The Department of Financial Services (DFS) on Wednesday launched a unified “Composite Salary Account Package for Central government employees in partnership with Public Sector Banks (PSBs), offering a single-window financial solution that integrates banking, insurance and card benefits.
The package was unveiled by financial services secretary M. Nagaraju, in the presence of the Chairman of State Bank of India, Managing Directors and CEOs of nationalised banks, the CEO of NPCI (via video conference) and senior officials of the department.
The initiative aligns with the government’s vision of Viksit Bharat 2047 and the national goal of “Insurance for All by 2047”. It has been designed in consultation with banks to ensure uniformity, broad coverage and convenience for employees across all cadres—Group A, B and C, the finance ministry said in a statement.
Three Pillars
Structured around three pillars—Banking, Insurance and Cards—the package aims to simplify financial management while strengthening social security. Banking features include a zero-balance salary account, free remittances through RTGS, NEFT and UPI, cheque facilities, concessional interest rates and processing charges on housing, education, vehicle and personal loans, waivers on locker rentals, and family banking benefits.
Social Security Reset
On the protection front, the package offers enhanced insurance cover: personal accident insurance up to Rs 1.5 crore, air accident insurance up to Rs 2 crore, disability cover up to Rs 1.5 crore, in-built term life insurance up to Rs 20 lakh with top-up options, and comprehensive health insurance for self and family with affordable enhancement facilities.
Digital and card benefits include upgraded debit and credit card features, airport lounge access, rewards and cashback, unlimited transactions and nil maintenance charges.