Salary of ICICI Bank POADVERTISEMENT
ICICI Bank is second-largest bank of India with total assets of Rs. 4,736.47 billion at March 31, 2012 and profit after tax Rs. 64.65 billion for the year ended March 31, 2012. The Bank has a wide network of 2,897 branches and 10,021 ATMs in India, and has a presence in 19 countries, including India. Probationary Officer Training Programme is an initiative of ICICI Bank to attract young talent who wants to make a career in banking. The programme intends to develop specialists with banking knowledge and skills to fulfill the future need of trained bankers.
Probationary Officer Training Programme is a one year full time residential training programme which is conducted at ICICI Manipal Academy campus in Bangalore. Since its inception in 2007 more than 6,800 students have joined the Bank and currently 1,900 students are undergoing the training at the ICICI Manipal Academy Campus in Bangalore.
Salary of ICICI Bank PO
The selected candidates are put through training with special emphasis on application of knowledge and overall development of personality. The training of PO has a mixed curriculum with instructor led classroom sessions, e- learning and partnership at ICICI bank branches. It imparts knowledge and skills in core banking. 9 months of classroom session are conducted at the ICICI Manipal Academy and Internship of 3 months at any ICICI Bank branch within India. The Probationary Officer are paid stipend during their first 9 months to meet out their pocket expenses and a higher stipend during internship. The hostel accommodation along with the mess is free of cost but every participant has to deposit Rs. 3 Lakhs + service tax as security money which is refundable after the completion of the bond period. As we have already discussed phase – 1 which include 9 months of classroom sessions and 3 months of internship, the second phase includes 18 months of online training which is divided in to 3 semester. It provides an opportunity to complete the training programme while working. The training is designed to provide managerial skill to the students. This phase commences as soon as the students join the bank. They start getting salary at this stage Current CTC stands at 4.69 Lakhs per annum. One also has to pay the EMI from their first salary which stands around Rs 5,900 per month. Excluding this a Probationary Officer takes home handsome salary of Rs. 26,000 per month.
Perks and other benefits of a Probationary Officer
Beside salary a Probationary Officer also enjoys other perks that comes with the job like house rent allowance which is 8.5% in A class cities, Other places in Area I - 7.5% and Other places – 6.5%. Medical aid stands at Scale I to III – Rs. 5100/- p.a. and Scale IV & above - Rs. 6320/- p.a. Then there is City Compensatory allowance which stands at Places in Area I – 4% of Basic Pay, Maximum Rs 540/- per month and places with population of more than 5 Lakhs – 3% of basic. pay, maximum Rs. 375/- per month.