In January 2026, the Department of Financial Services (DFS), under the Ministry of Finance(MoF) , officially launched the ‘Composite Salary Account Package for Central Government Employees’, in coordination with all Public Sector Banks (PSBs).
- It standardizes benefits for employees across Group A, B, and C cadres and excludes Group D.
- What? Launch of Composite Salary Account Package
- Who? DFS, MoF
- For Whom? Central Government employees (Group A, B & C)
- In Association With: Public Sector Banks (PSBs)
- Key Features: Zero-balance account, integrated banking services, insurance cover, and premium card benefits
- Major Insurance Cover: Up to Rs.2 crore (air accident), Rs.1.5 crore (personal/disability), Rs.20 lakh term life, health cover for family
About Composite Salary Account Package:
Banking Facilities: It provides Zero-Balance salary accounts with no annual charges along with free RTGS (Real Time Gross Settlement), NEFT (National Electronic Fund Transfer) and UPI (Unified Payments Interface) facilities.
Credit Benefits: Concessional interest rates on Housing, Education, and Vehicle loans, along with processing fee waivers along with waivers on bank locker rentals and exclusive family banking privileges.
Enhanced Insurance Coverage: The package offers comprehensive insurance cover, including personal and disability protection up to Rs.1.5 crore, air accident cover up to Rs.2 crore, term life insurance up to Rs.20 lakh, and health insurance for employees and their families with add-on options.
Digital & Card Features: Availability of Premium card variants with enhanced cash back and reward programs and Airport Lounge Access which vary based on the Cadre.
Alignment : The initiative aligns with the Government’s Viksit Bharat 2047 vision and the national goal of achieving Insurance for All by 2047.
No comments yet. Be the first!