Central Govt Employees: If you are a salaried employee, this news could be very important for you. The Department of Financial Services (DFS) under the Ministry of Finance has launched a new and special facility for central government employees. The government has launched a comprehensive salary account package for central government employees. Through this account, employees will get several banking, insurance, and card-related facilities in one place. The biggest feature of this salary account is that it will be completely zero-balance and will include many additional benefits.
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What is this new facility?
This composite salary account can be opened by central government employees of Groups A, B, and C. The government has asked all central government employees to upgrade or transfer their existing salary accounts to their respective public sector banks to avail the full benefits of this scheme. However, Group D employees are not included in this facility. The situation regarding employees working in autonomous institutions is still unclear.
Banking Facilities
There will be no requirement to maintain a minimum balance in this salary account. Digital transactions like RTGS, NEFT, and UPI will be completely free. Employees will get a chequebook facility, and locker rent may also be waived. In addition, they will benefit from lower interest rates and reduced processing fees on home loans, education loans, vehicle loans, and personal loans. Some banking facilities will also be extended to family members. However, these benefits may vary depending on the bank and the employee’s position, so it is important to get complete information from the bank before opening the account.
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Insurance and Card Benefits
The insurance and card benefits offered with this salary account make it even more special. It includes personal accident insurance up to Rs 1.5 crore and air accident insurance up to Rs 2 crore. It also includes in-built term life insurance up to Rs 20 lakh, which can be increased if needed. Health insurance will cover the employee as well as their family.
Benefits offered on the card
Employees will also receive benefits such as airport lounge access, reward points, and cashback through their debit and credit cards. These benefits will be determined based on the respective bank and the employee’s cadre.
The objective of this new salary account scheme is to ensure that central government employees do not need to open separate accounts or take out separate insurance policies for different services and can avail multiple benefits through a single account.