The Department of Financial Services (DFS), Ministry of Finance, has launched a composite salary account package for central government employees, aimed at providing a consolidated set of banking and insurance services under a single account.
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The scheme, aligned with the government’s vision of Viksit Bharat 2047 and the goal of ‘insurance for all by 2047,’ is designed for employees across all cadres — group A, B, and C. It integrates three core segments: banking facilities, insurance coverage, and card services.
Banking features include zero-balance salary accounts, free fund transfers via RTGS, NEFT, and UPI, concessional loan rates for housing, education, vehicle and personal needs, waivers on locker rentals, and family banking benefits.
Insurance coverage under the package comprises personal accident insurance up to ₹1.50 crore, air accident insurance up to ₹2 crore, permanent total and partial disability cover up to ₹1.50 crore, term life insurance up to ₹20 lakh with top-up options, and comprehensive health insurance for employees and their families.
Digital and card-related benefits include airport lounge access, rewards and cashback programmes, unlimited transactions, and no maintenance charges.
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DFS has advised public sector banks to publicise the package, organise awareness campaigns in government departments, and facilitate the migration of existing salary accounts to the new scheme with employee consent.
(Edited by : Shoma Bhattacharjee)
First Published:Â Jan 14, 2026 8:24 PM IST
