Salary and Service Conditions of Probationary Officers!

I have already posted salary and service conditions of clerks for the benefit of new recruits who joined Indian Bank and undergone training from 02.03.2014.

Many P.O.s already working and who are going to join Indian Bank on 30.06.2014 are asking me to post the same for Probationary Officers also.

While I was preparing material for them I decided to do it in a comparitive chart style.

Here is the chart. Any discrepancy may be brought to my notice.

	P.O/OFFICERS (fig.in Rs.)	CLERKS (fig.in Rs.)
Basic Pay (initial)	14,500	8,000
D.A.	97.5% of Basic Pay	97.5% of Basic Pay
H.R.A (rural)	6.5% of Basic Pay	7% of Basic Pay
C.C.A	3.5% of Basic Pay (Applicable for places with Population more than 5 lac)	0
Special allowance	0	500 for SWO
Transport Allow.	0	225
Gross Salary (initial)	Around 30,000	Around 17,000
Max. Basic Pay On retirement	34,200 (Scale 1&2) 35,100 (Scale 2&3) 40,400 (Scale 4)	24,900
JAIIB/CAIIB Increments	JAIIB-One Increment CAIIB-One Increment	JAIIB-One Increment CAIIB-Two Increments
Medical Aid	5,100 (upto Scale 3) 6,320 (from Scale 4)	2,000
Halting Allowance (Chennai)	1,000+reimbursement Of room rent	500 only 375,300 for other centres
*Training centers	Luxury accommodation,boarding Facility at “Image” building at Chennai. In other centers can avail luxury Hotel stay (Rent reimbursable.)	Clerks are not allowed inside”Image” premises. Dormitory facility,without boarding available in one or two centres.
LFC encashment (75%) Per unit-2 years block	5,333	3,396
Reimbursement of / Hospitalisation	Room rent/day= max.700 and for all other charges 125% of workmen Limit (for scale 1 to3). 150% of workmen Limit (for scale 4 and above).	Room rent/day =max.450 All other charges subject to Upper limits
*Petrol reimbursement from Bank’s revenue account	Up to 40 litres	0
*Furniture	Can purchase furniture upto 1,00,000 (Bank will reimburse) and use it. Need not repay amount/surrender furniture, if served for 10 years.	0
*Housing /rent facility	Leased accommodation Rent Upto 8,000	0
Compensation on transfer Lumpsum	9,000 to 12,000	745
*Group life Insurance	Upto 10,00,000	6,00,000
Working hours	24 hours? (not defined)	6.5 hours (excluding lunch interval)
*Transfer Policy	Defined Transfer policy is not Followed. Will transfer at any Time at Bank’s discretion.	Defined transfer policy Is there. Management at times use Loop holes in the policy.
*Promotion Policy	Settlement arrived  at, between Bank & unions and followed.	Settlement arrived  at, between Bank &unions and followed.
Leave facility	C.L. 12 days per calender year. P.L. one day for 11 days worked S.L. 540 days @ Half Pay upto 25 years and additional 90 days for remaining service Maternity Leave: 6 months on one occasion & 12 months during entire career	-Same-
*Housing loan Limit *Vehicle Loan	Max loan 20 lacs Interest rate 8% p.a. simple Max. 7 lacs for car Max.90,000 for two wheeler	Max loan 12 lacs Interest rate 8% p.a. simple Max. 3.5 lacs for car Max. 75,000 for two wheeler
*Welfare Measure from Staff welfare fund	Cost of Newspaper, canteen subsidy, Scholorship,books/education, cost of spectacles,Health check-up, 24 hour accident cover (48 time of Pay), post retirement  benfits for retired employees, Reimbursement of actual expenses in respect of Creche for infants Holiday homes, etc.,etc.,	-Same-
Retirement Age	60 years	-Same-
Pension for employees joined after 01.04.2010	10% of B.P+D.A  from employee+ 10% of B.P+D.A  from Bank will be credited to New Pension Scheme	-Same-
Gratuity at the time of retirement	Depends on the last drawn salary subject to Max. 10,00,000	-Same-
Day to day risk:
1.Transactions below 25,000	Nil	100%
2. above 25,000	50%	50%
3. shortage of cash	0%	Any amount
4. accepting of forged note	0%	Any amount
5. wrong credit to accounts	Upto 25,000= 0% Above 25,000=50%	Upto 25,000= 100% Above 25,000=50%
6. Decision taking risk ( Loans)	Yes	No

Points with * are Bank specific provisions. May vary from bank to bank