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Comparative list of Salary, Probation period, Minimum Service Period and Bond amount in Banks

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February 23rd, 2013 Leave a comment Go to comments

In India, now Public sector bank recruitments has been seen changed much in last one year on various grounds. A candidate who is going to join any public sector bank required to follow rules made for their probation period, minimum service period from the date of joining and bond to be signed. A candidate now can select their bank of joining from list of all available jobs with PSB’s in advance.

Due to high competition with private banks, public sector banks are now opening more branches in remote and rural areas. This also requires more manpower to operate banking services smoothly. More manpower requirement by public sector banks can be seen from past year 2012 where 60000 vacancies have been advertised to fill various posts.

In current year 2013-14, 22400 PO Jobs has been declared by institute of banking personnel selection (IBPS) for 21 PSB’s. These jobs will be for candidates who will qualify through merit list.

Salary and Bond in Banks

Now due to single exam system, aspirants need to provide their preference of joining in participating banks. To provide a more clear view of salary, probation period, minimum service period and bond, we are providing here complete list of all participating banks. Candidates can compare rules made by banks at single place before their joining.

Here is comparative list of all Public sector banks for candidates joining as PO

Bank Pay/month Probation Min. Service period Bond Amount
Allahabad Bank Na 2yrs 3yrs Rs.100000
Andhra Bank 26,450 2yrs 3yrs Rs.200000
Bank Of Baroda Na 1yr No No
Bank Of India Na 2yrs Na Na
Bank Of Maharashtra 21,000 1yr 2yrs Rs.100000
Canara Bank Na 2yrs 2yrs Rs.25000
Central Bank Of India Na 2yrs Na Na
Corporation Bank 24,720 2yrs 2yrs Rs.50000
Dena Bank Na 2 yrs 3yrs Rs. 150000
IDBI Bank Na 1yr Na Na
Indian Bank Na 2yrs 2yrs Rs.100000
Indian Overseas Bank Na 2yrs 3yrs Rs.100000
Oriental Bank of Commerce Na 2yrs Na Na
Punjab National Bank Na Na 3yrs Rs.200000
Punjab and Sind Bank 25,400 2yrs 3yrs Rs.50000
Syndicate Bank 24,450 2yrs 2yrs Rs.100000
UCO Bank Na 2yrs 2yrs Rs.200000
Union Bank Of India Na 2yrs 3yrs Rs.200000
United Bank of India 24,995 2yrs 3yrs Rs.100000
Vijaya Bank 26000 2yrs 3yrs Rs.200000
ECGC 29000 1yr 3yrs 3  month salary

All the data above is based on recruitment notices of 2012 issued by respective banks. However, these requirements can be changed later in this year depending on any new rules made by corresponding banks.

Frequently asked questions about data given above

Candidates may have certain queries after viewing the comparative list above. To clear their doubts if any, below is answer of questions that may arise in their mind.

What is na in the above table?

Na is abbreviation of Not Available. Certain banks have not declared salary, probation period, minimum service period or bond required in their previous recruitment notices. These banks will declare these details later in the coming year notifications of recruitments.

Whether the employee will get same amount of salary as shown above?

No, it is not necessary that you will get same salary as mentioned above. These salaries are approximation only which is based on advertisements made by banks. For PO jobs, Basic pay scale is Rs.14500-25700 for all participating banks. However, monthly salary of officers could vary depending on their allowances, special allowances, posting locations and any other associated benefits.

Candidates may note that in any case their monthly salary will range from Rs. 22000 to Rs.25000.

As per negotiations between unions and IAB, if finalized for 10th bipartite settlement, salary of bank employees will be increased by 35%. However, this negotiation is still under consideration but hopes are alive. If everything will settled in line of demands, the arrear of salary will be paid to bank employees with revised salary.

Whether the bond amount will be required to pay in advance?

No. An employee will not require to pay bond amount at the time of joining. However, they need to sign the bond and only need to pay amount of bond in case they leave job before serving minimum service period as notified by the bank.

 

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