Government Employees Insurance: In a significant initiative to make financial services easier and more secure for central government employees, the Department of Financial Services (DFS) has launched a new composite salary account package. This package aims to provide government employees with banking, insurance, and card-related facilities through a single account, eliminating the need to approach different providers for various services.
Financial Solutions for Central Government Employees
This new salary account package has been specifically designed keeping in mind the needs of central government employees. It combines banking services with insurance coverage and modern card facilities. The objective is to strengthen the financial stability and social security of employees.
DFS Initiative and Official Announcement
The Department of Financial Services under the Ministry of Finance has advised public sector banks to launch this composite salary account package. The department believes that this step will improve the economic well-being of employees. The official statement said that this scheme has been designed to provide greater security and convenience to central government employees.
Package Developed in Consultation with Banks
This composite salary account package was launched by DFS Secretary M. Nagaraju. The Chairman of State Bank of India, Managing Directors and CEOs of all nationalized banks, and several other senior officials were present on the occasion. According to the department, this package has been developed after extensive consultations with banks to ensure that all Group A, B, and C employees receive equal and comprehensive benefits.
Insurance and Banking Benefits
Under this package, employees will receive personal accident insurance coverage of up to ₹1.5 crore and air accident insurance coverage of up to ₹2 crore. A zero-balance salary account with enhanced features is also included. Employees will benefit from concessional interest rates on loans for home, education, vehicles, and personal needs.
Convenience with Card Facilities
The card provided with the composite salary account offers several premium features. These include airport lounge access, reward and cashback offers, unlimited transactions, and zero maintenance charges. According to the ministry, this package not only provides financial security to employees but also offers them peace of mind.