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The Institute of Banking Personnel Selection (IBPS) conducts the Probationary Officer/Management Trainee (PO/MT) Common Written Examination (CWE). Any graduate in any discipline from a recognized University of the Indian government is eligible to apply for the exam. You will have to write Computer Based Test (CBT) for both prelims and mains.
Let’s look at the key benefits of clearing these exams.
Probation: If you pass both the exams, you will be at the first level of the banking world. You will be in the probation period of two years. This is your training period. In some banks, the duration may be just one year. During this period, you will learn the basic and essential duties of your job. You will be exposed to different types of banking related works.
Salary: You will have the Basic Pay of around Rs. 23700.00.
Allowances: In addition to the basic pay, POs / MTs are eligible for the following allowances.
- Dearness Allowance (DA) – It is based on Consumer Price Index (CPI). It is revised every quarter and the amount is calculated based on inflation rate. It could be around Rs. 10163.63.
- House Rent Allowance (HRA) – It may be 9.0% or 8.0% or 7.0% depending on the place of posting. The amount could be around Rs. 2133.00.
- Special Allowance – The amount could be around Rs. 1836.75.
- City Compensatory Allowance (CCA) – It depends on the place of posting. It can be either 4% (max Rs.870) or 3% (max Rs.600) or 0%.
- Conveyance Allowance – It is paid for commuting between home and office. It could be up to Rs. 3000.
Other benefits:
- Medical Aid: 8000 per annum
- Pension Contribution: 2500 (under New Pension Scheme)
- Newspaper Reimbursement: Cost for one newspaper
- Traveling Allowance and reimbursement of petrol bills: 3000 approximately if the bike is registered in your name
- Telephone: 400 approximately
- Canteen Subsidy: 400 approximately
- Entertainment: 500 approximately
Promotions: After your probation, based on your performance, you will be given placement in the next higher level of Middle Management Grade Scale II. If the performance is not too good, you will be assigned to Junior Management Grade Scale-I Officer. Your performance plays a significant role in career progression. In Public sector banks, you may get a posting abroad also. You can reach the General Manager position in about 14 years. Then you can become executive director or Chairman of a bank. The progress can be:
- Junior Management Grade – Scale I: Officer
- Middle Management Grade – Scale-II: Manager
- Middle Management Grade – Scale III: Senior Manager
- Senior Management Grade – Scale IV: Chief Manager
- Senior Management Grade Scale V: Assistant General Manager
- Top Management Grade Scale VI: Deputy General Manager
- Top Management Grade Scale VII: General Manager
- Executive Director (ED)
- Chairperson and Managing Director (CMD)
Jobs in banking sector are considered very prestigious and esteemed. You will get many opportunities for employment and promotion as well. So be focused and work hard to secure a job in banking sector.
Practice makes one perfect. During your study, take up a number of mock tests that will actually help you secure better marks and clear the exams easily. Click https://www.successlynk.com/ to find a range of tests related to bank exams. Attempt the series and increase your confidence levels. You will not only be able to face the exam well, but also will be able to manage your time well, which is important on the actual exam day. Take the feedback and know your strengths and weaknesses. Improvise your preparation accordingly and compare the results. You will be definitely satisfied with the results.
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Posted in IBPS PO