Central Government employees get one-stop banking and insurance with DFS composite salary account

Recognising this, the Department of Financial Services (DFS), Ministry of Finance, has introduced a Composite Salary Account Package, in partnership with Public Sector Banks, designed to make financial management seamless, secure, and convenient.

Launched by M. Nagaraju, Secretary, DFS, the initiative was attended by the Chairman of SBI, MDs & CEOs of all Nationalised Banks, and the CEO of NPCI, along with senior DFS officers via virtual conferencing.

The move aligns with the Government’s vision of Viksit Bharat 2047 and the goal of Insurance for All by 2047, providing employees with a unified solution that integrates banking, insurance, and digital services under one roof.

Key benefits for employees

• Zero-balance salary accounts with enhanced facilities

• Free transfers via RTGS, NEFT, UPI, and cheques

• Concessional interest rates on housing, education, vehicle, and personal loans

• Reduced loan processing charges and locker rental waivers

• Family banking benefits for spouse and dependents

• Personal accident insurance up to ₹1.50 crore

• Air Accident Insurance up to ₹2 crore

• Term Life Insurance up to ₹20 lakh, with optional top-ups

• Permanent Total & Partial Disability Cover up to ₹1.50 crore

• Health insurance for self and family with base and top-up plans

The DFS has also advised Public Sector Banks to create awareness through departmental campaigns, websites, and employee outreach, while facilitating migration from existing salary accounts to this new package.

By combining banking convenience with financial protection, the Composite Salary Account Package empowers Central Government employees to manage their money, insurance, and loans efficiently, all from a single account. It reflects the Government’s continued commitment to employee welfare, financial security, and peace of mind.