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Every year many banks release the notification, which includes private as well as government banks. If we look at our past few years we have seen a rise in the number of private sector banks. In today’s date candidates are more reluctant to apply for a private bank thinking of the work pressure. The reality is the banking industry has been growing at a very impeccable rate,the competition has been increasing hence work pressure is in both private as well as government banks. Lets help you escape this skeptic nature. In this blog we will discuss on Job Profiles, Postings, pay scale etc for both Private Bank jobs as well as Government bank Jobs.
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Private Bank Jobs VS Government Bank Jobs: Vacancies
Private Bank
The Private Bank releases rarely release notifications, most of the private bank tie-up with the training institutes where they train B.com or any graduate with all the banking skills needed. They also partner with many colleges and recruit students through placements. There are more than 20 private banks in our country. They don’t qualify candidates on the basis of reservation quota.
Government Bank
The Vacancies of Government banks are released nation- wise. The vacancies are less as compared to private banks. They also advertise their notification in newspapers and magazines. Public Sector bank follows reservation quota, the reservations are divided into GEN/OBC/SC/ST.
Private Bank Jobs VS Government Bank Jobs: Payscale
1: What does the acronym "ATM" stand for in banking?
Private Bank
Private Banks are a stepping stone for aspiring bankers. They look at it as an opportunity to learn the needed skills and enter into the highly competitive banking industry. The Salary structure of Private sector banks is very less as compared to Public Sector Banks. It is mainly for the entry-level positions, the clerk and probationary officers get quite low as much as half of what the public sector banks offer. In a Private Bank, a Probationary officer gets an in-hand salary of Rs 34561/- including all perks and allowances.
Let’s see an example of the salary structure of an ICICI Bank PO;
- Basic Pay: Rs. 11000/- pm.
- House Rent Allowance: Rs. 5000/-
- Conveyance Allowance: Rs. 2500/-
- Superannuation Allowance: Rs. 1650/-
- Leave Travel Allowance: Rs. 2000/-
- Additional HRA Allowance: Rs. 3125/-
- Canteen: Rs. 1300/-
- Medical: 1250/-
- PF & Gratuity: Rs. 2236/-
- Performance Pay: Rs. 45000/-
Government Bank
Government bank jobs are considered to be an elite job in the society. Exams such as SBI, IBPS get lakhs of forms every year for a couple of thousand vacancies. The competition is very high to qualify for a public sector bank exam. After the 7th Payscale commission, the public sector bank employees have received a major hike in their salary. A Pubic sector bank such as an SBI PO employee has a whooping package of Rs8 lakh per annum. An SBI Clerk gets ann in-hand salary of Rs25,000 along with other benefits. The Basic Pay might seem less but the additional perks and allowances for a person working in public sector banks are quite high.
We have listed below the details of the monthly salary structure of SBI PO Employee;
- Basic Pay: 27,620/-
- Dearness Allowance: 18,183/-
- House Rent Allowance: 2.485/-
- City Compensatory Allowance: 870/-
- Smart Compensation Package: 11,683/-
- Smart Comp Package LTC/HTC: 1,250/-
- Special Allowance: 2,140/-
- Total Monthly Pay: 64,173/-
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Private Sector vs Public Sector Bank Jobs: POSTING/TRANSFER:
Employees of Government Banks are transferred frequently after a period of time. You might end up getting posted in your dream city or might be posted to a rural area.
And the posting rate is comparatively low in the case of Private Banks, making the job more stable. Also, there are fewer chances of you being posted in rural posting in rural areas.
Private Bank Jobs VS Government Bank Jobs: Conclusion
Hence we can conclude that it depends on the Candidates perspective and priorities. If someone is willing to dedicate and prepare for a public sector exam they can do that if someone is urgently in need of a job they can check out the vacancies of private sector banks. The Perks and Benefits also play a major role in making a decision for prospective career growth. Most importantly what candidates look at is salary structure, hence they can play their path by taking into consideration all the factors mentioned above.
That will be all from our end at Entri, hope your idea of joining into any of the above organization is clearer now. Entri wishes you all the best for your upcoming examinations. Start your Preparation today itself. Entri will help you with thousands of questions. Attempt mock tests, analyze yourselves improve your success rate.
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