Composite Salary Account Rolled Out with ₹2 Crore Insurance Cover and Loan Benefits
Employees to Get ₹2 Crore Insurance Cover Under New Salary Account Package: The Department of Financial Services (DFS) launched a composite salary account package for central government employees on Wednesday. The package offers banking, insurance, and card-related benefits through a single salary account.
DFS designed the product as a one-stop financial solution with three key components—banking, insurance, and cards. In an official statement, the department stated that it took this step to enhance the financial well-being and social security of central government employees. DFS, under the Ministry of Finance, advised public sector banks to roll out the composite salary account package.
DFS developed the package in consultation with banks to ensure wide coverage, uniform benefits, and ease of use for employees across all cadres, including Group A, B, and C.
M. Nagaraju, Secretary of the Department of Financial Services, launched the package on Wednesday. The event was attended by the Chairman of the State Bank of India, managing directors and CEOs of all nationalised banks, and senior DFS officials.
Under the composite salary account package, employees will receive personal accident insurance cover of up to ₹1.50 crore and air accident insurance cover of up to ₹2 crore. The account offers a zero-balance facility with enhanced features and provides loans for housing, education, vehicles, and personal needs at concessional interest rates.
The package also includes card benefits such as airport lounge access, reward programmes, cashback offers, unlimited transactions, and zero maintenance charges. According to the ministry, the scheme combines insurance, medical coverage, and improved banking services to give employees better access, financial security, and peace of mind.
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