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Indian Bank, which is one of the top public sector banks in India, will release the official Indian Bank PO 2020 Notification for admission to Post Graduate Diploma in Banking and Finance (PGDBF) course at Indian Bank Manipal School of Banking (IBMSB) soon. Upon completion of the course, the applicants will be recruited as Probationary Officers at different branches of the Indian Bank across the country. In this article, we will discuss Indian Bank PO Salary 2020 – Perks and Allowance.
Indian Bank Probationary Officer is a highly prestigious job that offers a great salary and ample growth opportunities. Aspirants must have a clear idea about the Salary structure, allowances, perks and benefits, job description, and career opportunities that they will get if they manage to clear the Indian Bank PO Exam. In this blog, we will provide you with all this information. Continue to find out.
Indian Bank PO 2020: Overview
Before getting into the details of Indian Bank PO Salary 2020 – Perks and Allowance, let’s have an overview of the exam:
|Indian Bank PO Recruitment 2020: An Overview|
|Name of the Exam||Indian Bank PO 2020|
|Exam Conducting Authority||Indian Bank|
|Position||Recruitment of Probationary Officers (PO) – Admission to PGDBF Course at IBMSB|
|Location||All Over India|
|Number of Vacancies||Not announced Yet|
|Mode of Exam||Online|
|Stages in Selection Process||Three (Prelims, Mains, Personal Interview)|
The online registration for the exam will start shortly after the release of official Notification. Aspirants must go through the official Indian Bank notification and check the Indian Bank eligibility criteria before applying for the exam.
Indian Bank PO Salary 2020 – Perks and Allowance
Indian Bank provides some special allowances to its employees appointed as a Probationary Officer. Indian Bank PO Salary 2020 – Perks and Allowance section covers the details about the PayScale and the other allowances & perks of an Indian Bank PO Job.
- The PG diploma course duration is 12 months which is also the training period. It involves 2 stages:
- 9 months of classroom training at Manipal Global Education Service, Bangalore.
- 3 months internship at Indian Bank Branches.
- On completion of 12 months of training, the trainees shall be awarded the PG diploma in banking & finance along with their appointment letter to work as PO in Indian Bank with salary an approximate salary of Rs.32,000 – 38,000/ month.
- The actual cost of undergoing this course at Manipal global inclusive of boarding, Lodging and course fees, other fees is Rs.3.50 lacs, which can be paid through an educational loan provided by the bank.
- Repayment of educational loan shall start only after the training period, which is after the aspirants become an officer in the bank.
- Since EMI’s will be deducted from the salary for a period of 84 months, aspirants should work with the bank for 7 years.
- Indian banks will refund the loan amount from the 6th year onwards at the rate of 20% every year.
Indian Bank PO Salary Structure
The final in-hand Salary of an Indian Bank PO will depend upon the location of posting. Salary will vary for metro cities, state capitals, and district level or rural areas as certain components of the salary will depend on the location of posting.
Now let’s have a look at the detailed Indian Bank salary structure:
|Indian Bank PO Salary Structure|
|Dearness Allowance (DA)||10,163.63|
|City Compensatory Allowance (CCA)||3 to 4 percent|
|House Rent Allowance (HRA)||6.5 percent, or 7.5 percent or 8.5 percent depending upon the location of posting|
The total in-hand Indian Bank PO Salary per month will be around Rs 38,000 inclusive of all components.
Other Perks And Benefits
Apart from the above-mentioned Salary, the Probationary Officers of Indian Bank will get the following benefits:
- Furniture expenses (one time),
- Newspaper allowance,
- Travel allowance,
- Business development expenses,
- Medical aid and expenses,
- House maintenance expenses, etc.
In this article, we discussed Indian Bank PO Salary 2020 – Perks and Allowance. Keep visiting this blog for more updates on various government jobs.