The Finance Ministry’s Department of Financial Services, in collaboration with public sector banks, introduced a composite ‘Salary Account Package for Central Government Employees’ to improve their financial well-being and social security. This initiative offers a range of banking and insurance benefits tailored for Central government employees, encompassing banking, insurance, and cards in a single account structure. The package, designed in consultation with banks, aims to provide uniform and convenient services to employees across all cadres.
The core segments of the Salary Account Package include Banking, Insurance, and Cards, offering a holistic financial solution for government staff. Secretary of Financial Services, M. Nagaraju, officially launched the package in the presence of SBI Chairman, MD & CEOs of nationalized banks, NPCI’s CEO, and senior ministry officials. Key features of the banking package comprise a zero-balance salary account with various facilities like free remittances, concessional loan interest rates, waivers on locker rental, family banking benefits, and more.
Government employees will benefit from enhanced insurance coverage, including personal accident insurance, air accident insurance, and disability cover. Additionally, they will have access to term life insurance protection and comprehensive health insurance for self and family at affordable premiums. The package also offers improved benefits on debit and credit cards, airport lounge access, reward programs, cashback offers, unlimited transactions, and nil charges.
The Department of Financial Services has urged public sector banks to promote these products, conduct awareness camps in government departments, and assist in migrating existing salary accounts to the new package. Central government employees are encouraged to utilize the scheme’s benefits through their salary accounts with public sector banks, ensuring access to modern banking services and comprehensive financial protection through a single window solution.
Complete details of the Composite Salary Account Package can be found on the DFS website at https://financialservices.gov.in
