DFS Launches Composite Salary Account Package For Central Govt Employees

New Delhi, Jan 15 (KNN) The Department of Financial Services (DFS), Ministry of Finance, has launched a Composite Salary Account Package for Central Government employees in partnership with Public Sector Banks, introducing a unified framework that integrates banking, insurance and digital services under a single salary account. 

The initiative was formally launched by DFS Secretary M. Nagaraju in the presence of the Chairman of State Bank of India, Managing Directors and CEOs of nationalised banks, the CEO of NPCI (via video conference), and senior DFS officials.

The package is designed to provide Central Government employees across Groups A, B and C with a standardised, comprehensive and convenient financial solution. 

The framework has been developed in consultation with banks to ensure uniform benefits, broad coverage and ease of access.

The Composite Salary Account Package is structured around three core components—banking, insurance and card-based digital services. 

Banking features include a zero-balance salary account, free remittances through RTGS, NEFT and UPI, cheque facilities, concessional interest rates on housing, education, vehicle and personal loans, reduced loan processing charges, locker rent waivers and family banking benefits.

The insurance component offers enhanced coverage, including personal accident insurance of up to Rs 1.5 crore, air accident insurance of up to Rs 2 crore, and permanent total or partial disability cover of up to Rs 1.5 crore.  

It also includes an in-built term life insurance cover of up to Rs 20 lakh with optional top-up, as well as comprehensive health insurance for employees and their families, supported by base and top-up options at affordable premiums.

Digital and card-related features include enhanced debit and credit card benefits, airport lounge access, reward programmes, cashback offers, unlimited transactions and nil maintenance charges. 

According to DFS, the integrated package is intended to improve financial security and simplify access to modern banking and insurance services through a single-window mechanism.

DFS has advised Public Sector Banks to actively promote the scheme through their websites, organise awareness programmes within government departments, reach out directly to eligible employees, and facilitate the migration of existing salary accounts to the new package with employee consent. 

Detailed information on the Composite Salary Account Package is available on the DFS website.

(KNN Bureau)