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Big Relief for Central Govt Employees: New Composite Salary Account Offers Insurance up to ₹2 Crore
Summary: The Government of India has launched a new Composite Salary Account Package for Central Government employees, offering zero-balance banking, high insurance cover, concessional loans, premium card benefits and family banking facilities-all under one account.
Government Launches Composite Salary Account Package for Central Employees
14 January 2026,PIB Delhi: In a major step towards strengthening the financial security and social protection of Central Government employees, the Department of Financial Services (DFS) under the Ministry of Finance has advised all Public Sector Banks (PSBs) to roll out a Composite Salary Account Package exclusively for Central Government staff.
The initiative was officially launched on January 14, 2026, by Shri M. Nagaraju, Secretary, Department of Financial Services, in the presence of the SBI Chairman, MDs & CEOs of Nationalised Banks, NPCI CEO (via VC), and senior DFS officials.
This reform supports the Government’s long-term vision of Viksit Bharat 2047 and the national goal of “Insurance for All by 2047.”
Who Can Benefit from This Scheme?
The package is uniformly designed for all Central Government employees, covering:
- Group A
- Group B
- Group C
It ensures equal access to modern banking and insurance benefits across cadres, departments and pay levels.
Three Pillars of the Composite Salary Account Package
The new salary account is a one-stop financial solution, structured around three core segments:
1. Banking Facilities
Employees will enjoy premium banking benefits, including:
- Zero-balance salary account
- Free RTGS, NEFT & UPI transactions
- Cheque book facility at no extra cost
- Concessional interest rates on:
- Home loans
- Education loans
- Vehicle loans
- Personal loans
- Reduced loan processing charges
- Locker rent waivers
- Family banking benefits
2. Enhanced Insurance Coverage
To strengthen financial protection, the package includes robust insurance covers:
- Personal Accident Insurance: Up to ₹1.50 crore
- Air Accident Insurance: Up to ₹2 crore
- Permanent Total & Partial Disability Cover: Up to ₹1.50 crore
Term Life Insurance:
- In-built cover up to ₹20 lakh
- Optional top-up facility at affordable premiums
Health Insurance:
- Comprehensive medical cover for self and family
- Base plan with optional top-up for higher coverage
3. Digital & Card Benefits
Modern digital banking features make this account future-ready:
- Enhanced debit and credit card privileges
- Airport lounge access
- Attractive reward points and cashback offers
- Unlimited transactions
- Nil maintenance charges
Why This Reform Matters
Central Government employees are the backbone of India’s public administration. This composite package brings:
- Ease of access through a single-window system
- Better financial planning and risk protection
- Stronger employee–bank relationship
- Peace of mind through integrated insurance & healthcare cover
Implementation & Awareness Drive
DFS has directed all Public Sector Banks to:
- Promote the scheme on their official websites
- Conduct special awareness camps in government offices
- Proactively reach out to employees with details
- Facilitate smooth migration of existing salary accounts (with employee consent)
How to Get More Details
Complete information about the Composite Salary Account Package is available on the Department of Financial Services official website.
👉Employees are encouraged to contact their respective Public Sector Banks and upgrade their salary accounts to avail the benefits.
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