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The demand for the Probationary Officer jobs in the Banking Sector never seems to diminish. One of the major reasons for this is attributed to the attractive salary and the other allowances that this job offers. As far as the Bank of Baroda PO post is considered, the scope for career growth as well as job security are both at par, leaving no reason for the candidate to look back upon it. However, the annual salary that a BOB PO receives is a little lower than SBI PO and few others. But, this does not refrain the aspirants from applying to this job post. So, in this article let us read the details of the Bank of Baroda PO Salary 2021. Have a good read!
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Bank of Baroda PO Salary 2021
Bank of Baroda PO job position offers numerous perks, benefits and emoluments to the candidates. That is why, this post is a hot-favorite among the banking aspirants. Every year thousands of job seekers apply for the post of Bank of Baroda Probationary Officer. Even though the selection process along with the one year post graduate diploma course seem to be tedious, it is not stopping the candidates from applying to this post.
Once selected, the candidate will enjoy numerous other benefits along with the basic monthly pay. Also, salary increment is also provided from time to time to all the deserving candidates. As the bank offers a reliable job once the candidate is selected, many people give this recruitment examination a shot, in spite of having to earn a specific post graduate diploma for this.
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Bank of Baroda PO Salary Structure
1: What does the acronym "ATM" stand for in banking?
In this section of the article, we will give our readers the details of the Bank of Baroda Pay Scale. As salary is the most important and crucial factor for any job aspirant, a decent salary scale will attract more and more candidates. This is exactly what happens in the case of a BOB Probationary Officer post. The conducting body promises a decent BOB PO Salary Scale to each candidate upon selection.
- The basic monthly pay of a newly recruited Probationary Officer in any branch of the Bank of Baroda will receive a monthly salary of Rs. 23,700/-.
- The basic pay will increase by Rs.980 after one year of the appointment of the Probationary Officer.
- The coolest fact about the BOB PO Salary Structure is that the basic pay will be increased by Rs.980 for seven times until it reaches Rs. 30560.
- After this, the officer will be eligible for an increment of Rs. 1145 for two years.
- Upon completing the above mentioned two years and as the basic pay reaches Rs. 32850 , each officer will be eligible to receive an increment of Rs.1310 for the upcoming seven years.
- This will sum up the basic pay of a Probationary Officer as Rs. 42020/-.
All of the above changes in the BOB PO Pay Scale can be summarized as Rs. 23700-980 x 7/30560 -1145×2 / 32850-1310 x7/42020. Investigating all of the above changes that take place in the pay scale of the Bank of Baroda PO, it can undoubtedly be classified as one of the best jobs in the banking sector that offers an attractive salary also.
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BOB PO Perks and Allowances
As already told, the Bank of Baroda offers countless perks, allowances and benefits to the candidates who get selected to the post of Probationary Officer. Some of the important ones are listed below:
- Dearness Allowance – The dearness allowance or DA changes on a quarterly basis. However, it is assumed that each of the candidates will receive a decent dearness allowance along with the paycheck.
- Transport Allowance
- House Rent allowance
- City Compensatory Allowance
- Reimbursement of medical charges
- Utility reimbursements like newspaper, furniture, cleaning, etc
- Easy loan facilities for housing, vehicles, computers, etc.
To sum up, the annual salary of a Probationary Officer who is placed in any one of the metropolitan cities will be 8 lakhs per annum.
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Bank of Baroda PO Stipend
As is known to all of us, all of the candidates who qualify the initial selection stages conducted by the Indian Institute for Banking Personnel Selection (IBPS) must undergo a mandatory one year diploma programme in collaboration with the Manipal Academy of Higher education (MAHE). During this period the initial nine months will be for raw classroom learning while the final three months will be dedicated for on-the-job training. During the entire on campus period of nine months, each of the candidates is entitled to receive a monthly stipend of Rs.2500.
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Bank of Baroda Reimbursement Details
At least some of the jobseekers stay away from applying to the job post of the Probationary Officer at the Bank of Baroda due to the hefty course fee. However, most of the aspirants are unaware that there is an option for course fee reimbursement or reversal to the candidate upon successful completion of working for 5 years as Probationary Officer in the bank. The Bank states this as a loyalty bonus for staying with them throughout. The entire course fee will be returned to the officer who completes the Diploma from Baroda Manipal School of Banking.
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Bank of Baroda PO Service Bond
As there is so much effort in the selection process of the Bank of Baroda Probationary Officer, the authorities demand a service bond from the candidates upon joining. The details of it are described here.
- During the time of joining of the candidate as the Probationary Officer, it is mandatory to sign a three year bond w.e.f the date of joining.
- If a candidate is unable to keep up with the bond terms and agreement, he/she must pay back the entire stipend amount received during the course period as well as an additional amount of Rs. 1 lakh.
- The additional 1 lakh rupees payable accounts to compensate for the cost of training as well as to liquidate the balance loan amount.
- On completing three years with the bank, any officer who intends to leave the organization needs to pay only the balance amount of the loan.
Other Particulars
- During the probation period (first 1 year), there are no earned leaves for the PO’s. However, the officer will be entitled to casual leaves.
- On completion of the first year with the bank, an earned leave will be added to the officer’s account for every 11 days.
- There are provisions for 30 sick leaves for the officer, any time of the year.
- The basic job roles include planning, marketing, budgeting and loan processing along with handling customer queries and complaints, etc.
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Let’s Conclude
The Bank of Baroda PO post is an excellent opportunity for all the banking job aspirants who aspire for excellent career growth. As the candidate gets ample exposure by working in one of the leading nationalized banks in the country, the post of Probationary Officer is indeed the right way to kick start the career. So, what are you waiting for! Start your preparations for the Bank of Baroda PO Exam today itself! Good Luck Dear Aspirants!
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