Composite Salary Account for Central Govt Staff Unveiled; Integrates Banking, Card & Insurance Benefits

Key facts

• The Department of Financial Services (DFS), Ministry of Finance, has launched a composite salary account package for central government employees.
• The scheme integrates banking facilities, insurance coverage, and card services under a single account.
• Banking features include zero-balance salary accounts, free fund transfers via RTGS, NEFT, and UPI, concessional loan rates, and waivers on locker rentals.
• Insurance coverage comprises personal accident insurance up to ₹1.50 crore, air accident insurance up to ₹2 crore, and term life insurance up to ₹20 lakh with top-up options.
• Card-related benefits include airport lounge access, rewards and cashback programmes, unlimited transactions, and no maintenance charges.