Bank jobs are obviously one of the most sort after career options for the youth of the country; regardless of the fact that the job itself could be a rather tiresome one, involving heavy work hours, no Saturday off and mandatory transfers in case of officers. May be its the job security that’s the most catchy thing. Any way, if you are in this field or wanting to be in the banking sector, here’s what your pay scales would look like:
Clerks: Rs . 7200 – 19300.
JMGS : Junior Management Grade Scale – I : Rs .14500 – 25700
MMGS : Middle Management Grade Scale – II: Rs. 19400 – 28100
MMGS : Middle Management Grade Scale – III: Rs . 25700 – 31500
SMGS : Senior Management Grade Scale – IV: Rs .30600 – 36200
SMGS: Senior Management Grade Scale – V: Rs.36200 – 40400
The above scales are applicable to Public Sector bank employees. This is under revision from 2012.
Note that these are just scales and doesn’t represent the actual take home salary. A good yard stick for those posted in metros is to double the initial scale to get the first take home salary. For example, those who joined as PO’s in, say, Mumbai, their initial take home would be like Rs.29000 (Rs.14500 x 2).
Sample hierarchy of titles are as follows: Probationary Officer/Assistant Manager, Dy.Manager, Manager, Chief Manager, Assistant General Manager (AGM), Deputy General Manager (DGM), General Manager (GM), Managing Director/Chairman. Where ever applicable, an ‘Additional’ title would place the candidate in a higher position than the corresponding title. For example, an Addl GM would be in a higher role than a GM.
Though the pay scale slightly varies from bank to bank due to many reasons like the working place viz.metros, rural areas the basic scale remains the same for every public sector bank.
From time to time, various people ask me how far can a person joining as a Clerk go by the time of his resignation? That’s a fair question which I think most people will have in their minds.
Promotions in PSU Banks happen via tests and/or interviews. From my experience, considering one joins as a clerk at the least possible age and clear all their promotion exams in first attempt, one can certainly go as far as a Chief Manager.
In the same way, if one joins as a Probationary Officer (PO) at the least possible age and does really well in promotion exams, one can end their career as General Managers or even Managing Directors. Most of the bank GM’s and MD’s who you see today joined as PO’s back in their young age.
If you are from a leading Management Institution like the IIM’s for example and you are picked up by a PSU Bank, you can begin your career as a Chief Manager, something that a Clerk can only reach by the time of his resignation.