DFS Announced Composite Salary Account Package: All You Need to Know

The Department of Financial Services (DFS), Ministry of Finance, has taken a major step towards strengthening the financial security and overall well-being of Central Government employees by advising Public Sector Banks (PSBs) to roll out a comprehensive Composite Salary Account Package for Central Government Employees.

Designed through extensive consultations with Public Sector Banks, the Composite Salary Account Package offers a unified and standardised framework of banking, insurance, and card-related benefits for Central Government employees across all cadres, Group A, B, and C. The objective is to deliver maximum coverage, uniformity, and convenience through a single, seamless account structure.

Key Components of the Composite Salary Account Package

The package integrates three core pillars, Banking, Insurance, and Cards, making it a holistic, one-stop financial solution.

Banking Benefits

• Zero-balance salary account with enhanced features
• Free digital and non-digital remittances (RTGS/NEFT/UPI) and cheque facilities
• Concessional interest rates on housing, education, vehicle, and personal loans
• Reduced loan processing charges
• Waiver on locker rentals
• Family banking privileges

Enhanced Insurance Coverage

• Personal Accident Insurance covers up to ₹1.50 crore
• Air Accident Insurance cover up to ₹2 crore
• Permanent Total and Partial Disability cover up to ₹1.50 crore
• In-built Term Life Insurance cover of up to ₹20 lakh, with an option to enhance coverage through affordable top-ups
• Comprehensive Health Insurance for self and family, with base and top-up options at reasonable premiums

Digital and Card Facilities

• Enhanced debit and credit card benefits
• Airport lounge access, reward programs, and cashback offers
• Unlimited transactions with zero maintenance charges

Also Read: Parag Parikh Flexi Cap Fund Adjusts Holdings: Exposure Raised in ITC and HDFC Bank 

Conclusion

This initiative ensures that Central Government employees, who form the backbone of public administration, gain access to modern banking solutions and robust financial protection through a single-window platform. The reform underscores the Government’s continued focus on employee welfare and financial inclusion, while also strengthening the relationship between employees and Public Sector Banks.

All Central Government employees are encouraged to take advantage of this comprehensive Salary Account Package through their respective Public Sector Banks.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.