Well! Getting into Government services is considered to be the greatest achievement in this century. Nowadays, among all job sectors Public sector Bank jobs are favored by many of the aspirants because of it benefits and facilities provided by various banks as well. Obviously, achieving a bank job is a challenging dream for many of us. However, As we all know, there are so many public sector banks in India but to decide which bank to be chosen as our career can be a little bit messy and confusing. In this article, we have enlisted top 10 best public sector banks in India.
Top 10 Public Sector Banks in India
As its name states Public sector banks are governed held by Govt. of India. Why these jobs are mostly aspired by us? A handful of answers will be there, isn’t it ? It may be salary, benefits like increments, group medical insurance, reimbursements, quarter facilities etc, moreover job security and a pension plan for secure retired life. We thought to get it analysed about this trend among youth having a peculiar perceptions about their career. The list given here is comprised of the top ten best paying government banks of India has been drawn after a comparative study of salaries offered to familiar banker jobs. This blog has been created after keen observation and analyzing the various banks’ advertisements for recruitment over the past few years. We tried here to bring out a brief study on the leading government banks of India offering their employees in terms of salary package and allowances.
Salary and Allowances
Before that let’s see some common terminologies regarding salary :
- Basic Pay or Basic Salary: It is that amount which a bank pays to an employee excluding any allowances.
- Allowances: These are additional expenses given as a percentage of basic salary. Most common types of allowances are:
(a) Dearness Allowance (DA): It is a cost of living adjustment allowance paid to the Government and Public Sector (PSU) employees. Usually, in banks, it is revised on a quarterly basis (i.e. every three months) based on the Consumer Price Index (CPI), which is the deciding factor for the inflation of that quarter. Hence, DA is always found to be in directly proportional to inflation rate.
(b) House Rent Allowance (HRA):
HRA is provided to the employees in order to meet their expenses pertaining to rent for their accommodation. In case of a bank PO, HRA depends on the place of posting. It is always calculated as 9.0% or 8.0% or 7.0% depending upon metro cities, big cities and other locations.
(c) Special Allowance:
The SA allowance is paid over and above basic salary.
(d) Compensatory City Allowance (CCA):
CCA is paid to employees who are usually posted in metro cities, still for some PSU’s they are even categorized cities on to various types and CCA is allotted but for metro cities it will be comparatively more.
(e) Travelling Allowance:
CA is paid for commutation between the employee’s home and office. Some banks will provide a fixed Travelling Allowance (TA),while others allow reimbursement of fuel bills or will provide common shuttle for employees.
Perks and benefits allotted for employees
(a) Leased Accommodation:
It is available to some designations like bank PO instead of HRA. In case of some cities, banks provide Official Bank Accommodation as leased accommodation like guest houses or else.
(b) Newspaper Reimbursement:
A fixed monthly amount is paid for one newspaper.
(c) Medical Aid:
A fixed annual amount is paid by most of the banks.
(d) Benefits of New Pension Scheme:
According to this scheme, every employee must contribute a 10% of Basic Pay and D.A. and the banks the employer also makes corresponding contribution to the scheme
Here, we will find a time bound career progression in each Public Sector Enterprises(PSU) including bank which is just another extreme as in case of Private sector, where we will find a target based progress. You can join as a clerk and reach out upto CMD level, if you are possessing a good qualification along with hard work and dedication Many public sector banks have foreign branches so they will send employees on deputation. Thus, a Public Sector (PSU) bank gives us an opportunity to work in foreign countries as well if you wish to work abroad.
List of Top 10 Public Sector banks in India
Let’s peep into the list of 10 best paying banks:
STATE BANK OF INDIA (SBI)
It is for certain that in India while considering top banks in any category SBI comes to the prime position without any denies. The SBI, an Indian multinational, public sector banking and financial services statutory body. One of the largest commercial public sector bank in India with respect to its business value, customer obsession, number of branches, headcount of employees and employee salary CTC. SBI, also holds the glory of being the highest paying public sector bank in India and because of this job at the State Bank of India truly lucrative, which is considerably more than that offered by the competitor banks. The State Bank of India with its largest network stands out among all the PSU banks. As per the Salary survey 2014 done by Financial Express SBI pays around 8% more than standard market salaries.
BANK OF BARODA (BOB)
BoB is a bank hailed as one of the largest public sector banks in India with around more than 4000 branches in India , with the most comprehensive salary packages for employees. Recently, Government of India announced the merger of Bank of Baroda, along with Vijaya Bank and Dena Bank on September 17, 2018 to create the country’s third largest lender after SBI and ICICI bank. This amalgamation is considered to be the first-ever three-way consolidation of public sector banks in the history of India, with a combined business of Rs 14.82 lakh crore. Also, as the bank incorporates a sizeable overseas presence its staffs might have the chance to be deputed outside of India.
PUNJAB NATIONAL BANK (PNB)
The second largest public sector bank of India, PNB is ranked high in matters of employee satisfaction.The bank employees also enjoy perks and benefits. PNB had a place in the prestigious Forbes Global 2000, this reputed institution has quite a few impressive offers for candidates.
CENTRAL BANK OF INDIA
Central bank may be small when compared to the other banks but it is known for paying high salaries to its employees. This bank is comparatively smaller bank has firmly consolidated its place among the leading public sector banks in India paying some of the best salaries in the industry.
UNION BANK OF INDIA (UBI)
UBI is another public sector bank that offers good salary package to their employees. Apart from the salary bank offers valuable incentives to its employees and also provides loans on a subsidised rate.
INDIAN OVERSEAS BANK
IOB is a stable , public sector bank job, promotion opportunities are time bound within every 3 years, salary increments in every 5 years, great place to maintain work life balance.
Andhra bank is a medium sized bank recruits their employees through IBPS, benefits are comparatively better.
Headquartered at Bangalore , Canara bank is one of the oldest bank in India. Bank Clerks are also paid well in this bank and get a salary of around 4.5 LPA. Probationary officers or assistant managers get around 4.5 LPA. Here is some more:
ORIENTAL BANK OF COMMERCE
The bank is one of the public sector banks in the country. OBC offers a wide range of banking products and services such as deposit accounts, loans, debit cards, credit cards (in
collaboration with SBI), Internet banking, Mobile Banking, Self-banking halls, call centre, etc.
Syndicate bank, here you will find a good work culture and good exposure. It functions same as it motto in all sorts “service with a smile”.
It’s quite important to note that almost all banks listed above are recruiting their staff through IBPS common examination, so their benefits, perks salaries will be similar except the designations.We, the ENTRI team hope that this blog would help you to get a good understanding of Top Ten Public Sector Banks Paying Best Salary In India.
We wish you all success to grab a job at India’s top public sector bank, we are glad to be a part of your journey. Please feel free to join us @ entri.me for any preparation related queries!