Salary accounts for Central govt. employees will improve saving accounts: Finance Ministry

With an aim to strengthen banking outreach among central government employees, M. Nagaraju, secretary of Department of Financial Services, Ministry of Finance, unveiled a Composite Salary Package Accounts Opening Camp at Kartavya Bhavan on Tuesday. It was jointly organised by State Bank of India (SBI) and Canara Bank, while 12 public sector banks took part in the event.

Addressing a gathering, Mr. Nagaraju said that salary accounts offer scope for improvement in saving accounts amid public sector banks facing pressure on current account savings account balances.

SBI New Delhi Circle Chief General Manager, Debasish Mishra, highlighted the advantages of Central government salary package, stating it would help both government employees and banks.

It works as a win-win for Central government employees who get significant value addition to their salary accounts maintained with the Banks.

The event was aimed at strengthening banking outreach to Central government employees by offering convenient, efficient, and comprehensive financial solutions under the composite salary package initiative.

Central Government Salary Package accounts is a term used by PSU banks to add free security, investment and loyalty products for employees.