Ranking of Banks by Number & Breadth of Benefits
Tier 1 – Most Comprehensive Benefits
- State Bank of India (SBI)
- Bank of Baroda (BoB)
Tier 2 – Broad Benefits with Some Gaps
- Punjab National Bank (PNB)
- Union Bank of India
- Canara Bank
Tier 3 – Moderate Benefits
- Indian Bank
- Central Bank of India
- UCO Bank
Tier 4 – Basic Benefits
- Bank of India
- Bank of Maharashtra
- Punjab & Sind Bank
- Indian Overseas Bank (IOB)
Summary Table
| Rank | Bank | Coverage & Benefits |
|---|---|---|
| 1 | SBI | Most comprehensive across all categories |
| 2 | Bank of Baroda | Nearly as strong as SBI |
| 3 | PNB, Union Bank, Canara Bank | Broad benefits, some gaps |
| 4 | Indian Bank, Central Bank, UCO Bank | Moderate |
| 5 | Bank of India, Bank of Maharashtra, Punjab & Sind Bank, IOB | Basic |
Salary Account Comparison for Central Government Employees
Sorted by Overall Benefits
Top Tier (Best Benefits)
1. State Bank of India - SBI Govt. Salary Package
Benefits:
- Zero balance maintenance
- Free unlimited ATM transactions
- Special interest rates on loans (0.25-0.50% lower)
- Personal accident insurance (up to ₹10 lakhs)
- Overdraft facility up to 2 months' salary
2. Bank of Baroda - Baroda Salary Power Account
Benefits:
- Zero balance account
- Free anywhere banking
- Discount on locker rentals (25-50%)
- Concessional loan processing fees
- Personal accident cover (₹5 lakhs)
3. Punjab National Bank - PNB Salary Account
Benefits:
- No minimum balance
- Free ATM card with enhanced limits
- Priority banking services
- Lower interest rates on loans
- Free insurance cover
Middle Tier (Good Benefits)
4. Canara Bank - Canara Salary Account
- Zero balance facility
- Free debit card
- Concessional loan rates
- Insurance benefits
5. Union Bank of India - Union Salary Account
- No minimum balance
- Free transactions up to limits
- Discounts on loans
- Free insurance coverage
6. Bank of India - BOI Salary Account
- Zero balance account
- Free debit card
- Concessional charges
- Loan benefits
Private Banks with Government Tie-ups
7. HDFC Bank - Govt. Salary Account
- Zero balance (with salary credit)
- Free platinum debit card
- Higher ATM limits
- Comprehensive insurance
8. ICICI Bank - Salary Account for Govt. Employees
- Zero balance maintenance
- Free multi-city cheque book
- Enhanced ATM limits
- Loan benefits
9. Axis Bank - Govt. Salary Account
- Zero balance requirement
- Free transactions
- Debit card benefits
- Loan concessions
Quick Comparison Summary
| Category | Top Banks |
|---|---|
| Best for Loan Benefits | 1. SBI, 2. PNB, 3. Bank of Baroda |
| Best for Insurance | 1. SBI, 2. HDFC Bank, 3. Bank of Baroda |
| Best Network | 1. SBI, 2. PNB, 3. Canara Bank |
| Best Digital Banking | 1. HDFC Bank, 2. ICICI Bank, 3. SBI |
Key Factors for Government Employees
Essential Features:
- Zero Balance Maintenance - All listed banks offer this
- Higher ATM Limits - Important for emergency needs
- Concessional Loan Rates - Critical for housing/car loans
- Insurance Coverage - Accidental and life insurance
Recommendations:
- For New Recruits: SBI or PNB (better long-term benefits)
- For Loan Seekers: SBI or Bank of Baroda (lowest rates)
- For Tech-Savvy: HDFC or ICICI (best digital services)
- For Nationwide Postings: SBI (all-India network)
Important Notes
- All nationalized banks offer similar basic benefits
- Private banks offer better digital experience
- Interest rates on savings: 4-7% depending on balance
- Most government departments have tie-ups with specific banks
- Transfer of accounts is simplified for government employees
Updates:
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