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Is the salary of Public Sector Banks a Silver Bullet for student’s future?

               Hard work fueled by undying endeavor and dedication is always associated with equivalent or justified expectation. Be it a personal life or a career objective, the two sides of the coin remains unaltered. Many dedicated aspirants who are preparing for Public Sector banks are anticipating the same. Hence, the answer to my question will be a BIG “YES”, and it has to be.

    Before we turn the white-paper of facts and figures to support my argument let me make you aware that although the salary structure for a fresher getting into public sector banks as P.O. is not “the best” but it is not bad either. Other associated perks coming along with a big security tag and a respectable profile makes it even more lucrative. So, if you are the one ‘Hard-worker’, pull up your shocks tighter to grab it in a way you never had done before.

    So, let’s get straight to the point. Salary, the BIG Question!

    Bank Probationary Officer Salary (newly recruited):

               Bank Probationary officer’s, usually referred to as P.O.’s starting salary in most of public sector banks and even in some private banks is same.  The last revision of salary of Bank P.O. has taken place wef 1st November, 2007.   All newly recruited P.O.s are placed in the following scale at the 1st stage of the same.  (However, banks like SBI, ICICI bank and other private sector banks have some different starting salary for probationary officers ):

    Scale I – Rs. 14500 – (600×7) 18700  – (700×2) -  20100  (800×7) -   25700 (Revision has already become due wef 01/11/2012, but it is  likely to take about 2 years to finalize the same i.e. by Dec 2014)

    NEWLY APPOINTED BANK PO - INITIAL SALARY / STARTING PAY ON JOINING [as on 1st October 2012]

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    Don’t you think it is quite lucrative looking at the whole structure? Wait this is not all! Check out the perk which adds up to its value.

    Other perks those are available to Bank PO:

    The amount and the type of perks vary from bank to bank. SBI gives more perks than all other nationalized banks.  Some of the perks available to Bank officers are:

    (a) Leased Accommodation: This facility is available to Bank officers in lieu of HRA.  At some stations, some banks may offer official bank accommodation in lieu of leased accommodation / bank quarters. The lease amount varies from bank to bank and places of posting.  This can vary from Rs.2500 to over Rs.10, 000/-.  However,you should remember that this amount is not available as cash component and will directly go to the house owner – those house you have got leased.

    (b) Travelling Allowance:Some banks allow fixed Travelling Allowance (TA) whereas others allow reimbursement of petrol bills i.e. officer must own scooter / car at the place of posting.

     (c) Newspaper Reimbursement:A fixed monthly amount is paid towards the cost of one newspaper.

     (d) Medical Aid:A fixed annual amount is paid by most of the banks.

     (e) Coverage under New Pension Scheme: A particular pension scheme is facilitated after their retirement.

    The total CTC for Bank Probationary Officers:

    Although, Basic Pay, DA are clearly defined for P.O.s, yet other allowances like HRA / leased accommodation, Petrol charges, Medical Allowance,  Entertainment allowances, canteen subsidy, vary from bank to bank and place of posting (rural / semi urban / metro).  Thus, CTC will vary from bank to bank and place of posting.  However, we give below a BROAD CTC for Bank POs:

    Sl NO Particulars Monthly Annual
    1 Basic 14500 174000
    2 DA (@ 76.5% in Dec 2012)* 11092 133104
    3 CCA 540 6480
    4 Leased Accommodation 8000 96000
    5 Medical Aid N/A 5100
    6 Entertainment N/A 4600
    7 Newspaper N/A 2400
    8 Petrol 2000 24000
    9 Canteen Subsidy 250 3000
    10 Pension Contribution 1450 17400­­­­­­­­­
    11 Mobile / Telephone 200 2400
      Grand Total 468484

            Thus CTC works out to be about 4.69 lacs for newly recruited P.O. in a Bank. However, as mentioned earlier the amount eligible for items at S.l. No. 4 to 10 are dependent on the bank as well as the place of posting. SBI still adheres to a different slab. It’s needless to recite my quote or answer myself when the above speaks for itself. If you are an aspirant or thinking to be an, you are on the right track. So just go all out and get it!!

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