South Indian Bank Clerk Salary 2022 – Inhand Salary, Allowances

South Indian Bank has released the Clerk recruitment 2022. The interested candidates can apply for the post within the given time period. The application will be accepted from 5 January 2022 to 11 January 2022. Lets see the complete details regarding the salary scale of the Clerk post here. If you are a graduate aged below 27 years, wishes to join the banking sector, then the clerical cadre positions in the South Indian Bank will be a great option. if you can crack a single-stage computer-based test and the personal interview. With salary and allowances on a par with other nationalized banks, the South Indian bank does offer a relaxed but secure career. Check out the SIB Notification 2022 for further details. Let’s check the South Indian bank clerk salary structure in detail.

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South Indian Bank Clerk Salary Structure 2022

The South Indian Bank Clerk’s salary will be on a pay scale similar to that of the IBPS Clerk’s. After the initial 06 months of probation, the salary does increase every 03 years of service completion. The lastest SIB Clerk salary scale is Rs. 11765 – 655/3 – 13730 – 815/3 – 16175 – 980/4 – 20095 – 1145/7 – 28110 – 2120/1 – 30230 – 1310/1 – 31540. So on joining with all allowances one can expect an in-hand salary of around Rs. 20,000 or more based on the branch location. Like other nationalized banks the South Indian Bank Clerk’s pay scale is also decided on the recommendations by the association.  Apart from the above-mentioned pay scale, the South Indian Bank Clerk’s are also entitled to various allowances, and benefits like TA, HRA, etc. Some of the earnings included in the SIB Clerk’s salary structure is:

• Basic Salary
• Dearness Allowances
• House Rent Allowance
• Special Allowances
• City Compensatory Allowance

SIB Clerk Inhand Salary 2022

Lets check out the SIB inhand salary and the increment scheme here

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SIB Clerk Allowances 2022

The  eligible allowances of a South Indian Bank Clerk are :

• Dearness Allowance (DA):  The DA is revised quarterly based on the Consumer Price Index (CPI) as declared by the banks. In recent times the Dearness Allowance (DA) for bank staff has been hiked to 27.79%.
• House Rent Allowance (HRA): This varies according to the home branch location. The House Rent Allowance can be 8.50%, 7.50% and 6.50% depending on metros, big cities, and other locations. Usually, the HRA varies between Rs. 1176.5/- to Rs. 1058.85/-
• Medical Allowance: There will be an annual medical allowance of up to Rs. 2000/.
• Transport Allowance (TA) – Transport allowances are usually around Rs. 450/ to Rs.500. But depending upon the location it may vary accordingly.

Some of the deductions included in the salary structure are:

• Union Subscription
• Group Insurance
• Professional Tax
• Penson Fund, and
• Financial Aid For Bereaved Families Scheme (FABF)

With all allowances and dedication, the starting gross salary can be around Rs 19,461.

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South Indian Bank Clerk: Perks and Benefits

The benefits for Probationary Clerk’s in South Indian Bank according to the management notice are:

• Leave: Considering the overall well-being of the staff, a very receptive leave policy is offered, which includes mandatory well-being leave

• 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 South Indian bank’s permanent staff are entitled to avail various loans such as 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 leased rental accommodation or house rent allowance, where the employees get the house rent as a part of their package. South Indian Bank also has residential quarters in locations in India like Mumbai, Hyderabad, Ahmedabad, Delhi, Chennai, Bangalore, etc.
• Other benefits: The staff are entitled to various other allowances like entertainment, cleansing, fuel,  periodicals, furniture allowance, annual medical aid, annual vehicle maintenance etc.

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