Tuesday, June 24, 2014

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)
97.5% of Basic Pay
97.5% of Basic Pay
H.R.A (rural)
6.5% of Basic Pay
7% of Basic Pay
3.5% of Basic Pay (Applicable for places with
Population more than 5 lac)
Special allowance
500 for SWO
Transport Allow.

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)
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)
Halting Allowance
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
Reimbursement of /
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
Can purchase furniture upto 1,00,000
(Bank will reimburse) and use it. Need not repay amount/surrender furniture, if served for 10 years.
*Housing /rent facility
Leased accommodation
Rent Upto 8,000
Compensation on transfer Lumpsum
9,000 to 12,000
*Group life Insurance
Upto 10,00,000
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

*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,
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.,

Retirement Age
60 years
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

Gratuity at the time of retirement
Depends on the last drawn salary subject to Max. 10,00,000
Day to day risk:

1.Transactions below 25,000



2. above 25,000



3. shortage of cash


Any amount

4. accepting of forged note


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)


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


Anonymous said...

Thankyou soo much for your effort in giving all this information sir

Anonymous said...

What will be the final in-hand salary for a newly joined PO after the proposed merger of some percent of DA with Basic and the 11% increase on the payslip that IBA proposed ?