Posted on by Successlynk
Recently there has been an exponential growth in the banking sector. Attractive salaries, good work life balance are luring many youngsters to make a career in banking sector. Some youngsters are in a dilemma whether to opt for a private bank or a public one. Let us see the basic differences amongst the public sector and private sectors banks before you make a choice.
Job notification: Public sector banks have to give a public notice on the vacant positions in the newspapers. However, Private Banks recruit candidates through walk-in interviews or campus recruitment or through consultants. Though private banks advertise on their sites, a public notice is not really required.
Recruitment: To get into a public sector bank, you have to clear the common written/ aptitude tests which are conducted regularly. But to get into a private bank, you need to study finance during graduation. An MBA degree is an added advantage.
Training and development: Public sector banks are broader in terms of organization and structure. They invest a lot of money and time to train the employees. But the private sector banks focus on hands-on experience. Moreover, best employees are sent to reputed management institutes for further training and education.
Salary: The salary in both the public and private sector banks depend on the job profile and the bank. In public sector, pay scale is fixed for different job profiles. As you get promoted, there will be increase in salary. Private Banks fix salary depending on the qualifications, experience and knowledge of the candidate.
Promotions and salary increase: Public sector banks give promotions and increase your salary depending on the seniority. Hence, the pay scale increases at a slower rate. However, the Private sector banks can promote you quickly. You get appreciation and rewards promptly for your performance regardless of your age or seniority. Salary hikes can be pretty fast.
Growth and job security: Public sector banks give enough time for the employees to pick up and perform. Rarely do we find someone being fired. Job security is higher. However, the Private sector banks are highly target oriented and performance based. The job is highly competitive. Only those employees who achieve targets get bigger pay packages and job securities. If you are unable to meet targets then you may even be fired.
Other benefits: Public sector banks provide a number of benefits to its employees such as lower rates on loans, high percentage of interest on deposits, pension packages etc. Private sector banks too offer some benefits to employees such as higher interest rate on fixed deposits, paid holidays based on the performance of employees, awards etc. based on the performance of the employee.
The economic development of our country depends on the growth and development of both the public and the private banks. Understand the difference in approach of contributing to this growth. Make an informed decision about which one will provide you with better job satisfaction.
Whether you opt for Public or Private sector bank, preparation to write an exam and face interview is required. Check SuccessLynk portal to get notifications, updates, important dates and much more about the Bank exams. Click https://www.successlynk.com/exams/bank-exams to view the range of tests that will give you ample practice for the written exam. Take tips from the blog of SuccessLynk and prepare well.
Always be persistent in your pursuits and surely success will be yours. All the best!
Posted in private sector banks