Banking has emerged as one of the most preferred career options among the young generation today. This is partly because that the vacancies in the banking sector are going up day by day accommodating most of the unemployed people whereas the sector also offers lucrative career growth to anybody who is diligent and hard-working. You can start your career as a banker in various capacities and still, you can reach at the top of the hierarchy if you are willing to learn and shoulder responsibilities. There are various jobs available in the banking sector of the country.
Various Job Profiles as a Banker
You can start your career in the banking industry as per your qualification. For most of the banking jobs, you need to write a test and at the same time, you need to have excellent communication skills and leadership skills. You can start as a sub-staff or a clerk or a probationary officer in any commercial bank in the country. Apart from that, you can also start as a specialist officer in a bank and can use your academic skills in your daily office life. You can also play a regulatory and developmental role if you are joining organisations such as RBI, NABARD, National Housing Bank etc.
Job Titles and salaries in Banks
With the merger of six associates with the SBI, there are now 21 public sector banks in the country and they together employ about 8 lakh people.
Salaries of public sector bank employees are revised every five years and due for revision with effect from November 01, 2017. The previous increase in salaries was agreed at an average of 15% in May 2015.
Salary increment depends on the profitability of public sector banks. Here we are providing salary details of various job positions in public sector banks.
You can start your career in any bank as a sub-staff. This is the lowest most cadre of recruitment in any bank. For most of the banks, you need to pass at least the 10th exam in order to be eligible for this post. However, you are required to pass an exam before you are appointed in a bank. You are mainly expected to do work of a peon or a sweeper in the branch or any administrative office. You can rise in ranks if you manage to acquire requisite educational qualification during your tenure at the bank.
The salary of Sub-Staff in public sector banks ranges from Rs 9560 to Rs. 18545 per month. After 11th bi-partite settlement, it is expected that salary of sub-staff will be increased to Rs. 44200 per month.
If you are ready to be the front line staff for any commercial bank in the country, you need to be at least a graduate. Apart from that you need to have basic computer knowledge as well as communication skills. You are expected to do the front line job such as account opening, passbook entry, fixed deposit opening, marketing of various products of the bank etc. You have very good opportunity for career growth if you are joining the bank as a clerical cadre staff. However, in this role, you do not normally possess any decision-making ability.
Salary of clerks
The Junior Associates or clerks or single window operator in public sector banks get a salary in the scale of 11765-655/3-13730-815/3-16175-980/4-20095-1145/7-28110-2120/1-30230-1310/1-31540. The total emoluments in a metro city will be around Rs 23600/- per month inclusive of all the allowances at the current rate. However, the pay scales are due for revision with effect from November 01, 2017.
These officers are also called Management Trainees. Probationary officers are the backbone of any branch since they are required to keep a tab on the daily activities of the branch. They manage the cash, account opening, preparing reports, marketing, loan account opening, compliance part etc. You can rise up to the rank of the head of a bank if you join as a PO in any commercial bank. If you are good enough, you can also make it to the RBI as the Deputy Governor. Probationary officers are recruited through the exam conducted by SBI and IBPS.
Salary of PO in public sector banks
The salary of Officer JMGS I (Junior Management Grade Scale I) or probationary officers in banks ranges from Rs. 23700 to Rs. 42020.
For other Scale officers:
MMGS II (Middle Management Grade Scale II): The salary ranges from 31705 to 45950.
MMGS II (Middle Management Grade Scale III): The salary ranges from 42020 to 51490.
SMGS IV (Senior Management Grade Scale IV): The salary ranges from 50030 to 59170.
SMGS V (Senior Management Grade Scale V): The salary ranges from 59170 to 66070.
The entry-level basic pay is higher in SBI as compared to other nationalized banks. The starting basic pay is Rs 27620 with four advance increments in the pay scale of 23700-980 (7) – 30560 – 1145 (2) – 32850 – 1310 (7) – 42020.
Well, if you want to use the academics in banking, you are certainly going to become a specialist officer in any bank. They recruit officers in disciplines such as IT, HR, Agriculture, Marketing, Planning, Corporate Finance etc. These officers are expected to take care of the concerned department only. However, they get ample opportunity to use the academic knowledge in day to day banking if they join as a SO in any bank. Though the career growth is limited, you can leave a good lifestyle in only the metropolitan centres.
Specialist officers (SO) in banks offered in banks offered lucrative packages and perks.
The take-home salary of an IBPS SO scale I after his/her appointment will be approximately between Rs. 30,000 - to 38,000.
Presently, grade MMGS III specialist officers in SBI get a salary in the pay scale of 42020-1310/5-48570-1460/2-51490. The total compensation per annum on CTC basis is 18.00 lacs depending on the place of posting and other factors.
Grade B Officer at RBI (Generalist/ Statistics / Economics)
Being at RBI means you are a part of the regulating process of the banking industry in India. You can enter the bank once you pass the rigorous recruitment process of the apex bank of the country. As generalist officer, you will manage the basic functions of the bank whereas in Economics and Statistics department, you are supposed to take care of these areas only. RBI plays the role of the regulator as well as the development of banking in the country. So, you are going to be a part of the decision-making process for regulation and development of banking in the country.
The starting basic pay of RBI grade B officer is Rs. 35,150/- p.m. in the scale of Rs. 35150-1750(9)-50900-EB-1750(2)-54400-2000(4)-62400 and they are also eligible for Dearness Allowance, Local allowance, House Rent Allowance, Family allowance, and Grade Allowance as per rules in force from time to time. At present, initial monthly Gross emoluments are approximately Rs. 67,933/- (approx.)
NABARD Officer Grade ‘A’
Another shot at a banking career you can have is with NABARD. Being the development organization for agriculture and rural economy, you need to have good and thorough knowledge about the rural economy. You are also a regulator of the co-operative banks in the country, so, you need to have basic knowledge of that industry as well. This is a very prestigious job in the banking industry because rural India looks up to NABARD for development and assistance. You require to pass the examination by NABARD in order to get into the organization.
The officers in Grade ‘A’ NABARD draw a starting basic pay of Rs.28150/- p.m. in the scale of 28150-1550(4) -34350-1750(7) – 46600 –EB - 1750(4)- 53600-2000(1)-55600 and they are also eligible for Dearness Allowance, Local Compensatory Allowance, House Rent Allowance, and Grade Allowance as per rules in force from time to time. At present, initial monthly gross emoluments are approximately Rs.61,000/.
If you are mainly interested in making money, investment banking should be the only option for you. However, big investment banks mainly pick up candidates from the Ivy League organisations as well as IIMs in India. Hence, you need to have a degree from these prestigious organisations in order to land a cushy and cool job as an investment banker. This a high paying job as well.
Corporate financing, treasury operations etc
This is a part of normal banking for commercial banks. You need to possess requisite qualifications for bagging a role in these areas in any commercial bank. Apart from these departments, there is Foreign Exchange department as well in all the banks. You can land a job there also if you are an expert in this area.
Banking is a sector that is growing in leaps and bounds these days because of the scope involved in this sector. This is a sector that is going to employ the largest number of people in the coming decade in India. If you want a life with challenges and responsibilities, banking is the career for you. Added to that is the chance to travel various places in India as well as abroad.