Must Read : One-Stop Financial Shield: Govt Rolls Out Composite Salary Account for Central Employees
Must Read : One-Stop Financial Shield: Govt Rolls Out Composite Salary Account for Central Employees
New Delhi, 15 Jan : In a significant step to strengthen financial security and simplify banking for central government employees, the Department of Financial Services (DFS) under the Ministry of Finance has launched a Composite Salary Account Package in partnership with public sector banks. The initiative is aligned with the government’s long-term vision of Viksit Bharat 2047 and the goal of achieving Insurance for All by 2047.
The package was formally launched at a high-level meeting chaired by DFS Secretary M. Nagaraju, which was attended by the Chairman of State Bank of India, managing directors and chief executives of nationalised banks, and senior officials of the department. The participation of top banking leadership reflects the government’s emphasis on employee welfare and inclusive financial growth.
Designed as a single-window financial solution, the composite salary account combines regular banking services with extensive insurance coverage and enhanced card benefits. It is intended to benefit central government employees across Group A, B and C categories, offering them convenience, protection and long-term financial stability under one integrated framework.
Under the banking component, employees will be provided with a zero-balance salary account featuring modern facilities such as free RTGS, NEFT and UPI transactions, along with cheque services. The package also includes concessional interest rates and lower processing fees on home, education, vehicle and personal loans, as well as waivers on locker rentals and added family banking benefits.
The insurance component offers strong financial protection, including personal accident cover of up to Rs 1.50 crore, air accident insurance up to Rs 2 crore and disability coverage up to Rs 1.50 crore. In addition, a built-in term life insurance cover of Rs 20 lakh is included, with options to enhance the coverage. Comprehensive health insurance for employees and their families is also part of the package.
Employees will further benefit from enhanced debit and credit card features, such as airport lounge access, reward points and cashback offers. The account allows unlimited transactions with no maintenance charges, making day-to-day banking more convenient.
Overall, the composite salary account package aims to simplify financial management while significantly strengthening social security for central government employees. Public sector banks will offer this facility, and eligible employees are encouraged to enrol to take advantage of its wide-ranging benefits.
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