New Delhi. The central government has taken a big initiative for its employees. The Department of Financial Services (DFS) under the Finance Ministry has launched the Comprehensive Salary Account Package, which will provide all the banking, insurance and card related benefits of central employees in a single account. The main objective of this initiative is to free employees from the need for separate accounts and policies.
what is this feature
This new salary account will be available on zero balance and includes many benefits. Under this, employees can take home loan, education loan, vehicle loan and personal loan at low interest rates. Apart from this, digital transactions like RTGS, NEFT and UPI will be completely free. Check book, locker rent waiver and banking benefits for family members are also part of this package.
All employees of Group A, B and C of central employees can avail the benefits of this account. The Ministry has appealed that all employees should upgrade or migrate their existing salary accounts to their public sector banks. However, Group D employees are not included in this scheme and it is not yet clear whether employees of central autonomous institutions will be included in it or not.
Insurance and card facilities
What makes this account special are its insurance and card facilities. Employees will get personal accident insurance up to Rs 1.5 crore, air accident insurance up to Rs 2 crore and in-built term life insurance up to Rs 20 lakh. Health insurance will cover the employee and his family.
Debit and credit card holders will also be given facilities like airport lounge access, reward points and cashback. These benefits may vary according to the bank and the post (cadre) of the employee, hence it is necessary to get information from the bank before opening the account.
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