Federal Bank Salary Structure for PO & Clerk 2018

Federal Bank Salary

Federal Bank has released its Official Notification 2018 for the recruitment of PO and Clerk. Interested candidates can fill the online form from 14th August to 31st August 2018. This is an excellent opportunity for people who want to make a career into banking sector. Federal Bank is one the largest private sector financial organisation and every year many many hopeful candidates fill in the form for Federal Bank. Today, let us discuss the most important factor that makes the job so lucrative i.e. the Federal Bank Salary Structure, Pay scale, Job Profile & Career Growth of a Federal Bank PO & Clerk.

Federal Bank PO Salary Structure and Career Growth

The Federal Bank provides excellent salary structure to its employees and along with it a lot of other perks and benefits. The Pay scale of Federal Bank employees is Rs. 23700-980/7-30560-1145/2-32850-1310/7-42020. This means that for the first 7 year the annual increment of a PO will be Rs 980 and the Basic Pay will remain Rs. 30560. After that the increment for the next to years will be Rs. 1145 and the Basic Pay will be Rs. 32850 and so on.

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Federal Bank Salary PO – Other Allowances

  • Dearness Allowance: This is calculated based on the CPI and is revised quarterly.
  • House Rent Allowance/Lease Allowance: This allowance is based on the location of the posting and varies from 7% to 9% of the basic pay.
  • City Compensatory Allowance: This component also depends on the location of the candidate. It generally varies from 3% to 4% of the basic pay.
  • Medical and Other Benefits: As per company policy.

Adding the above components, the annual Cost to Company (CTC) of a Federal Bank PO ranges from Rs. 7.50 lakhs to Rs. 9.00 lakhs.

Federal Bank PO Job Profile, Roles & Responsibilities:

  • One of the major responsibilities of a Federal Bank PO is to process loans, including document verification.
  • Federal Bank Officer Scale 1 also has a responsibility of looking over the activities of the Clerks of their department.
  • Federal Bank PO also has to work closely with the customers and solve their queries on ATMs, Demand Drafts (DD), opening of new Bank Account, issue of cheque book etc.
  • They have to work closely with different departments like Finance, Marketing, Accounts, Loans etc and gain experience and knowledge in different fields of the Banking System.

Federal Bank PO Career Growth and Promotion

As a PO, a candidate will get enough opportunity to learn a lot about the Banking Industry and grow exponentially in his/her career. Also, the Bank provides enough opportunity to talented and hard working employees to rise up in their career. The Bank conducts internal exams to promote employees from Officer Scale I to the Officer Scale II, Scale III and so on.

Federal Bank Clerk Salary Structure and Career Growth

The Federal Bank provides excellent salary structure to its employees and along with it a lot of other perks and benefits. The Pay scale of Federal Bank employees is Rs. 11765-655/3-13730-815/3-16175-980/4-20095-1145/7-28110-2120/1-30230-1310/1-31540. The starting Basic Pay of a Federal Bank Clerk is Rs. 13075.

 

Federal Bank Salary Clerk – Other Allowances

  • Dearness Allowance: This is calculated based on the CPI and is revised quarterly.
  • House Rent Allowance/Lease Allowance (HRA): This allowance is based on the location of the posting and varies from 7% to 9% of the basic pay.
  • City Compensatory Allowance: This component also depends on the location of the candidate. It generally varies from 3% to 4% of the basic pay.
  • Medical and Other Benefits: As per company policy.

Adding the above components, the annual Cost to Company (CTC) of a Federal Bank PO ranges from Rs. 3.99 lakhs to Rs. 4.41 lakhs.

Federal Bank Clerk Job Profile, Roles & Responsibilities:

  • Federal Bank Clerk has to usually deal with the customers regarding all the general queries and provide customer support.
  • Clerks have to check customer KYC forms as per Reserve Bank of India norms.
  • Clerks have to provide account opening form and help them fill it and issue cheque books and other requisites.

Federal Bank Clerk Career Growth and Promotion

As a Clerk , a candidate will get enough opportunity to learn about the Banking rules and regulations. Also, the Bank provides enough opportunity to talented and hard working employees to rise up in their career. The Bank conducts internal exams to promote employees from Clerical cadre to Officer Scale I,II,III and so on.

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So, now as you know enough about the roles and responsibilities and also the salary structure of a Federal Bank PO & Clerk, go and apply for it. If you liked our article Federal Bank Salary 2018, then give us a thumbs up in the comment section below. Also, do follow us on our social media handle which is mentioned below.

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