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( As on 15/01/2026 14:59)

DFS Launches Composite Salary Account Package for Central Government Employees with PSU Banks

The Department of Financial Services (DFS) under the Ministry of Finance has launched a Composite Salary Account Package for Central Government Employees, in collaboration with Public Sector Banks, aimed at enhancing financial well-being and social security.

The package was formally launched by M. Nagaraju, Secretary, DFS, in the presence of the Chairman of State Bank of India, MDs and CEOs of all nationalised banks, the CEO of National Payments Corporation of India (NPCI) via video conference, and senior DFS officials. The initiative aligns with the Government’s vision of Viksit Bharat 2047 and the goal of Insurance for All by 2047.

Designed as a one-stop financial solution, the package offers a comprehensive suite of banking, insurance and card-related benefits under a single salary account. It has been structured in consultation with banks to ensure uniformity, convenience and broad coverage for employees across all cadres—Group A, B and C.

Key features of the Composite Salary Account Package include:

Banking Facilities

Zero-balance salary account with enhanced features

Free RTGS, NEFT and UPI transactions along with cheque facilities

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

Reduced loan processing charges

Locker rent waivers and family banking benefits

Insurance Coverage

Personal accident insurance cover up to ?1.50 crore

Air accident insurance cover up to ?2 crore

Permanent total and partial disability cover up to ?1.50 crore

In-built term life insurance cover up to ?20 lakh with optional top-up

Comprehensive health insurance for self and family with base and top-up options

Digital and Card Benefits

Enhanced debit and credit card features

Airport lounge access, reward programmes and cashback offers

Unlimited transactions and nil maintenance charges

DFS said detailed information on the scheme is available on its official website. The department has advised Public Sector Banks to widely publicise the package, organise awareness camps in government departments, proactively reach out to employees, and facilitate migration of existing salary accounts to the new package with employee consent.

The initiative seeks to provide Central Government employees—key pillars of public administration—with seamless access to modern banking services and comprehensive financial protection through a single-window solution, reinforcing the government’s commitment to employee welfare and financial security.