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South India Bank PO Salary 2022 – Inhand, Allowances

by Sruthy
January 7, 2022
in Articles, Banking
South India Bank PO Salary 2022 - Inhand Salary, Allowances
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Table of Contents

  • South India Bank PO Salary 2022
  • South Indian Bank Inhand Salary 2022
  • South Indian Bank PO 2022: Allowances
  • SIB Promotion and Career Growth 2022

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.

Download Entri! Try Our Free South Indian Bank PO 2022 Mock Test

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)

Click here to attempt a free SIB PO 2022 sectional mock test

South Indian Bank Inhand Salary 2022

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:
  1. Medical Insurance cover of Rs. 4 lakhs for the officer, his/ her spouse, children and dependent parents.
  2. 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)

Download Entri! Try free South Indian Bank PO 2022 mock test

Entri wishes you all the best for the upcoming South Indian Bank PO 2022 recruitment. Start your UPSC, SSC, State PSC’s, insurance recruitment as well as the IBPS, SBI, SIB, and other banking exams preparation today with Entri. Our experts will help you with thousands of practice questions, video classes, mock tests, study materials, and personal mentor-ship to succeed in the South Indian Bank PO exam. Download Entri, and start attempting our mock tests, analyze yourselves to improve your success rate in the next South Indian Bank PO online exam.

South India Bank PO Exam Information Links
South Indian Bank PO Notification South Indian Bank PO Selection Process
South Indian Bank PO Syllabus South Indian Bank PO Mock Test
South Indian Bank PO Exam Date South Indian Bank PO Video Course
South Indian Bank PO Application Form South Indian Bank PO Study Materials
South Indian Bank PO Vacancy South Indian Bank PO Interview Questions
South Indian Bank PO Admit Card South Indian Bank PO Job Profile
South Indian Bank PO Study Plan
South Indian Bank PO Preparation Tips and Tricks
South Indian Bank PO Previous Question Papers South Indian Bank PO Result
South Indian Bank PO Best Books South Indian Bank PO Cutoff
South Indian Bank PO Eligibility Criteria South Indian Bank PO Exam Analysis
South Indian Bank PO Answer Key
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