New Delhi: The Department of Financial Services (DFS) on Wednesday, January 14, introduced a composite salaryaccount package for central government employees to offer a comprehensive suite of banking and insurance benefits under a single account structure.

The product has three core segments – banking, insuranceand cards – making it a one-stop financial solution for central government employees.

“The Department of Financial Services (DFS), Ministry of Finance, has taken a significant step towards enhancing the financial well-being and social security of Central Government employees by advising Public Sector Banks to introduce a composite ‘Salary Account Package for Central Government Employees’,” the Finance Ministry said in a statement.

The Salary Account Package was launched on Wednesday, January 14, by Department of Financial Services Secretary M Nagaraju.

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The packages have been carefully designed in consultations with banks to ensure maximum coverage, uniformity and convenience for employees across all cadres (Group A, B and C), it added.

The key features include personal accident insurance up to Rs 1.50 crore, air accident insurance up to Rs 2 crore, a zero-balance salary account with enhanced facilities, concessional interest rate on loans for housing, education, vehicle and personal requirements, among others.

Card benefits include airport lounge access, reward programmes, cashback offers, and unlimited transactions and nil maintenance charges.

“By integrating insurance, medical cover and enhanced banking facilities into one composite salary account package, the scheme provides employees with ease of access, financial security and peace of mind,” the ministry said.

DFS has advised public sector banks to widely publicise these products through their official websites, organise special awareness camps in government departments, proactively reach out to central government employees with detailed product information and facilitate the migration of existing salary accounts to this new package with employees’ consent, the ministry added.

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