IB CORP SB – Payroll package scheme for salaried class

Eligibility	Regular employees of Corporate firms, IT sector, ITES, State and Central Government Departments, Public Sector Undertakings, Semi Government organizations, Urban development authorities, Educational Institutions, MNCs, Hospitals, Hotels, Universities, Transport Corporations, Reputed Public Sector Companies, Hotels and select Private Sector Companies with at least six month service with their organization and whose salary is credited in our branches. Reputed and select Partnership firm and Proprietorship concern. In case of Proprietorship concern it should be registered under Shop & Establishment Act and in the case of Partnership Firm, it should be a registered firm.
KYC Requirement	As applicable to Normal SB accounts.
Initial Deposit	NIL
Average Monthly Minimum Balance & Charges for Non-maintenance of Minimum Balance	NIL
Value Added services	60 free personalized cheque leaves per annum (includes 20 free offered to all SB accounts) 25% concession in respect of Demand drafts issued to the debit of the Savings Bank account for purpose other than business NEFT & RTGS – Free( If done Online ) Free SMS alert, Net/Mobile Banking. Free Rupay platinum card with AMC free Rs.2 Lakhs-Insurance cover on debit card 5 financial and 2 non financial transactions at other bank ATMs per month free of cost. (Irrespective of the centre). Unlimited withdrawal counts with a per day limit of Rs.50,000 Maximum transaction at point of sales (pos)-Rs.1,00,000/- Gold Credit card with 2 times of net salary for Government/Public sector employees and one month net salary for other employees. Credit limit Rs.20,000 – Rs.99,999.(Procedure for issuance of credit cards i.e based on scoring model remain same). Free personal accident insurance (death cover)- Rs.2 LAKHS – primary Card holder,Rs1 LAKH – First add on card Concession in processing charges ranging from 25% to 50% for retail loans viz., Home Loan, Vehicle loan, Salary loan, Personal loan etc. 25% concession on first year locker rent. All certifications viz., No due certificate, signature verification, photo attestation, interest certificate, balance confirmation certificate, certificate for dishonoured cheque, details of maintenance of account etc. offered free of cost.
Over Draft Facility	OD to the extent of 80% of net salary with a minimum amount of R10,000/- and maximum amount of R2,00,000/- Period of OD is for 6 months on reducing Drawing Limit method and interest to be serviced as and when charged/ debited. Interest charged would be in line with the rate applied for existing salary loan accounts. The facility is to be offered to only those who have not availed any type of Salary loan from any of the branches of the Bank. Salary credited into the account should take care of the interest debited and bring the account to credit balance in the next month itself. Overdraft limit to be renewed after one year and reviewed at the end of 6 months. If the salary is not credited for 2 months consecutively, the limit would be cancelled and the account followed up for recovery