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IPPB has recently announced notification for various respectable posts in the bank. This is a golden opportunity for anyone who is looking for a job in the banking sector. The details about the salary of the various posts are also included in the official notification. Salary is different for each post mentioned in the notification and the bank has also said that there will be a dearness allowance and other benefits for selected candidates. IPPB was founded with the aim of providing banking services more conveniently for all citizens of the country in 2017. The bank was formed when the Government of India decided to use the vast network postal offices and turn them into a financial institution. Let’s see more about the salary details
Salary for IV, V, and VI in Corporate office
| Scale | Pay Scale | Approximately CTC |
| TEGS -VI | RS.68,680- 76,520 | Rs.2,18,294 |
| SMGS – V | RS.59,170- 66,070 | RS. 1,76,664 |
| SMGS – IV | RS 50,030- RS.59170 | RS 1,44,250 |
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Salary for Scale IV & V ( Circle Positions)
1: What does the acronym "ATM" stand for in banking?
| Scale | Pay Scale | Approximately CTC |
| SMGS- V | Rs 59.170-66.070 | Rs. 1,76,664 |
| SMGS – IV | Rs.50,030- RS.59170 | Rs. 1,44,250 |
Salary For Scale II, III,IV & V
| Scale | Pay Scale | Approximately Monthly CTC |
| TEGS- VI | Rs. 68,680- Rs 76,520 | Rs. 2,18,294 |
| SMGS – V | RS, 59,170-66,070 | RS. 1,76,664 |
| SMGS – IV | Rs 50,030- Rs 59,170 | Rs.1,44,250 |
| MMGS – III | Rs. 42,020- Rs 51,490 | Rs. 1,06,000.00 |
| MMGS -II | Rs. 31,705,Rs 45,950 | RS. 83,000 |
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Allowance and Benefits
- House rent
| Classification of Place | Rate |
| Major “ A” category cities ( Population with more than 45 Lakhs | 9 % of Pay |
| “ A” Category cities ( Population over 12 lakhs and below 45 lakhs) | 8 % of pay |
| All other places ( Population over 5 lakhs and below 12 lakhs | 7 % of pay |
- Special Allowance – Scale I and II- 7.75 % of Basic pay + applicable dearness allowance
- Fixed personal pay – Scale I and II – 1,453
Other Allowances
This includes half of the basic salary that will be deducted from the salary. HR should be informed about the allowance that the selected officers wish to take in the coming year. The information should be passed on to the HR in the month of April itself without any delay. Officers should also take note that the package of benefits should not exceed 50 % of the base salary. The ‘other allowance’ mentioned above include
- Furniture allowance
- House cleaning allowance
- Newspaper allowance
- Club membership
- Casual Labour
- Leave travel concession
- Entertainment allowance
- Reimbursement of a mobile allowance
- Children education allowance
- Petrol – not applicable for scale VI and VII
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The halting and reimbursement of travel expenses vary according to the salary scale and the location in which the officers are visiting. The duty-specific allowance is given as another sort of payment
- Split duty allowance
- Hill and fuel allowance
- Special area allowance
- Project area compensatory allowance
- Mid academic year transfer allowance
Conclusion
Entri’s classes will help you to pass the IPPB exam with ease. We have made necessary changes according to the interests of our users in our teaching pattern so that you will be able to learn more conveniently. Our mock tests, video classes will help you to understand the portions that are necessary to learn for the exam and will make you prepare accordingly
A job in the IPPB will give you respect and a good income so it is very important to prepare to keep in mind the same. With constant effort and hard work, you will be able to pass the exam and get your dream job easily
