The Department of Financial Services (DFS) under the Ministry of Finance has unveiled a Composite Salary Account Package for central government employees, bringing banking, insurance, and card-related services together under a single, integrated account.
Composite Salary Account for Central Government Employees Launched
The initiative aligns with the government’s long-term vision of Viksit Bharat 2047 and the objective of achieving ‘Insurance for All by 2047’. The package is applicable to central government employees across Group A, Group B, and Group C categories, ensuring uniform access to financial and insurance benefits.
Integrated Banking Facilities
Under the composite salary account, employees will be provided with zero-balance salary accounts along with free fund transfer facilities through RTGS, NEFT, and UPI. The package also offers concessional interest rates on housing, education, vehicle, and personal loans.
Additional banking benefits include waivers on locker rentals, preferential banking services, and family banking facilities, allowing employees’ family members to access select financial services under the same framework.
Comprehensive Insurance Coverage
A key feature of the scheme is its extensive insurance protection. The package includes personal accident insurance coverage of up to ₹1.50 crore and air accident insurance of up to ₹2 crore. Employees are also covered for permanent total and partial disability, with insurance benefits extending up to ₹1.50 crore.
The scheme further provides term life insurance coverage of up to ₹20 lakh, with options for additional top-up coverage. Alongside this, comprehensive health insurance is offered for employees and their dependent family members, strengthening financial security against medical emergencies.
Single-Window Financial Security
By consolidating banking, insurance, and card services, the composite salary account aims to simplify financial management for central government staff while enhancing social security coverage. Officials said the initiative is designed to reduce fragmentation of benefits and ensure easier access to essential financial services.
The launch of the Composite Salary Account Package marks a significant step toward strengthening employee welfare and expanding insurance penetration among government employees nationwide.