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The probationary Officer position in the junior management scale in the banking sector is one of the most sought positions among the graduates. Being a private bank, the salary and allowances provided by the South Indian Bank are far better than any other private bank in the market. Since they do follow the recommendations of the Indian Bank Association the salaries are somewhat similar to that of the nationalized banks. Let’s check the South Indian Bank PO net pay scale, allowances, and other benefits.
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South India Bank PO Salary 2022
The South Indian Bank PO salary scale follows the recommendations given by the Indian Banks’ Association (IBA). Following the IBA approved rates, the salary scale of the Probationary Officers in the Junior Management Scale has a pay scale of Rs. 36,000 – 1,490/7 – 46,430 – 1,740/2 – 49,910 – 1,990/7 – 63,840. along with other allowances like Dearness Allowance, House Rent Allowance, etc. Other than this the officers do get various incentives/bonuses based on their performances or the business. Since in 2020 the Bank employees’ unions and the Indian Banks’ Association (IBA) have agreed to the 15 per cent annual hike in salary, we can expect an appropriate rise in the annual salary each year. But candidates won’t get all allowances as of a normal employee till they complete the 02 year probation period.
Since the salaries in South Indian Bank is fixed by association, officers will get the same grade salary both in SIB or any other Public Sector Bank. So, with all allowances, the South Indian Bank PO net pay on joining will be around Rs. 35,000. Some of the earnings included in the South Indian Bank PO salary structure is:
- Basic Salary
- Dearness Allowances
- House Rent Allowance
- Special Allowances
- City Compensatory Allowance
Other than this in the event of transfer according to the Indian Bank Officers’ Service Regulations 1979,
the transferred officer is eligible for travelling allowance as per his/ her entitlement. They are also eligible for joining time on one occasion and not exceeding seven working days exclusive of the number of days spent on travel, to enable him/ her to join the new position to which he/ she is appointed while on duty in his/ her old post
The deductions include:
- National Pension System Fund (NPS)
- Tax Deductions (TDS)
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South Indian Bank Inhand Salary 2022
1: What does the acronym "ATM" stand for in banking?
IBA approved pay scale of Rs. 36,000 – 1,490/7 – 46,430 – 1,740/2 – 49,910 – 1,990/7 – 63,840.
South Indian Bank PO 2022: Allowances
The benefits for Probationary Officers in SOuth Indian Bank according to the management are:
- Leave: Considering the overall wellbeing of the officers, a very receptive leave policy is offered to them, which includes mandatory wellbeing leave as well.
- Travel benefits: Based on their cadre in the South Indian Bank, officers are eligible for domestic as well as foreign leave travel concessions.
- Staff loans: The officers of the bank are entitled to avail of housing loans, vehicle loans, furniture loans, educational loans, gold loans, overdrafts etc. at special staff rates which are much lower than the normal bank rates.
- Insurance: The officers are entitled to two sets of insurance coverage:
- Medical Insurance cover of Rs. 4 lakhs for the officer, his/ her spouse, children and dependent parents.
- Life Insurance Cover
- Accommodation and Housing: The compensation of officers include house rent allowance or leased rental accommodation, where the employees get the house rent as a part of their package. The higher the cadre, the higher will be the housing allowance. Bank also has residential quarters in some of the prominent locations in India like Mumbai, Hyderabad, Ahmedabad, Delhi, Chennai, Bangalore, etc.
- Other benefits: The Probationary Officers are entitled to various other allowances like fuel, entertainment, cleansing, periodicals, furniture allowance, annual medical aid, annual vehicle maintenance etc.
SIB Promotion and Career Growth 2022
SIB PO post salary isn’t all that counts. The position offers a better and stable career growth too. The candidates can check the promotions likely to be on your way if you are cracking the PO exam.
- Scale I: Probationary Officer
- Scale-II: Manager
- Scale III: Senior Manager
- Scale IV: Chief Manager
- Scale V: Assistant General Manager
- Scale VI: Deputy General Manager
- Scale VII: General Manager
- Executive Director (ED)
- Chairman and Managing Director (CMD)
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