The Finance Ministry has taken a big and beneficial step for central employees. The Department of Financial Services (DFS) under the Finance Ministry has launched the Composite Salary Account Package.
Its objective is to provide many benefits related to banking, insurance and cards to the employees through a single salary account. This new package will increase convenience, security and financial benefits for the employees.
1. Zero-balance salary account
The biggest attraction of this package is its zero-balance account. Employees will not be obliged to maintain minimum balance. Apart from this, there will be no charges on digital payment facilities like RTGS, NEFT and UPI. Basic banking facilities like check book and locker are also included in it.
2. Loan at concessional interest rate
Employees will get concessional interest rates on facilities like home loan, education loan, vehicle loan and personal loan under this account. Along with this, loan processing charges will also be waived, which will reduce the total financial cost.
3. Accident Insurance up to ₹2 crore
The package will offer personal accident insurance up to ₹1.5 crore and air accident insurance up to ₹2 crore. Apart from this, coverage up to ₹1.5 crore will also be available in case of permanent total or partial disability.
4. Term life insurance facility
Term life insurance up to ₹20 lakh is available for employees. Top-up option also provides the facility to increase the cover if required.
5. Facility of health insurance coverage
This package also includes health insurance coverage for the employee and his family. The coverage can be increased as and when required through the top-up facility with the base plan.
6. Airport Lounge Access and Card Benefits
In Composite Salary Account, employees will also get facilities like airport lounge access, cashback, rewards program and unlimited transactions on debit and credit cards. Maintenance charges will not be taken.
7. Different features according to bank and level
Employees have been advised to compare the features of different banks before opening an account. For example, at Central Bank of India, Cadre C employees will get four domestic and two international lounge visits a year, while Cadre A and B employees will get the benefit of two domestic and two international lounge visits every quarter.
Who can take advantage
This package is available for Group A, B and C employees of the Central Government. At present this policy is not applicable to Group D employees and employees of some autonomous bodies.