Normal salary vs corporate salary acc

[iamdhamo]

What is the difference between normal n corporate salary acc?

My company allows only corporate acc with icici hdfc n axis

 

[ritwik2000]

Both are same I guess. I hold a corporate salary a/c with XX bank. But the product code that shows in eStatement is exactly same as that of normal salary a/c.

 

[praful47]

Both are same I guess. I hold a corporate salary a/c with XX bank. But the product code that shows in eStatement is exactly same as that of normal salary a/c.

Corporate salary accounts may get priority as the company and bank are both tied up .
Whereas normal salary account may give normal benefits .

 

[cardio_guycardio_guy is verified member.]

Normal salary account and corporate salary account are almost the same.
We can think as corporate salary account is some added flavor on top of normal salary account.

For example, any bank would have only one salary account variant.
But then they can have tie ups with different corporates (or companies).

While opening a salary account, there will be a field to enter the company name or company code (or a drop down to select the company name)
After they enter that information, they continue with account opening. Everything remains the same.

But then they can give some special offers or packages to some companies on top of exisintg base package.

For example, globally for all salary accounts, if your salary is more than 50k per month, you are prequalified for personal loan upto 10lakhs with 10% interest rate. But if your employer is Google, then you get this loan at 9% interest rate (something like that, just take it as an example)

This is just because of additional benefit of being a special corporate customer.

That company would say - we will give you 5000 salary accounts. What will you give us in return?
This is a deal between the bank and company. It is good for the bank if they get 5000 salary accounts in one shot.
In return, they can offer other corporate benefits to the company itself, or its salary account holders, (like preferential loan rate, credit cards, forex rate etc)

In another scenario, there will be a dedicated corporate RM for a company. That RM knows exactly what benefits are provided for that company employees.
All employees of that company will talk to that RM for all their queries. This is also a corporate tie-up thing.

 

[praful47]

Normal salary account and corporate salary account are almost the same.
We can think as corporate salary account is some added flavor on top of normal salary account.

For example, any bank would have only one salary account variant.
But then they can have tie ups with different corporates (or companies).

While opening a salary account, there will be a field to enter the company name or company code (or a drop down to select the company name)
After they enter that information, they continue with account opening. Everything remains the same.

But then they can give some special offers or packages to some companies on top of exisintg base package.

For example, globally for all salary accounts, if your salary is more than 50k per month, you are prequalified for personal loan upto 10lakhs with 10% interest rate. But if your employer is Google, then you get this loan at 9% interest rate (something like that, just take it as an example)

This is just because of additional benefit of being a special corporate customer.

That company would say - we will give you 5000 salary accounts. What will you give us in return?
This is a deal between the bank and company. It is good for the bank if they get 5000 salary accounts in one shot.
In return, they can offer other corporate benefits to the company itself, or its salary account holders, (like preferential loan rate, credit cards, forex rate etc)

In another scenario, there will be a dedicated corporate RM for a company. That RM knows exactly what benefits are provided for that company employees.
All employees of that company will talk to that RM for all their queries. This is also a corporate tie-up thing.

Hamne bhi to wahi kaha asan bhasa mein .

 

[Dobbiee]

What is the difference between normal n corporate salary acc?

My company allows only corporate acc with icici hdfc n axis

These both are very different. The privileges of zero balance, higher premium account tier, better interest rate on loans, etc, are when there is a corporate tie-up.
If you chose to have your salary transferred to a bank where there is no corporate tie-up, then its a normal savings account.

 

[ritwik2000]

Both are same I guess. I hold a corporate salary a/c with XX bank. But the product code that shows in eStatement is exactly same as that of normal salary a/c.

Waise ek chiz hai I don't get charged for doing IMPS whereas in the product page of normal sal A/c - its chargeable. This is probably the only thing I noticed.