The Department of Financial Services (DFS) has launched a new Composite Salary Account Package for central government employees in collaboration with public sector banks.
This initiative provides a single-window solution combining banking, insurance, and card benefits for employees across all levels.
The package was unveiled by Financial Services Secretary M. Nagaraju, in the presence of senior officials from the State Bank of India, other nationalized banks, and the NPCI.
This scheme is part of the government’s vision of Viksit Bharat 2047 and the goal of “Insurance for All by 2047.”
It has been designed to provide uniformity, convenience, and broad coverage for employees in Group A, B, and C.
Three Pillars: Banking, Insurance, and Cards
The package is built around three key pillars to simplify financial management and strengthen social security.
Banking benefits include:
Zero-balance salary accounts
Free remittances via RTGS, NEFT, and UPI
Cheque facilities
Concessional interest rates and processing charges on housing, education, vehicle, and personal loans
Locker rental waivers
Family banking benefits
Insurance and social security features include:
Personal accident cover up to ₹1.5 crore
Air accident cover up to ₹2 crore
Disability cover up to ₹1.5 crore
In-built term life insurance up to ₹20 lakh, with top-up options
Comprehensive health insurance for self and family, with options to enhance coverage affordably
Digital and Card Benefits
Employees will also enjoy upgraded debit and credit card features, including:
Airport lounge access
Rewards and cashback offers
Unlimited transactions
Nil maintenance charges
This new package is designed to simplify finances, strengthen social security, and provide modern digital conveniences for government employees, making it a significant step toward a more secure and convenient financial future.
