The Department of Financial Services (DFS), under the Ministry of Finance, has introduced a Composite Salary Account Package for Central Government employees. The initiative, rolled out through public sector banks (PSBs), offers an integrated set of banking, insurance, and digital benefits under a single salary account.
The package was formally launched by Shri M. Nagaraju, Secretary, Department of Financial Services, in the presence of senior officials from public sector banks. Details of the scheme were announced through an official Press Information Bureau (PIB) press release.
The objective of the Composite Salary Account Package is to strengthen financial inclusion and social security for Central Government employees across Group A, Group B, and Group C, by linking enhanced financial services directly to their salary accounts.
What is the Composite Salary Account Package?
The Composite Salary Account Package is a one-stop financial solution that combines advanced banking facilities with insurance protection and digital services. It will be offered by public sector banks to serving Central Government employees whose salaries are credited through bank accounts.
Banking Facilities Provided
Under this package, employees will receive zero-balance salary accounts along with multiple value-added benefits. These include free transactions through NEFT, RTGS, and UPI, complimentary cheque book facilities, and concessions or waivers on locker rentals.
Additionally, employees will be eligible for preferential interest rates and lower processing charges on various loans such as housing, education, vehicle, and personal loans. Family banking services are also included, allowing dependents to access select benefits.
Insurance Coverage for Central Government Employees
A key feature of the package is the extensive insurance coverage linked to the salary account. This includes:
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Personal accident insurance coverage of up to ₹1.50 crore
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Air accident insurance coverage of up to ₹2 crore
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Permanent total or partial disability coverage of up to ₹1.50 crore
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In-built term life insurance cover of up to ₹20 lakh, with optional top-up plans
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Health insurance coverage for employees and their families, with options for enhanced coverage
These insurance benefits aim to provide comprehensive financial protection to Central Government employees and their families at affordable costs.
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