Comprehensive Salary Account Package

Context

Recently, the Department of Financial Services, Ministry of Finance, launched a comprehensive salary account package for central government employees in public sector banks.

About the Comprehensive Salary Account Package

• This initiative is in line with the government's vision of a "Developed India 2047" and the national commitment to insurance for all by 2047.
• It aims to provide central government employees with a comprehensive package of banking and insurance benefits under a single, accessible account structure.
• The package has been carefully designed in consultation with banks to ensure maximum coverage, uniformity, and convenience for all categories of employees (Group A, B, and C).
• The three main segments of this product are banking, insurance, and cards, making it a complete financial solution for employees. The key features of the comprehensive salary account package are as follows:
  1. Banking Facilities
     1. Zero-balance salary account with advanced features
     2. Availability of free fund transfer (RTGS/NEFT/UPI) as well as cheque facility
     3. Concessional interest rates on loans for housing, education, vehicle, and personal needs
     4. Waiver of loan processing fees
     5. Discount on locker rent
     6. Family Banking Benefits
  2.  Enhanced Insurance Coverage
     1. Personal accident insurance up to ₹1.50 crore
     2. Air accident insurance up to ₹2 crore
     3. Permanent total and partial disability cover up to ₹1.50 crore
     4. Term Life Insurance: Built-in term life insurance cover up to ₹20 lakh, with additional top-up facility to enhance insurance coverage at affordable premiums.
     5. Health Insurance: Comprehensive health insurance coverage for self and family, including a base plan and additional top-up facility. This allows for enhanced insurance coverage at affordable premiums.
  3. Digital and Card Features
     1. Enhanced benefits on debit and credit cards
     2. Airport lounge access, rewards programs, and cashback offers
     3. Unlimited transactions and zero maintenance fees
     4. Full details of the comprehensive salary account package are available on the Department of Financial Services (DFS) website at https://financialservices.gov.in.