The Department of Financial Services (DFS) under the Union Finance Ministry has launched a Composite Salary Account Package for central government employees, bringing banking, insurance and card benefits under a single salary account framework. Rolled out in partnership with public sector banks, the package is being positioned as a major welfare initiative for government staff. Employees opening or upgrading to this account will be able to access a bundle of facilities, including zero-balance banking, concessional loans, insurance covers and enhanced card privileges, through one integrated salary account.
Single Account, Bundled Benefits
According to reports, the DFS has introduced the Composite Salary Account Package with public sector banks to offer a consolidated set of financial services to central government employees. The scheme aims to provide seamless access to banking and insurance benefits without the need to manage multiple products separately.
Key facilities include a zero-balance salary account, free RTGS/NEFT/UPI transfers and cheque services. The package also promises discounts on locker rent and loan processing charges, along with “family banking” benefits.
A major highlight is the insurance component. The package includes personal accident cover of up to Rs 1.5 crore, air accident cover of up to Rs 2 crore, and disability cover of up to Rs 1.5 crore. It also offers an optional term life insurance cover of up to Rs 20 lakh, along with comprehensive health insurance for employees and their families, with top-up options at affordable premiums.
Cheaper Loans, Premium Card Perks
The package is expected to provide relief on credit costs, with lower interest rates on home, education, vehicle and personal loans. Employees will also benefit from reduced processing fees, making borrowing more affordable under the scheme.
On the payments front, the account includes improved debit and credit card features such as airport lounge access, rewards programmes and cashback offers. The scheme also promises unlimited transactions and zero maintenance charges, positioning it as a premium offering within the public banking system.
Who Is Eligible
The Composite Salary Account Package can be availed by Group A, B and C central government employees across cadres. As per an official release, employees are being encouraged to upgrade or migrate their existing salary accounts through their respective public sector banks to access the benefits.
The Finance Ministry said bundling banking, insurance and medical cover under one salary account is aimed at improving ease of access, financial security and peace of mind for government employees.
