branch
Free Multi City Cheques
Auto Sweep Facility
Auto Sweep facility:
Earn Term Deposit Receipt (TDR) interest rates on your Savings Bank Balance
Facility for automatic sweep of balances over and above Rs 15,000 for conversion into TDRs.
TDRs are created for minimum amount of Rs 10,000/- and further in multiples of Rs 1,000/-
Automatic Unitised breaking of TDRs in multiples of Rs 1,000/- on issue of cheque and withdrawal through ATM
Save penalties on premature payment of entire TDR.
Free Internet Banking
Utility Bill Payments (In selected cities).
Pay Income Tax, Apply for issue of Drafts, New Cheque Book, Gift Card, Transfer money to another account etc. at the click of your mouse!
Issue for your own TDRs
Apply for IPO using ASBA
Free Mobile Banking (Funds transfer up to Rs 50,000)
SBI Vishesh Status for Platinum Customers
Immediate credit of cheques within an overall limit of Rs.50,000 outstanding at a time.
Three (3) Free Remittances and Cheque Collections of up to Rs.25,000 per month.
Pre-approved Home Loans.
Priority allotment of lockers and 25% concession in locker service charges
Railway Salary Account – Loan Products
HOME LOANS & CAR LOANS
Concession of 25 bps on floating Interest rates for Home Loans.
Translates into a savings of Rs 50,000/- on a
Rs 20,00,000 loan for 20 years.
Concession of 50 bps on Xpress Credit and Car Loans.
Translates into a saving of Rs 7000/- on a Car loan of Rs 4,00,000/- for 7 years
CONCESSION IN MARGIN
5% concession in margin on Home Loans and Car Loans (New Cars Only)
Maximum Home Loan amount determined by Loan to Value (LTV) Ratio - 90% for loans below Rs 20 lacs and 80% for loans above Rs 20 lacs
PROCESSING CHARGES ON LOANS
50% Concession on Processing Charges for Home Loans and Xpress Credit.
On a Home Loan of Rs 50 lacs the saving on processing charges works out to Rs 4,000/-
For Car Loans- only Rs 500/- processing charge per application. (For others it is 0.50% of loan amount). Saving of Rs 1,500/- on a car loan of Rs 4,00,000/-
(Sweep & Reverse Sweep)
Multi City Cheque
ATM Gold Card
Utility Bills Payments
SB Group Transfer
VISA to VISA Card
Master to Master Card
Visa to Master and Reverse
Railway Ticket Booking
Up to Rs.50,000 free
Demat account services
Mobile Top Up
Documents Needed for Opening an RSP Account
Employer’s letter certifying identity and address proof
Copy of Identity Card issued by the Employer.
As per RBI’s recent instruction, one additional KYC document like PAN Card, Pass Port, Voter’s ID Card, Driving license, etc
Passport size photographs (2 nos.)
Salary Slips for last three months.
For new recruits, a copy of the Appointment Letter along with salary details.