The Department of Financial Services (DFS), Ministry of Finance, has launched a Composite Salary Account Package for central government employees. Designed in partnership with public sector banks, the package integrates banking, insurance, and card benefits under one account, aligning with the government’s Viksit Bharat 2047 vision and “Insurance for All by 2047” goal.
On January 14, 2026, the Department of Financial Services introduced a unified salary account package for central government employees, offering a comprehensive suite of financial services. The initiative, unveiled by Financial Services Secretary M. Nagaraju, brings together banking facilities, insurance coverage, and card services into a single, streamlined account structure.
The package was developed in consultation with public sector banks to ensure uniformity, broad coverage, and convenience across all cadres (Group A, B, and C). It aims to enhance financial well-being, reduce administrative complexity, and provide employees with easy access to integrated benefits.
Key Highlights
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Banking Facilities: Zero-balance salary accounts, free RTGS/NEFT/UPI transfers, concessional loan rates, locker rental waivers, and family banking benefits.
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Insurance Coverage: Up to ₹2 crore insurance under the scheme, supporting the “Insurance for All by 2047” mission.
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Card Services: Debit and credit card benefits integrated with salary accounts.
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Vision Alignment: Supports Viksit Bharat 2047, focusing on financial inclusion and social security.
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Stakeholders: Launched with participation from SBI, nationalized banks, and NPCI.
This initiative represents a one-stop financial solution for central government employees, reinforcing the government’s commitment to inclusive growth and employee welfare.
Sources: Financial Express, CNBC-TV18, The Hindu Business Line, PoTools Blog