New Salary Account For Central Government Employee: To offer a comprehensive suite of banking and insurance benefits under a single account structure, the government introduced a composite salary account package for central government employees.
The product, which was introduced by the Department of Financial Services (DFS), has three core segments -- banking, insurance, and cards, making it a one-stop financial solution for central government employees.
"The Department of Financial Services (DFS), Ministry of Finance, has taken a significant step towards enhancing the financial well-being and social security of Central Government employees by advising Public Sector Banks to introduce a composite 'Salary Account Package for Central Government Employees'," the finance ministry said in a statement.
All Grades Employees Can Avail Services
According to the government, the packages are available uniformly for the convenience of employees across all cadres (Group A, B, and C). It is carefully designed in consultation with banks to ensure maximum coverage.
Life Insurance Up To Rs 2 Crore
Key features include personal accident insurance up to Rs 1.50 crore, aviation accident insurance up to Rs 2 crore, a zero-balance salary account with enhanced benefits, and special interest rates on loans for home, education, car, personal needs, etc.
Card benefits include airport lounge access, rewards program, cashback offers, unlimited transactions, and waiver of maintenance fees.
"By integrating insurance, medical cover and enhanced banking facilities into one composite salary account package, the scheme provides employees with ease of access, financial security and peace of mind," the ministry said.
Private Banks Should Hold Awareness Camps
The ministry further said that the Department of Financial Services has advised public sector banks to promote these products extensively through their official websites, run special awareness campaigns in government departments, provide detailed information about the products to central government employees, and facilitate the transfer of existing salary accounts to this new package with the consent of the employees.
M. Nagaraju, Secretary of the Department of Financial Services, launched the Salary Account Package in the presence of the Chairman of SBI, MD, and CEOs of all nationalised Banks, as well as the CEO of NPCI.
(With Inputs from PTI)