In a major move aimed at strengthening financial security and convenience for Central Government employees, the Department of Financial Services (DFS), Ministry of Finance, has launched a Composite Salary Account Package in association with Public Sector Banks (PSBs). The initiative provides a unified salary account framework that integrates banking, insurance, and card-related benefits into a single, seamless financial solution.
The package was formally launched on 14 January 2026 by Shri M. Nagaraju, Secretary, DFS, in the presence of the Chairman of State Bank of India, MDs and CEOs of all nationalised banks, CEO of NPCI (via video conference), and senior officials of the Department of Financial Services.
Aligned with National Development Goals
The Composite Salary Account Package is aligned with the Government of India’s long-term vision of Viksit Bharat 2047 and its commitment to achieving “Insurance for All by 2047.” The initiative seeks to enhance the financial well-being and social security of Central Government employees, who form the backbone of public administration.
Developed through extensive consultations with Public Sector Banks, the package ensures uniformity, maximum coverage, and ease of access for employees across Group A, B, and C cadres. It also allows existing salary account holders to migrate to the new package with their consent.
One Account, Multiple Benefits
The Composite Salary Account Package is structured around **three core pillars—Banking, Insurance, and Cards—**making it a one-stop financial solution for employees.
Banking Facilities
Zero-balance salary account with enhanced features
Free remittances via RTGS, NEFT, and UPI, along with cheque facilities
Concessional interest rates on housing, education, vehicle, and personal loans
Reduced loan processing charges
Waiver on locker rentals
Family banking benefits
Enhanced Insurance Coverage
Personal Accident Insurance cover up to ₹1.50 crore
Air Accident Insurance cover up to ₹2 crore
Permanent total and partial disability cover up to ₹1.50 crore
In-built term life insurance cover up to ₹20 lakh, with an option to enhance coverage through affordable top-up plans
Comprehensive health insurance for self and family, including base and top-up options at reasonable premiums
Digital and Card Features
Enhanced benefits on debit and credit cards
Airport lounge access, reward programmes, and cashback offers
Unlimited transactions with nil maintenance charges
Strengthening Employee Welfare and Banking Access
By combining insurance protection, medical coverage, and advanced banking services into a single account, the Composite Salary Account Package simplifies financial management for Central Government employees. The scheme ensures ease of access, financial protection, and peace of mind, while also fostering a stronger and more transparent relationship between employees and Public Sector Banks.
Awareness and Implementation Drive
To ensure widespread adoption, DFS has advised Public Sector Banks to:
Publicise the package through their official websites
Organise special awareness camps across Government Departments
Proactively reach out to employees with detailed product information
Facilitate smooth migration of existing salary accounts to the new package
Complete details of the Composite Salary Account Package are available on the DFS website.
A Step Towards Comprehensive Financial Security
This reform reflects the Government’s continued commitment to employee welfare and financial inclusion. By offering a comprehensive, standardized, and easily accessible salary account framework, the initiative marks an important step towards strengthening financial resilience among Central Government employees while advancing the broader goals of inclusive growth and social security.
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