Composite Salary Account Package for Central Govt employees: Insurance, loan & more benefits
The Department of Financial Services launched a new Composite Salary Account Package for central government employees. This zero-balance account offers comprehensive benefits, including free money transfers, low-interest loans, substantial insurance coverage (up to ₹2 crore), and digital payment perks like airport lounge access. It centralizes all financial facilities, providing significant advantages for government staff.
New Delhi: The Department of Financial Services has launched a special type of bank account for central government employees - Composite Salary Account Package. The main purpose of launching this account is to provide all the facilities provided to central employees in one place. Holders of this bank account will get three types of facilities: banking facilities, insurance coverage and digital payments and card facilities. Account holder central employees will get the benefit of insurance up to Rs 2 crore, airport lounge access, reward points and cashback offers.
The composite salary account package will be a zero-balance salary account. It will provide free money transfer facilities, such as RTGS/NEFT/UPI and cheque facility. Also, you will get the benefit of discounts on bank lockers. If central employees want to take loans ranging from home loans to personal loans, then loans will be provided to them at a low interest rate.
Zero-Balance Salary Account
- Free money transfer facilities like RTGS/NEFT/UPI and cheque facility
- Low-interest loans for home, education, vehicle and personal needs
- Waiver in loan processing charges
- Discount on locker rental
- Banking benefits for family members
- Improved insurance coverage
- Benefits under Personal Accident Insurance to Central Employees
Insurance cover for central Govt employees
Central employees will get benefits up to Rs 1.50 crore under personal accident insurance. Also, this benefit on air accidents will reach Rs 2 crore. Health and term insurance will also be available.
- Personal Accident Insurance: Up to Rs 1.50 crore
- Air Accident Insurance: Up to Rs 2 crore
- Disability Insurance: Up to Rs 1.50 crore
Term Life Insurance: In-built term insurance up to Rs 20 lakh, plus top-up facility at low premiums.
Health Insurance: Health insurance for self and family, additional top-up facility with base plan.
Digital and card facilities for central govt employees
Debit-credit card users and central government employees who make digital payments will also benefit from this. From airport lounge access, reward points and cashback offers will be available.
- Special benefits on debit and credit cards
- Airport lounge access, reward points and cashback offers
- Freedom from unlimited transactions and maintenance charges