department The Department of Financial Services (DFS) on Wednesday launched a composite salary account package for central government employees. Its objective is to provide all services including banking and insurance benefits under a single account. The product has three core components – Banking, Insurance and Cards, making it a one-stop financial solution for Central Government employees. According to an official statement, “The Department of Financial Services (DFS), Ministry of Finance, has taken an important step towards enhancing the financial well-being and social security of public sector banks by advising them to launch ‘Joint Salary Account Package for Central Government Employees’.”
The package has been carefully prepared after consultation with banks
The composite salary account package was launched by M. Nagaraju, Secretary, Department of Financial Services, on Wednesday. The event was attended by the Chairman of State Bank of India (SBI), Managing Directors and CEOs of all nationalized banks, and all senior officials of DFS. These packages have been carefully designed in consultation with banks to ensure maximum coverage, uniformity and convenience for employees of all cadres (Group A, B and C), the statement said.
Employees will get these benefits in composite salary account package
Key features of the composite salary account package include personal accident insurance up to Rs 1.50 crore, air accident insurance up to Rs 2 crore, minimum zero-balance salary account with superior features, and concessional interest rates on loans for housing, education, car and personal needs. Card benefits include airport lounge access, rewards programme, cashback offers and unlimited transactions and zero maintenance fees. “By combining insurance, medical cover and better banking facilities into a joint salary account package, the scheme provides easy access, financial security and peace of mind to employees,” the ministry said.
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