Quick Answer: What Is PSP Account?

Which bank is better axis or Icici?

Like Axis bank, ICICI bank too offers top of the line home loan products, and is one of the most renowned banks in the country….Comparison Between Axis Bank vs ICICI Bank Home Loan.CategoryAxis bank Home LoanICICI bank Home LoanRate of interest7.75% p.a.6.95% p.a.Loan tenureUp to 30 yearsUp to 30 years9 more rows.

Is it safe to keep money in salary account?

The answer is : YES. Having more than 1 account is always advisable. … If you keep all your money in Salary account, which is having a Debit card and Internet banking facility, there is very high chance of spending more money. So to keep unnecessary expenses in check, you should have more than 1 account.

What is PSP account in SBI?

One of the many financial services that the bank offers its customers is its various salary accounts. … Apart from the corporate salary packages, SBI also has salary accounts for individuals employed by the state and central government. The Police Salary Package (PSP) is one such account.

What is the benefit of salary account in SBI?

Benefits of SBI salary account The main benefits of the salary account are – Zero balance account and free unlimited transactions across ATMs of any bank, free ATM-cum-debit card, an additional ATM card for the joint account holder, free Internet banking, free multicity cheques etc.

What are the benefits of Icici salary account?

Advantages to EmployeesZero balance Salary Account. Zero Balance Salary Account No worries of maintaining minimum balance in the account.Welcome Kit. … My Savings Reward. … International Debit Card. … N-Cash Debit Card. … Money Multiplier. … Internet Banking. … Online Funds Transfer.More items…

What is the difference between salary account and savings account?

While a Salary Account is usually opened with the purpose of an employer crediting the salary to the employee, a Savings Account is opened to deposit money for the purpose of holding or saving it with the bank. Both Savings and Salary Accounts can be opened as an Insta Account.

What is Defence salary package?

Defence personnel of the Army, Navy, Air Force, Assam Rifles, Rashtriya Rifles (RR) and GREF [Border Road Organisation (BRO)] can avail Salary Accounts under Defence Salary Package (DSP).

What is PNB Rakshak scheme?

PNB has launched special credit cards for defence personnel with the name PNB Rakshak RuPay credit cards. … The cards are issued under PNB Rakshak Plus Scheme to all serving, veterans and trainees.

Does salary account have interest?

As the name says, a salary account is basically opened by your employer to credit your salary. However, the amount maintained in the account, will not be entitled for interest rate. …

What is corporate salary package?

Corporate Salary Package (CSP) is a special savings account offered to the employees of corporate institutions, including service organisations such as hospitals, hotels, transport corporations etc.

Which bank is best for salary account?

Top 5 Salary Accounts in India, 2020Kotak Platina Salary Account.SBI Corporate Salary Package.HDFC Bank Classic Salary Account.Citibank Suvidha Salary Account.Axis Bank Prime Salary Account.

What is the benefit of DSP account?

Below are the key benefits of the SBI DSP account: * Zero balance account and free unlimited transactions across ATMs of any Bank. Also comes bundled with SBI Credit Card. * Complimentary Personal Accident Insurance (Death) cover up to Rs.

Why reimbursement account is required?

Reimbursement Account is beneficial as it enables you to separate your regular monthly salary from the monthly reimbursements you receive from your company Which will help you in tracking your incomes. As reimbursement account is a current account so it is a non-interest bearing account.

Is salary account a savings account?

By definition, a Salary Account is a type of Savings Account, in which the employer of the account holder deposits a fixed amount of money as ‘salary’ every month.

Can bank employees see your accounts?

Unless a teller had access to your personal identification information, then they wouldn’t be able to look up your account information. There are, however, employees in a bank who’s line of work involves your bank balances and information. … Also, banks keep very close track on who views an account.

Can we deposit in salary account?

You can put in cash in the Salary Account anytime but be aware that if the monthly number of ‘over-the-counter transactions’ done for the account crosses the specified number, it may attract a small fee. Over-the-counter transactions include depositing cheques, cash and withdrawing cash.