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The Job of a Bank PO is considered to be as one of the best lucrative career option and white collar job.Every year lakhs of aspirants attempt these Bank PO exams. This is the most obvious choice for most of the job seeking candidates as it offers a high career growth and prospects for a bright future in banking.The aspect of job security, provision for future promotions and a better salary structure attracts quite a lot of young enthusiasts to join banking sector as probationary officers. After completing the two years of training the candidates become eligible to take further promotion opportunities. Candidates need to undergo internal examinations held for promotion by the banks in order to achieve the higher position. It is not possible for the candidates though to direct apply for managerial position, a managerial post requires adequate knowledge of banking operations and ability to run a branch single handedly which comes only with experience, taking the decisions on a daily basis that make or breaks the performance of any branch. In this blog we will discuss about the job responsibilities of a Bank PO, the salary details and how does the actual career path of a Bank PO looks like.
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Bank PO: Hierarchy of a Bank
Graduates and freshers of any college can join the banking sector without any prior experience. They can join as a Clerk or a Probationary Officer(Scale I). The process of job application starts with two written tests know as Prelims and Mains, post which a interview is conducted to judge the characteristics of the candidate is suitable for the job profile. The candidates join the bank at the level of Probationary Officer and they remain on probation for 2 years, in actual their designation is known as Assistant Manager.
During their probation period of 2 years they gain experience in various types of banking operations such as loans, savings and current accounts, forex operations etc. The job role of Bank PO requires them to work with several other departments of the bank from time-to-time. A Bank Po post is the entry level position at which a bank officer starts work after posting. Normal prospect of this job is general banking and bank administration, however the Bank PO’s are expected to have excellent communication skills and the ability to resolve conflicts in a cool and calm manner.
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Job Profile
1: What does the acronym "ATM" stand for in banking?
- Working upon daily customer transactions, passing a cheque, draft issuance, cash management etc.
- Working as a public relations officer, handle customer complaints and address various customer related issues
- Supervision of clerical work, taking decisions for the benefit of the bank, managing cash balance
- Verifying all the work done by bank clerk. Taking care of the loan related documents and performs on site visit of the loan taking parties as and when required.
- Issuing of ATM cards, cheque books, Demand Drafts etc.
Bank PO: Salary Details
The salary varies from bank to bank, here we have mentioned about SBI PO for your understanding.
At present, the starting basic SBI PO salary is Rs 27,620 (with 4 advance increments). The pay scale for Junior Management Grade Scale I is 23700-980/7-30560-1145/2-32850-1310/7- 42020.
Over this amount, the following allowances would apply;
- Dearness Allowance: The new revised current DA is 33.7% of the Basic Pay. Hence the current rate, the D.A would be around Rs 8,000.
- Special Allowances: For scale I the special allowance is 7.75% om which DA is also payable. Hence, for the component, a Bank PO would receive around Rs 2,500.
- HRA: This depends on the place of posting and it would be between 7% to 9% of basic pay.
- CCA(City Compensatory Allowance): This also depends on the place of posting and would be 3-4% of basic pay.
The total compensation per annum on CTC basis is Rs 8.20 lakhs (minimum) and Rs 13.08 lakhs (maximum) depending on the place of posting. SBI also offer a SMART Compensation Package which enables candidates a choice to monetize specific elements of the salary package.
Bank PO: Career Promotions
There is a well-defined career progression path in each public sector bank. Performance and potential are key elements which determine this career progression. Most senior officials in public sector bank started their career as scale I officer.
- Junior Management Grade Scale I: Officer i.e PO
- Middle Management Grade -Scale II: Assistant Manager
- Middle Management Grade -Scale III: Branch Manager
- Senior Management Grade -Scale IV: Chief Manager
- Senior Management Grade -Scale V: Assistant General Manager
- Top Management Grade -Scale VI: Deputy General Manager
- Top Management Grade -Scale VII: Chief General Manager
- Top Management Grade -Scale VIII: General Manager
In many banks, a person who joined as an officer may reach to the position of General Manager in 14 years. After that one can aspire for the postion of executive director or chairman of a bank. These are very high positions, nominations to which is decided by the Government and not by the individual banks.
Many public sector banks have a network of foreign branches. Thus, joining a public sector bank gives you the opportunity to working abroad as well.
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