The Department of Financial Services (DFS) has rolled out a unified Composite Salary Account Package for Central government employees, bringing banking, insurance and card benefits under a single platform through public sector banks.
The package was launched on Wednesday by Financial Services Secretary M Nagaraju, in the presence of the chairman of State Bank of India, managing directors and chief executives of nationalised banks, the CEO of NPCI and senior officials of the department.
The initiative is part of the government’s broader push towards Viksit Bharat 2047 and the goal of “Insurance for All by 2047”. The finance ministry said the scheme has been designed in consultation with banks to ensure uniform benefits, wide coverage and ease of access for employees across Group A, B and C categories.
The composite package is built around three pillars — banking, insurance and cards — with the aim of simplifying financial services while improving social security coverage.
On the banking side, benefits include a zero-balance salary account, free fund transfers through RTGS, NEFT and UPI, cheque book facilities, concessional interest rates and lower processing charges on housing, education, vehicle and personal loans. Employees will also get waivers on locker rentals and access to family banking benefits.
The insurance component offers enhanced protection, including personal accident cover of up to ₹1.5 crore and air accident insurance of up to ₹2 crore. Disability cover is available up to ₹1.5 crore, along with an in-built term life insurance cover of up to ₹20 lakh, with options to increase the cover.
The package also includes comprehensive health insurance for employees and their families, with affordable options to enhance coverage.
Digital and card-related features include upgraded debit and credit cards, airport lounge access, reward points and cashback offers, unlimited transactions and zero maintenance charges.
According to the finance ministry, the unified salary account package is expected to improve convenience for Central government staff while strengthening financial inclusion and long-term security.