Most employers create salary accounts for their employees. These are essential in ensuring a seamless process of disbursing their employees' salaries. HSBC Bank offers salary accounts, which are savings accounts featuring multiple benefits. HSBC salary accounts are a convenient option for individuals who want to tailor banking facilities and manage their finances better. 

HSBC Bank Salary Account Benefits

Salary accounts in HSBC Bank come with several benefits for the employees or account holders, which include the following:

Zero Balance Account

• HSBC Banks offers the option to maintain salary accounts even when there is no balance left in them. 
• This is called the zero balance feature of the salary accounts, adding to the convenience of employees who can manage their finances better without worrying about fines and penalties.

ATM Withdrawals

• HSBC Bank also offers ATM cards to account holders so they can withdraw cash from HSBC ATMs without paying additional charges. 
• Hence, whenever you have debit cards, you can opt for cash withdrawals from the ATMs operated by the bank. 
• Thus, if you do not wish to opt for cheques, it is the ideal way to acquire cash from your salary account.

Debit Card

• HSBC Bank offers debit cards to salary account holders without any additional cost. 
• Account holders can use these cards to maintain their accounts, including withdrawing cash from ATMs, checking the balance of the account, making transactions both online and offline, etc.

Mobile Banking

• You can also get mobile banking with your HSBC salary accounts, through which employees can access their accounts from their mobile phones. 
• To do that, employees can download the personalised mobile application HSBC Bank to their devices and log in to their accounts with the necessary credentials.

Net Banking

• Employees with HSBC salary accounts are also offered net banking features to access their accounts and transactions from their accounts online. 
• It enables them to transfer money whenever they want and monitors their transaction history.

Credit Card

• You can also get access to using credit cards if you have salary accounts with HSBC Bank. 
• You can use the credit card to opt for credit and make payments through it, and you can enjoy several perks like reward points, discounts, cashback, etc.

Loans

• Employees are also allowed access to a wide range of loans when they have salary accounts with HSBC Bank. 
• Thus, whenever you apply for loans from the bank, you will likely be preferred over other individuals opting for loans from HSBC Bank.

Insurance

• HSBC Bank also offers a wide range of insurance products, which you can opt for at affordable prices. 
• These include unit-linked insurance plans, travel insurance, etc. 
• It also makes it easier to secure your financial stability by allowing you to invest in mutual funds, bonds, equities, etc.

HSBC Bank Salary Account Eligibility

To be eligible for having a salary account at HSBC Bank, you need to satisfy the following criteria:

• You must be employed at a company that has a tie-up with HSBC Bank.
• You must be of or above 18 years of age.
• You must have all the documents required to open your salary account at HSBC, depending on the type of salary account you choose.

HSBC Bank Salary Account Opening Documents Required

All employers must submit specific documents to HSBC Bank to create salary accounts for the employees. Thus, all employees must submit the following documents to their employer:

• A duly filled application form to open a salary account.
• Identity proof
• Address proof
• Aadhaar card
• Salary certificate
• Bank statements for the last 6 months
• Emirates ID
• PAN card
• Voter ID card
• Driving licence
• Passport
• Public Sector Units (PSUs) and/or NREGA Job Card
• An ID card which must be issued by the Central or State Government
• Appointment letter from the company (as proof of employment with the company)

Please note that there can be additional requirements for documents from HSBC Bank based on your application and company policies. Also, it is essential to note that ID cards issued by the company can not be regarded as proof of ID when opening a salary account. Whatever ID proof you submit should be issued by the Central or State government.

HSBC Bank Salary Account Opening Charges

Opening a salary account in HSBC Bank is free. However, all other fees and charges related to maintaining one are subject to GST (Goods and Services Tax), as applicable.

HSBC Bank Salary Account Opening Minimum Balance

No minimum balance is required to maintain a salary account in HSBC Bank. Thus, you can open salary accounts and keep them even with a zero balance. Also, no penalties or fines are charged for not maintaining the account with a certain amount.

If you still have any questions about the minimum balance of your salary account, you can always contact your employer or the bank itself.

HSBC Bank Salary Account Maintenance Charges

HSBC Bank salary accounts under the Corporate Employee Programme (CEP) typically come with no maintenance charges as long as salary credits are received regularly. There is no requirement to maintain an average monthly balance (AMB) during this period.

However, if salary credits are not received for three consecutive months, the account may be reclassified into a regular savings account. In that case, the applicable AMB requirement and non-maintenance charges as per HSBC’s regular savings account policy will apply.

HSBC Bank Salary Account Interest Rate

HSBC India's salary accounts offer interest rates of 2.00% p.a. for balances up to INR 10 crore and 2.50% p.a. for balances above INR 10 crore. 

How to Open HSBC Bank Salary Account Online?

Employers tend to open salary accounts at HSBC Bank and have tie-ups with the bank. This process is done in the following steps:

• Visit the official website of HSBC Bank.
• Navigate to the section to open an account and click on it.
• Now select the option for a salary account.
• You will be redirected to another page where you need to provide a few details. Fill in your DOB, mobile number, PAN card details, permanent address, employee details, etc.
• Go to the KYC details, provide the mobile number linked to your Aadhaar card, and submit the application.

The bank will process your application, and once the verification process is complete, you will receive the credentials to access your salary account.

How to Open an HSBC Bank Salary Account Offline?

The process of opening a salary account in HSBC offline involves the following steps:

• Visit the nearest branch of HSBC Bank.
• Navigate to the necessary authority at the bank and ask for an application form to open a salary account.
• Fill in the required details.
• Submit the duly filled application form along with the necessary set of documents.

Once the bank verifies the application, the salary account will be activated, and the account holder will receive the credentials to access the account, along with a chequebook, ATM card and other booklets.

How to Close a Salary Account in HSBC Bank?

To close an HSBC salary account, follow the given steps:

• Visit the bank to receive the closure form.
• Fill in the required details. You must provide an alternate bank account’s details to transfer the funds to that account upon closure. 
• Submit the form.

Bottom Line

HSBC Bank offers a simple process to open a salary account and features several benefits for the account holders. It also has competitive interest rates and a wide range of facilities. Hence, HSBC salary accounts add to the convenience of managing finances while working. Therefore, learn and inquire about the necessary details to have an informed approach towards opening your salary account in HSBC Bank.

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