One of my friend started his first job, and he was damn confused about where to open a salary account. His company gave him a few bank options – HSBC, Axis, ICICI, HDFC and Kotak– Then i researched to help him and it took me a long time to figure out which one to choose. Each bank has different benefits, and it was a bit difficult for a new employee like me to understand all of them. But now, I have studied the salary accounts of all these banks thoroughly, and I have learned a lot. Today, I will tell you about the salary accounts of these five banks and their benefits, which will make it easy for you to choose the best account for you. So, let’s find out!
What is a salary account and why is it necessary?
A salary account is a special type of bank account, where your company deposits your salary. These accounts usually have a zero balance, meaning you don’t need to maintain a minimum balance. I realized the importance of a salary account when I received my first salary credit message, and I learned that this account can offer me many benefits – like a free debit card, premium credit cards, and discounts on loans. Today, around 44 million people in India use salary accounts, and in 2025, these accounts are still offering good benefits. Let’s take a look at the salary accounts of these five banks and their benefits.
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HSBC Salary Account: Premium Services and Cashback
The HSBC Salary Account is great for high-salaried employees, especially if your monthly salary is Rs 50,000 or more. A friend of mine opened this account, and he said that it has benefited him a lot. With HSBC’s salary account, you get 5% unlimited cashback on debit cards, which is applicable on online and retail purchases (this offer is valid till July 31, 2025). I liked this a lot, because for people like me who shop a lot online, this benefit is very good.
Also, with HSBC you get a zero balance account, and unlimited free withdrawals from any VISA ATM. If you love to travel, HSBC’s Global Money Service lets you send money to 200+ countries in 20+ currencies, that too without any fees. Personal loans offer interest rates starting at 9.99%, and you get complimentary personal accident cover of up to Rs 5 lakh. But keep one thing in mind – HSBC has fewer branches in India, so if you need to visit a branch, it can be a bit of a hassle.
Axis Bank Salary Account: Flexible and Rewarding
Axis Bank has different types of salary accounts, such as Prime Salary Account, Priority Salary Account, and Defense Salary Account. I really like Axis’ Priority Salary Account because if your salary is more than Rs 1 lakh, you get 10% cashback on online debit card spending (up to Rs 25,000 per quarter). A colleague of mine opened this account, and she said that it saved her a lot.
With Axis, you get a zero balance account, and the first 5 transactions are free from Axis ATMs and 3-5 transactions from other banks’ ATMs (depending on metro/non-metro cities). The daily shopping limit is Rs 5 lakh, and you get a personal accident cover of up to Rs 5 lakh. With Axis’ debit card, you get purchase protection, which means that the items you buy with your debit card are protected against theft or loss for 90 days. I think Axis is a good option if you want good credit card offers (like Magnus), but some people say that Axis’ services are slow at times.
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ICICI Bank Salary Account: Simple and Reliable
ICICI Bank’s salary account is good for people like me who want a simple and reliable account. My sister has a salary account with ICICI, and she says that their app is very easy to use. With ICICI, you get a zero balance account, and facilities like free phone banking, PPF account, and fund transfer. You get an international titanium debit card, which has no annual fee, and lost card liability protection up to Rs 2 lakh.
With ICICI, you get free remittances (demand draft, cheque, pay order) up to Rs 25,000, and personal accident death insurance and air accident death insurance (depending on the account variant). I like ICICI’s service a lot, because their app is very user-friendly, and you can do almost everything from the app. But some people have experienced spam calls from ICICI, so you should check your privacy settings carefully.
HDFC Bank Salary Account: Service and Benefits
HDFC Bank is a leading bank in India, and their salary account is very popular. A friend of mine opened a salary account with HDFC, and he said that he gets very good service. In HDFC, you get a zero balance account, and you get 3.5-4% interest on your savings. You get a personal relationship manager, who helps you with your banking needs. I liked this a lot, because new users like me don’t understand some things, and the relationship manager makes everything easy.
In HDFC, you get offers on debit cards, and you can open a zero balance account for your family too. You get preferential rates on loans, and you get free personal accident death cover up to 1 lakh. HDFC has a very large network of branches and ATMs, so you don’t face any problem anywhere. But some people’s experience is that HDFC’s app is a bit slow, and they send spam calls, so you have to be careful there.
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Kotak Mahindra Bank Salary Account: Flexible and profitable
Kotak Mahindra Bank’s salary account seemed very good to me, as they offer different options for employees with different salaries. One of my colleagues has a Kotak Platina salary account, and she says that she benefits a lot. In Kotak, you get a zero balance account, and you get up to 4% interest on your balance. You get free NEFT, RTGS, and IMPS transfers, and unlimited transactions from any VISA ATM.
With the Kotak Platina account, you get a personal accident death cover of up to Rs 35 lakh, and a lost card liability insurance of up to Rs 3,50,000. You can open 3 free accounts for your family, and get a 25% discount on lockers. I like Kotak’s service a lot because their app and net banking are very easy to use, and you can transfer funds 24/7. But some people have found that Kotak’s services are slow in some cities, so check if they have a branch in your city.
Salary Account Comparison: Which is the Best?
I have compared the salary accounts of these five banks in a simple chart, which will make it easy for you to choose:
| Bank Name | Zero Balance | Interest Rate | Personal Accident Cover | Key Benefits | Service Issues |
|---|---|---|---|---|---|
| HSBC | Yes | Not Available | ₹5 lakh | 5% unlimited cashback, Global Money Service | Fewer branches, slow service |
| Axis Bank | Yes | 4% | ₹5 lakh | 10% cashback (Priority), Flexible options | Sometimes slow service |
| ICICI Bank | Yes | 3.5% | Depends on account type | User-friendly app, Free remittances | Complaints about spam calls |
| HDFC Bank | Yes | 3.5-4% | ₹1 lakh | Relationship Manager, Large network | Slow app, spam calls |
| Kotak Mahindra | Yes | 4% | ₹35 lakh | Free transfers, Locker discounts | Slow service in some cities |
What to look for while choosing a salary account?
There are a few things to keep in mind when choosing a salary account. I share some tips from my experience:
- Understand your needs: Do you want more cashback, travel benefits, or a simple and easy account? I like cashback more, so I liked HSBC’s account.
- Branch and ATM network: If you need to visit a branch, banks like HDFC or ICICI are good, as they have a large network. HSBC has fewer branches, so it can be a problem there.
- Credit card offers: If you want a good credit card (like Axis Magnus or HDFC Infinia), then choose Axis or HDFC, as they offer good credit cards.
- Service quality: ICICI’s app and service are very good, but some people have complaints about the services of HDFC and Axis. Check which bank offers good service in your city.
- Insurance and Benefits: Kotak offers accident cover up to Rs 35 lakh, while HSBC and Axis offer up to Rs 5 lakh. If you want more cover, Kotak is a good choice.
What I Think!
I think choosing a salary account depends on your needs. For me, ICICI’s account is the best because I like their app and service. But if you want more cashback and travel benefits, HSBC is better. Axis and HDFC have good network and credit card offers, while Kotak offers more insurance cover and flexibility. Check which banks your company has tied up with, and choose the account according to your needs. If you have any more questions, be sure to ask me. I will explain it to you in simple terms! Now choose your salary account and enjoy it!
FAQ for Best Salary Account in India:
1. Which is the best salary account in India?
HSBC, Axis, ICICI, HDFC, and Kotak offer great salary accounts in 2025. Compare zero balance, cashback, and insurance benefits to find the best fit for your needs.
2. What benefits does HSBC salary account offer in 2025?
HSBC salary account offers 5% unlimited cashback on debit card spends, zero balance, global money transfers, and 5 lakh personal accident cover, ideal for high earners.
3. How does Axis Bank salary account compare to HDFC?
Axis offers 10% cashback on online spends and 5 lakh accident cover, while HDFC provides a relationship manager and 3.5-4% interest, with a larger ATM network.
4. Is ICICI salary account good for daily banking?
Yes, ICICI salary account offers zero balance, a user-friendly app, free fund transfers, and a Titanium debit card with 2 lakh lost card liability protection.
5. What makes Kotak salary account stand out in 2025?
Kotak offers up to 35 lakh personal accident cover, 4% interest, free family accounts, and 25% locker discount, making it great for comprehensive benefits.