New Delhi, Jan 14 (IANS) The Finance Ministry’s Department of Financial Services, in association with public sector banks, on Wednesday launched a composite ‘Salary Account Package for Central Government Employees’, aimed at enhancing their financial well-being and social security, according to an official statement.

The initiative will provide Central government employees a comprehensive suite of banking and insurance benefits under a single, seamless account structure. The packages have been carefully designed in consultations with banks to ensure maximum coverage, uniformity and convenience for employees across all cadres (Group A, B, and C), the statement said.

The product has three core segments – Banking, Insurance and Cards – making it a one-stop financial solution for employees.

The Salary Account Package was formally launched by Secretary, Financial Services, M. Nagaraju, at an event attended by the SBI Chairman, MD & CEOs of all nationalised banks, the NPCI’s CEO and senior officers of the ministry.

The key features of the special banking package for government staff include a zero-balance salary account with enhanced facilities such as free remittances, i.e. RTGS/ NEFT/ UPI, along with cheque facilities, concessional interest rate on loan for housing, education, vehicle, and personal requirements, as well as a concession in loan processing charges. They will also get waivers on locker rental and family banking benefits.

Government staff will also get enhanced insurance coverage, including personal accident insurance up to Rs 1.50 crore, air accident insurance up to Rs 2 crore, and permanent total & partial disability cover up to Rs 1.50 crore. Besides, they will be entitled to an in-built term life insurance protection of up to Rs 20 lakh, with an additional top-up facility to enhance the insurance coverage at an affordable premium.

A comprehensive health insurance cover for self and family with a base plan and additional top-up facility to enhance the insurance coverage will also be made available at an affordable premium.

Apart from this, the government staff will be entitled to enhanced benefits on debit and credit cards, airport lounge access, reward programmes, cashback offers, unlimited transactions, & nil charges.

The DFS has advised public sector banks to widely publicise these products through their official websites, organise special awareness camps in government departments, proactively reach out to Central government employees with detailed product information and facilitate the migration of existing salary accounts to this new package with employees’ consent.

All Central government employees are encouraged to avail the benefits of this comprehensive scheme through their salary accounts with the public sector banks, the statement said.

This initiative ensures that Central government employees, who form the backbone of public administration, gain access to modern banking services and comprehensive financial protection through a single window solution. By integrating insurance, medical cover and enhanced banking facilities into one composite Salary Account Package, the scheme provides employees with ease of access and financial security, the statement added.

Complete details of the Composite Salary Account Package are available on the DFS website https://financialservices.gov.in

–IANS

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