Good news for government employees: New 'Composite Salary Account' launched, offering these major benefits..

If you are a central government employee, this news is very important for you. The Modi government has launched a new and special Composite Salary Account for government employees. This single account will provide several major benefits related to banking, insurance, and cards. Most importantly, it offers insurance coverage worth crores of rupees completely free of charge. The government aims to relieve government employees of worries related to money, banking, and security.

What is a Composite Salary Account?
A Composite Salary Account is a salary account that combines banking facilities, insurance coverage, and the benefits of debit and credit cards. This means you won't need to go to different places for these services. This scheme has been launched by the Department of Financial Services, under the Ministry of Finance, in collaboration with all public sector banks. This facility is available to all Group A, B, and C central government employees.

Zero Balance Account and Easy Banking Facilities
This salary account offers a zero balance facility. This means there will be no charges even if there is no money in the account.

RTGS, NEFT, and UPI facilities will be available free of charge.

Checkbook facility will also be provided without any extra charge.
Discounts will be available on locker rentals.

Family banking benefits will also be available for family members.

Loans at Low Interest Rates
Under this account, government employees will get home loans, education loans, vehicle loans, and personal loans at low interest rates. Not only that, but processing fees on loans may also be reduced or waived. The direct benefit of this will be that taking loans for a house, car, or children's education will become easier and cheaper.

Free Accident Insurance Cover up to ₹1.5 Crore.
This scheme provides personal accident insurance cover to government employees. If an employee meets with an accident, they or their family will receive insurance coverage up to ₹1.5 crore. This insurance will be completely free and will be provided along with the salary account.

₹2 Crore Cover for Air Travelers
If a government employee travels by air and is involved in an accident, this scheme will provide air accident insurance up to ₹2 crore. This cover will also be provided along with the salary account. This is a great relief for those who travel by flight.

Life Insurance and Health Cover Included
This account will also provide life insurance cover of up to ₹20 lakh. This cover can be further increased by paying a small premium if needed. In addition, health insurance will be provided for the employee and their family. This will include a base plan with a top-up option to provide more coverage at a lower cost.

Special Benefits on Debit and Credit Cards
The debit and credit cards offered with the Composite Salary Account will come with several extra benefits.
Facilities such as airport lounge access, reward points, cashback offers, and unlimited transactions will be available.

There will also be no maintenance charges on the cards.
Facility to Convert Existing Accounts to Composite Salary Accounts
The government has instructed all public sector banks to disseminate information about this scheme to as many employees as possible. Employees who already have salary accounts can convert their existing accounts to this new Composite Salary Account with their consent. Special camps will also be organized at banks for this purpose.

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