New Salary Account for Government Employees Offers Insurance up to ₹2 Crore, Cheaper Loans and Family Benefits

In a major relief and convenience-driven move for central government employees, the Department of Financial Services has introduced a Composite Salary Account Package. This newly launched salary account aims to bring multiple financial benefits under one umbrella by combining banking services, insurance coverage, and digital payment features on a single platform. The initiative is designed to simplify financial management for government employees while offering them enhanced security, savings, and lifestyle advantages.

Under this package, eligible central government employees can avail of a zero-balance salary account, high-value insurance cover running into crores, concessional interest rates on loans, and premium debit and credit card benefits. The move reflects the government’s effort to strengthen employee welfare through modern, integrated banking solutions.

What Is the Composite Salary Account Package?

The Composite Salary Account Package is a specially curated banking product created exclusively for central government employees. Its primary objective is to provide all essential financial services—banking, insurance, and digital payments—through a single, streamlined account.

Account holders will receive three broad categories of benefits:

1. Enhanced banking facilities

2. Comprehensive insurance coverage

3. Premium digital payment and card-related benefits

By consolidating these services, the government intends to reduce dependency on multiple financial products and ensure easier access to essential benefits for its employees.

Key Banking Benefits Under the Package

One of the most attractive features of the Composite Salary Account Package is that it functions as a zero-balance salary account. Employees are not required to maintain a minimum balance, making it both flexible and cost-effective.

The account offers free money transfer services, including RTGS, NEFT, and UPI, along with cheque book facilities. These features ensure seamless day-to-day transactions without additional charges. Account holders will also receive discounts on bank locker rentals, adding another layer of convenience and savings.

In addition, central government employees will be eligible for loans at concessional interest rates. Whether it is a home loan, education loan, vehicle loan, or personal loan, borrowers can benefit from lower interest rates and reduced loan processing charges, making credit more affordable.

Zero-Balance Account with Added Privileges

Beyond basic banking, the package includes several value-added benefits:

• Zero-balance salary account

• Free RTGS, NEFT, UPI, and cheque transactions

• Lower interest rates on home, education, vehicle, and personal loans

• Waiver or discount on loan processing fees

• Discounted bank locker charges

• Banking benefits extended to family members

These features make the account particularly useful for employees looking for long-term financial stability and convenience.

High-Value Insurance Coverage for Employees

A major highlight of the Composite Salary Account Package is its extensive insurance protection. Central government employees enrolled in this scheme will receive strong financial security against accidents, disabilities, and health emergencies.

The insurance benefits include:

• Personal Accident Insurance: Coverage of up to ₹1.50 crore

• Air Accident Insurance: Coverage of up to ₹2 crore

• Disability Insurance: Coverage of up to ₹1.50 crore

Additionally, the package includes an in-built term life insurance cover of ₹20 lakh. Employees also have the option to increase this coverage through top-up plans at comparatively lower premiums.

Health insurance benefits are another important component. Employees can avail of health insurance coverage for themselves and their family, with options for base plans and additional top-up covers to enhance protection.

Digital Payments and Card Benefits

The Composite Salary Account Package also caters to the growing digital lifestyle of government employees. Special benefits are provided to debit and credit card users, making everyday spending more rewarding.

Employees will enjoy features such as:

• Airport lounge access

• Reward points on card usage

• Attractive cashback offers

• Unlimited transactions without maintenance charges

These digital and card-related benefits add lifestyle value and make the account comparable to premium salary accounts offered in the private sector.

Why This Package Matters

With rising living costs and increasing financial responsibilities, a unified salary account offering banking convenience, insurance security, and digital rewards can make a significant difference. The Composite Salary Account Package not only simplifies financial planning but also enhances the overall well-being of central government employees and their families.

By offering high insurance coverage, affordable loans, and modern banking facilities, this initiative marks an important step toward employee-centric financial reforms. For central government employees, the new salary account package serves as a comprehensive solution that balances security, savings, and convenience—all in one account.