Big Relief for Central Government Employees: New Composite Salary Account Brings Banking, Loans, Insurance and Cards Under One Roof
The Central Government has introduced a major financial benefit for its employees by launching a new Composite Salary Account package. Designed specifically for Group A, Group B and Group C central government employees, this initiative aims to simplify banking while offering multiple financial services through a single account. The scheme has been rolled out by the Department of Financial Services (DFS) and is expected to significantly enhance the overall banking experience of government staff.
One Account, Multiple Financial Benefits
Under this newly launched composite salary account, employees can access a wide range of services without the need to maintain multiple accounts or pay extra charges. One of the biggest advantages is the zero-balance facility, allowing employees to operate the account without worrying about minimum balance requirements.
All common banking transactions such as RTGS, NEFT and UPI transfers are completely free, ensuring hassle-free digital payments. Account holders will also receive a free cheque book, eliminating additional banking costs. The account has been structured to offer convenience, transparency and long-term savings.
Attractive Loan Benefits at Concessional Rates
Another key highlight of this package is the availability of loans at discounted interest rates. Central government employees can avail home loans, education loans, vehicle loans and personal loans on more favorable terms compared to regular banking customers.
In addition, employees will receive concessions on loan processing fees and discounts on locker rentals, making this package financially rewarding. The benefits are not limited to the employee alone, as family members are also eligible for select family banking privileges, further increasing the overall value of the account.
Strong Insurance Coverage: A Major Advantage
Insurance coverage stands out as one of the most powerful features of the composite salary account. Account holders will receive personal accident insurance coverage of up to ₹1.5 crore. In the event of an air accident, the coverage goes up to ₹2 crore, offering enhanced financial protection.
The package also includes insurance for permanent or partial disability up to ₹1.5 crore. Alongside this, employees will get term life insurance coverage of up to ₹20 lakh, with the option to increase the sum insured based on personal requirements.
Additionally, the scheme offers health insurance options at affordable premiums for both employees and their families, ensuring comprehensive medical protection without heavy financial burden.
Premium Card and Digital Banking Features
The composite salary account comes bundled with enhanced debit and credit card facilities. These cards offer a range of premium benefits such as airport lounge access, reward points, cashback offers, unlimited transactions and zero maintenance charges.
Digital banking features have also been strengthened to support seamless online transactions, making day-to-day banking smoother and faster for employees.
Easy Upgrade for Existing Employees
Central government employees who already hold a salary account with a public sector bank do not need to open a new account. They can easily upgrade or migrate their existing salary account to the new composite salary account by visiting their respective bank branch. The process is simple and ensures uninterrupted access to salary and banking services.
A Step Towards Financial Convenience
With this new composite salary account, the government has taken a significant step towards improving financial inclusion and convenience for its workforce. By integrating banking, insurance, loans and card benefits into a single account, the scheme reduces complexity while delivering tangible monetary advantages.
For central government employees looking for a smarter and more rewarding banking solution, this composite salary account package offers a comprehensive financial ecosystem under one roof.
