India Post Payments Bank (IPPB) vs IBPS PO: Which one is better?
IBPS PO offers you a job that is well defined and well known but in case of IPPB PO, most of the things are not certain since this is the first time they are going to recruit and the service conditions are not known properly till now.
India Post Payments Bank has recently come out with a notification to recruit 650 Assistant Managers for various branches it is going to open in the next year when by September 2016, the bank is going to launch operations in the full fledged approach. The job is still a mystery for many because there is not much on the table regarding the job. On the other hand, IBPS PO is also round the corner and many of you are wondering what to do in the next few months regarding applying and then preparing for this job. In this article, we are going to give you a detailed analysis regarding both IBPS PO and IPPB PO so that we can help you make an informed choice regarding your future.
IBPS PO vs IPPB PO: Which one to opt for?
IBPS PO will give you job in one of the public sector banks in the country and sadly, there is no ECGC this time in IBPS and it is conducting its individual examination to recruit Scale I officers in its various offices across the country and along with, EXIM Bank is also not in the list of recruiting banks. On the other hand, we have IPPB which is going to start full-fledged operations from September 2016. Let’s find out which one is better for your future:
- Nature of job: As a Probationary Officer in any PSB, you will be responsible for mobilizing deposits for your bank in Current Account Saving Account (CASA) accounts and also fixed deposits and at the same time, you will be responsible for selling third party products such as mutual funds, insurance products etc. Apart from that, you have to give loans under various government schemes most of which are going to become NPA for sure and you have to take responsibility for the same by following up with the borrower. In case of IPPB, you are not supposed to give loans and transactions in case of savings and current accounts are limited upto a sum of Rs 1 lakh only. So, your life will be of like a human being and not like a robot as is expected from you in a PSB.
- Postings: In case of IBPS PO, forget your social life because unless you are a girl or you can influence postings, you are going to be posted in rural and remote areas with no infrastructure and no power in some cases though you are expected to ensure growth in business of your bank. Your life is going to be like a loner with no family and friends and in most of the cases, no way of entertainment (yes, there will be no cinema halls or shopping malls, leave it, you are not going to get water in some cases). In case of IPPB, there will be 650 branches initially and most of you are going to get postings in urban areas and metro cities. You are not going to be forced to leave your life and live a secluded life.
- Salary: The salary at the entry level for IBPS PO employees is around 37000 gross in a rural place without the perks and house lease amount given by the bank. In case of IPPB as well, the starting basic salary is going to be same as that of IBPS PO i.e. Rs 23700 and the overall salary is also going to be the same as in class A cities as PSBs give around Rs 65000-70000 to the probationary officers initially including the house lease amount. Yes, SBI gives this amount in the advertisement and that is why, that figure of 12.93 lakhs comes in the advertisement.
- IBPS PO is public sector whereas IPPB PO is a government job: Yes, you are an employee of the public sector and not a government employee as such because in most of the PSBs, the central government holds the majority stake only and not the owner whereas in case of IPPB, the government is the sole owner as it is owned 100 percent by the central government.
- Job stress: IBPS PO is a job where in every step you are going to face stress from your seniors because they are screamed at by their superiors. From the very first day, your main concern will be bridging the gap between the target of your deposits and advances. If loan becomes NPA, you have to run after the borrowers. In case of IPPB, there will be no loan and transactions will be upto a limit of Rs 1 lakh, so, the life at the bank as PO is going to be easier as compared to that of PSB officers.
- Transfers in the job: One drawback of a bank job is considered to be frequent postings associated with the job. Every three years, you are going to be transferred to a different branch or role. This aspect is going to be the same in case of both IBPS PO and IPPB PO since both are transferrable in nature.
- Promotional Aspects: Banking sector is hailed as the one with the fastest chances of promotion. Here, you can become the chairman of a bank if you join young in the bank as a probationary officer. This is going to be the same in case of both IBPS PO and IPPB PO since both will reward performers as per the existing policy of promoting officers. IPPB PO is going to be better in terms of promotion since there will be whole new set up and people will be less in the initial stages and with expanding operations, you will get opportunities to rise in ranks in the bank.
IBPS PO offers you a job that is well defined and well known but in case of IPPB PO, most of the things are not certain since this is the first time they are going to recruit and the service conditions are not known properly till now. But, if you are going to devote your time for other examinations once you join the bank, IPPB PO is the right and better option for you since IBPS PO job demands too much time and attention to devote time for other things. Promotional avenues and salary are same in both the jobs. Take decision according to your priorities and do well in life.
All the best !!