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IBPS RRB PO 2018: Salary and allowances

Jun 22, 2018 16:00 IST
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IBPS RRB PO: Salary and allowances
IBPS RRB PO: Salary and allowances

Salaries are one of the most important components when choosing a job. In government banks, jobs are in the highest demand in today's time, with good wages, gratuity, pension schemes and loans on employees with low interest rates.

The IBPS RRB PO notification is out for recruitment of Scale I Officers in the participating Regional Rural Banks (RRBs) in various states of the country. The recruitment process will involve Prelims, Mains and Interview.

Given the grueling nature of the recruitment process, you need to be motivated throughout the time. The best way to keep motivating yourself is to know the salary and perks you will get once you are appointed as a Scale I officer in one of the 56 RRBs in the country.

IBPS RRB Scale I Officer: Detailed Salary structure

As per the present pay scales, the Scale I officers are paid based on the scale of 23700-980/7-30560-1145/2-32850-1310/7-42020. The officer can reach up to the level of Rs 42,020 in the scale with the subsequent increments in the scale. In case the officer gets promotion in-between, he or she will be transferred to the pay scale of that cadre.

The pay scales are due for revision w.e.f 01.11.2017.

Note: The above pay scale is mentioned on the basis of information given on the official website of All Haryana Rural Bank (https://www.shgb.co.in/Pdfs/Ten_80151484merged_document_2.pdf)

Apart from the basic pay of Rs 23700, the officers are entitled for the following allowances and perks:

  • Dearness Allowance
  • Special Allowance
  • House Rent Allowance / Leased Accommodation
  • Newspaper allowance
  • Travelling Allowance
  • Household Cleaning Expenses
  • Medical Reimbursement
  • National Pension Scheme
  • Conveyance allowance
  • Hill Station Allowance
  • Overtime Allowance
  • Furniture Allowance
  • Leave Travel Concession
  • Leave Encashment

Dearness Allowance

The Dearness Allowance (DA) is given to the employees as a percentage of the basic salary and at present, the same is around 46.5% of the basic salary. This is revised every three months based on the All India Consumer Price Index Data published by the Ministry of Statistics and Program Implementation, Government of India. The Bank unions are determined to make it a monthly revision in the impending wage settlement.

IBPS RRB 2018 Syllabus and Exam Pattern: Prelims, Main and Interview

House Rent Allowance / Leased Accommodation

This allowance is also given as a percentage of the basic salary of the officer and it depends on the place of posting being semi-urban, rural or urban. For rural areas, it is given as 5% of the basic pay whereas for semi-urban areas, it is 7.5% of the basic pay and the same is 10% in case of the urban areas of the country.

There is also a scheme of providing leased accommodation to the officers and the same will be borne by the bank. The lease amount also depends on the location of posting. However, you are not entitled for the HRA if you have taken a leased accommodation. The same also holds true if you are allotted a quarter of the bank.

Special Allowance

This allowance has been included in the last wage revision for the banks. It is now 7.75% of the basic pay. It came into effect from 01.01.2016.

Newspaper Allowance

This is given to the officer for purchase of newspapers and magazines. It is basically given half yearly or yearly. The amount varies from Rs 200-300 per month in a given RRB. Please note that it may not there in certain RRBs as well.

Travelling Allowance

This is not a monthly or yearly allowance but is given for expenses undertaken for travelling while being on official duty. The most common example is the NPA Recovery travelling or going for training. Apart from the TA bill, bank officers are also entitled for the Diem Allowance while on training. It also depends on the city to which he or she is going on training. Since most of the training establishments are in the cities, it ranges from Rs 750-800 per day while being in training. The DA is adjusted to 1/4th in case the food and lodging are provided by the bank.

Household Maintenance / Cleaning Allowance:

This allowance is given to the officers for maintenance of the houses, be it own accommodation or leased accommodation or bank quarters. This amount is around Rs 300-350 per month depending on the bank. However, again, some of the RRBs may not have the provision of this allowance.

Medical Reimbursement:

This is one of the most important perquisites offered by the banks to all the employees. You may get treatment in any hospital of your choice and the expenses will be reimbursed by the bank. While 100% will be reimbursed for self, 75% will be given by bank in case of the dependents. The officers are also entitled a lump-sum amount every year towards this purpose, on declaration basis. On an average, this amount is Rs 8000 per year.

Conveyance Allowance:

This is given to the officers for everyday conveyance expenses. If you have a vehicle, petrol expenses are paid every month based on litres such as 325 litres for rural areas, 35 litres for semi-urban areas and 50 litres for urban areas. In case there is no vehicle, a lump-sum amount is paid every month and this amount varies from Rs 750-800 every month.

Hill Station Allowance:

Hill Station Allowance is paid every month to the employees posted in the hilly regions. It is calculated as a percentage of the basic pay. The RRB PO cadre employees get 4% of the basic pay as hill station allowance.

Overtime Allowance:

The overtime expenses are paid in case in case you are sitting beyond the normal working hours but please make note of the fact that it cannot be claimed on daily basis. It is in the discretion of the branch manager to sanction this amount. This ranges from Rs 150 to Rs 200 per hour in the RRBs across the country.

Furniture Allowance:

It is given to the officers for furnishing the leased accommodation / own accommodation / company quarters. This is given for a particular period, say, 5 years. For a newly recruited probationary officer, this amount is generally 1.25 lakhs for a period of 5 years though it may vary from one bank to the other.

Leave Travel Concession:

For the Scale I Officers, the leave travel concession is given for travelling to the home location or outstation locations. Generally, Scale I officers are entitled for AC-Tier II class for 3000 km to and fro for one instance. This is given for a block of four years.

Leave Encashment:

The Officers are entitled for leave encashment. Leaves can be encashed against the Privilege Leaves. These leaves are accumulated against 11 days you have attended your office. Once these leaves are accumulated up to 240 days, you can get the equivalent salary for the period.

The IBPS RRB Scale I Officer is a post that will give you a decent salary along with a number of perquisites. Apart from that, bank officers command a lot of social respect. This article is for detailed understanding of the things in store once you become an officer in any of these banks. So, give your best and the best will be yours.

All the BEST!!

IBPS RRB 2018: Important Dates, Exam Pattern, Syllabus, Eligibility Criteria

IBPS RRB Officer Scale I: Job Profile and Service Conditions

DISCLAIMER: JPL and its affiliates shall have no liability for any views, thoughts and comments expressed on this article.

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