The Department of Financial Services (DFS), under the Ministry of Finance, has announced the Composite Salary Account Package for central government employees to enhance their financial well-being and social security.
Under this, the government has directed public sector banks to introduce a composite salary account package, which would include three elements: banking, Insurance, and Cards.
- Banking Facilities
- Zero-balance salary account with enhanced facilities
- Free remittances, i.e. RTGS/ NEFT/ UPI, along with cheque facilities
- Concessional interest rate on loans for housing, education, vehicle and personal requirements.
- Concession in loan processing charges
- Waivers on locker rental
- Family banking benefits
2. Enhanced Insurance Coverage
- Personal Accident Insurance up to Rs. 1.50 crore
- Air Accident Insurance up to Rs. 2 crores
- Permanent Total & Partial Disability Cover up to Rs. 1.50 crore
- Term Life Insurance – In-built term life insurance protection of up to Rs. 20 lakh, with additional top-up facility to enhance the insurance coverage at an affordable premium.
- Health Insurance – Comprehensive health insurance cover for self and family with a base plan and additional top-up facility to enhance the insurance coverage at an affordable premium.
3. Digital & Card Features
- Enhanced benefits on debit and credit cards
- Airport lounge access, reward programs and cashback offer
- Unlimited transactions & Nil maintenance charges
The package has been launched by Sh. M. Nagaraju, Secretary, Department of Financial Services, Ministry of Finance.
As per the government, the initiative is aligned with the Government’s vision of Viksit Bharat 2047 and the national commitment towards Insurance for All by 2047. It is to provide central government employees with a comprehensive suite of banking and insurance benefits under a single, seamless account structure. The packages have been carefully designed in consultations with banks to ensure maximum coverage, uniformity and convenience for employees across all cadres [Group A, B and C].
DFS has advised Public Sector Banks to widely publicise these products through their official websites, organise special awareness camps in Government Departments, proactively reach out to Central Government employees with detailed product information and facilitate the migration of existing salary accounts to this new package with employees’ consent.
All Central Government employees are encouraged to avail the benefits of this comprehensive scheme through their salary accounts with the Public Sector Banks.
