Government Rolls Out Composite Salary Account Package: What Central Govt Employees Will Get

The government has launched a composite salary account package for central government employees to offer them enhanced banking services. The Department of Financial Services (DFS) initiated this measure to ensure the financial well-being of central government employees. M. Nagaraju, Secretary, Department of Financial Services, Ministry of Finance, launched the account on January 14, 2026. The composite salary account will serve as a one-stop financial solution where employees can avail of banking, insurance and other financial services.  

The package will offer employees banking and insurance services under a single account structure. Per the government statement, banks have been consulted before launching this composite account, so as to provide maximum coverage and convenience for employees across cadres.  

It is called composite because it will be a package of banking, insurance and card services.  

This is a zero balance account, offering free Real Time Gross Settlement (RTGS), National Electronic Fund Transfer (NEFT), Unified Payment Interface (UPI) services, and cheque facilities. The concessional rate loans (housing, education, vehicle, and personal), waiver of processing fee and locker rentals are some of the other features of this account, along with family banking benefits.

In the insurance segment, the account will offer personal accident insurance for up to Rs 1.50 crore, partial and permanent disability cover up to Rs 1.50 crore, and air accident insurance of up to Rs 2 crore.

In addition to it, a term life insurance of up to Rs 20 lakh will be in-built, but account holder would be able to increase the coverage by paying an additional but affordable premium.

Health Insurance is another benefit offered in this account, offering a comprehensive health cover for employees and their families with a base plan. Similar to term insurance, a top-up facility will be available to increase the coverage at an affordable premium.

Like other bank accounts, the composite salary account will also offer cards (debit and credit) and offers on them, such as reward points, cash back, airport lounge access, zero maintenance charges and unlimited transactions.

The composite bank account offering is aimed to provide employees with a holistic financial solution with ease of access and financial security.

The government has asked public sector banks to reach out to the government departments, spread awareness among employees and support them to migrate their existing accounts to these composite package accounts.