Composite Salary Account: The central government has launched a new composite salary account, but 2.5 lakh employees are excluded from this scheme. The All India NPS Employees Federation has demanded that the Finance Minister extend benefits to these employees as well…
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Composite Salary Account Benefits: If you are a central government employee, there’s a big update for you. Recently, the central government launched a new and special Composite Salary Account, but approximately 2.5 lakh employees have been left out of this package. The All India NPS Employees Federation has written a letter to Finance Minister Nirmala Sitharaman on behalf of these employees. In the letter, they have demanded that all benefits be provided to these employees as well.
What is this Composite Salary Account Package?
A Composite Salary Account is a salary account that provides banking facilities, insurance cover, and debit/credit card benefits. The Finance Ministry has launched this scheme in collaboration with all government banks.
Dr. Manjeet Singh Patel, National President of the All India NPS Employees Federation, has also posted about this package on Instagram. He has attached a letter in this post, stating that this package strengthens employees’ financial security, social security, and banking needs.
Therefore, limiting it solely to central ministries is not appropriate. He further wrote that employees of the Delhi government (GNCTD) and other union territories practically work within the central government. Therefore, they should also benefit from this scheme. According to the central government’s current decision, approximately 2.5 lakh employees working in the country’s approximately 5,000 central autonomous bodies are currently excluded from this scheme.
Benefits of Composed Salary Account Package
| Facility | detailed information |
|---|---|
| Zero Balance | No charges even if there is no money in the account |
| Free Transfer | RTGS, NEFT, UPI all free |
| Free cheque book | without additional charge |
| Locker Discount | Rent discount |
| Family Banking | For family members |
| Cheap loans | Home, Education, Vehicle, Personal Loans at low interest rates + low processing fees |
| ₹ 1.5 crore insurance | Free personal accident cover |
It should be noted that the Composite Salary Account is directly linked to the 8th Pay Commission. The scheme was launched by the Department of Financial Services (DFS) under the Ministry of Finance and is offered as a welfare package for central government employees.
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