SBI SGSP STATE GOVERNMENT SALARY PACKAGE and What it is..?
Government employees and teachers have the option of converting the salary savings account in State Bank Salary Package (SGSP) for various purposes.
Government employees All of them are receiving salaries through their bank accounts. The SGSP policy offers many benefits to banks that receive their salaries to convert them into salary package accounts.
Benefits to client if the State Government Salary Package (SGSP) is subscribed.
At present there is a requirement for a bank account to be at least Rs. 500 to Rs. There is no loss of zero balance in the SGSP system.
Recently, banks have imposed some restrictions on drawing cash at ATMs. Draws beyond the limits are charged. You can draw cash from the ATM at any number of times in the SGSP.
If the personal borrower dies accidentally, the insurance covers up to Rs 20 lakh. The premium is charged at the time of borrowing. The new SGDP policy provides free insurance cover without premium. Also, if you die on a flight, you will receive Rs 30 lakh.
Bank officials charge processing fees from personal, home, and education loan. for SGSP account holders 50% charge as processing fee.
25% discount on locker facility charges for hiding gold, documents and other valuables in banks.
SGSP clients will not be charged for Demand Draft (DD).
Even if employees do not have cash in their bank accounts, they will be given an overdraft. These customers can take two months salary in their bank account with no money. The overdraft taken must be paid within the stipulated time.
SGSP provides free insurance cover of up to Rs 20 lakh to 30 lakhs its clients.
Packages based on wage level :
Salary package accounts based on the salaries of employees and teachers. Employees are divided into different categories according to salary level, rather than a single account.
SGSP Account based on salary
Silver accounts for employees earning between Rs 5,000 and Rs 20,000, Gold Accounts for employees earning between Rs 20,000 and Rs 50,000, Diamond accounts with Rs. Accounts of salaried employees are called platinum accounts.
SGSP Package Obtaining Method:
The salary account should be submitted to the bank manager along with the required details, documents, identity card, PAN card, Aadhaar card Xerox and the salary bills received during the month.
*The manager will take a look and verify the signature.
*The validation form must be provided at the counter.
*After two or three days the account will be converted to SGSP method.
*You can find online about the change to SGSP account.
After switching to SGSP you have to apply for ATM card. Receives card (titled Silver / Gold / Diamond / Platinum depending on salary level). This means unlimited draws and benefits
There are many benefits with SGSP
I converted a salary bank account into SGSP policy two months ago. Based on my monthly salary, I got a gold account number card. How many times daily use the TMC card. No charges are being cut. Employees have had many experiments with the SGSP policy announced at SBI. SBI officials should educate employees on these package accounts..
