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Bank of India Salary 2022: Salary Structure, Salary Slip, In hand Salary, Promotion, Allowance

Bank of India Salary 2022: A candidate can take the IBPS PO (Institute of Banking Personnel Selection Probationary Officers) exams or apply directly to become a Bank of India PO (Probationary Officer) or clerk. IBPS PO is a recruitment exam that is used to fill positions in India’s nationalized banks. Shortlisted candidates to fill vacancies through IBPS PO receive many additional benefits in their positions, such as allowances and compensation, in addition to receiving the best salary packages. The total number of vacancies to be filled by IBPS PO exam applicants was 3517 last year, with 734 vacancies to be filled by the Bank of India.

Although the vacancies for the Bank of India exam 2022 have not yet been released, aspiring applicants can make a call and begin their application process based on the data from 2022. In the Bank of India, an officer appointed through IBPS or directly receives the same pay, as does a clerk assigned to the bank.


Salary Highlights for a PO in Bank of India

FacilitiesPay
Basic PayRs. 23700
Dearness Allowance39.8% of the Basic Pay
Special Allowance7.75% of Basic Pay
HRA (House Rent Allowance)9%
CCA (City Compensatory Allowance)4%
Medical AllowanceRs. 8000 per annum

After deductions, the gross salary ranges from Rs.37360 to Rs.38700. After all deductions, the basic pay is approximately Rs. 23700. A PO’s pay scale is as follows:

23700-980/7-30560-1145/2-32850-1310/7-42020


Salary Highlights for a Clerk in Bank of India

FacilitiesPay
Basic PayRs. 11765
Dearness Allowance4% of basic pay
Special Allowance7.50%
HRA9%

After deductions, the gross salary is Rs. 21339. After subtracting everything, the basic pay is around Rs. 11765. A Clerk’s pay scale is as follows:

11765-655/3-13730-815/3-16175-980/4-20095-1145/7-28110-2120/1-30230/1310-1-31540


Benefits apart from Salary for a PO

  1. Housing: The House Rent Allowance (HRA) is included in the salary package for POs hired. HRA pays for an officer’s living expenses, which vary depending on where he or she is stationed.
  2. Conveyance Allowance: This allowance is determined by the availability of the Officer’s conveyance (two-wheeler or four-wheeler). Each month, the officer receives a set amount of fuel and other vehicle maintenance allowance.
  3. Newspaper Allowance: The cost of a newspaper is included in the Officer’s allowance.
  4. Constant Training and Development: Because the positions are mentally challenging, the banks train their SOs on a routine basis to maintain standards to date on the industry’s technicalities and nuances.
  5. Subsidies for the canteen are also included in the salary package.
  6. Apart from the basic medical aid that is also taken for, a medical allowance of Rs. 8000 is given each year.
  7. Leave policy: Officers hired through the exam are allowed to take as many leaves as they wish, subject to the policies of the banks to which they have been assigned. Casual leaves, privilege leaves, and any medical leaves are among the options available to them. It also gives Women Officers the option of taking a six-month maternity leave. Women and single men with elderly parents, children who have been posted, are eligible for dependant leave.

Benefits apart from Salary for a Clerk

  1. Special Allowance: A 7.5 percent special allowance is included in the basic pay, which increases over time.
  2. The Dearness Allowance is paid on a quarterly basis.
  3. The House Rent Allowance (HRA) is also included in the salary package for newly hired clerks. HRA pays for an officer’s living expenses, which vary depending on where he or she is stationed.
  4. Travel Allowance: This allowance covers the costs of the Bank’s tours and travel.
  5. Medical Allowance- This is a fixed amount of Rs. 2000 that is paid in addition to the basic medical assistance that is provided.
  6. Subsidies for the canteen are also included in the salary package.
  7. Leave policy: The clerks hired through the exam are allowed to take as many leaves as the policies of the banks to which they have been assigned allow. Casual leaves, privilege leaves, and any medical leaves are among the options available to them. It also allows for a 6-month maternity leave for female clerks. Women and single men with elderly parents, as well as children who have been posted, are eligible for dependant leave.

Along with the aforementioned benefits, both job profiles have the potential to advance up the corporate ladder based on their performance. During promotions, there is also the option of transferring, which allows the employee to travel to different parts of the country and even the world. There is a clear and defined process for promotion, which is outlined below.


Bank of India Recruitment – Career Prospects of a PO

  1. Junior Management Scale 1 – PO
  2. Middle Management Scale 2- Manager
  3. Scale 3- Senior Manager
  4. Senior Management Scale 4- Chief Manager
  5. Scale 5- Assistant General Manager
  6. Top Management Scale 6- Deputy General Manager
  7. Scale 7- General Manager
  8. Executive Director
  9. Chairman and Managing Director

A PO applicant must serve a two-year probationary period before being considered for promotion based on their performance.


Bank of India recruitment – Career Prospects of a Clerk

  1. Junior Management Scale 1 – Clerk
  2. Middle Management Scale 2- Manager
  3. Scale 3- Senior Manager
  4. Senior Management Scale 4- Chief Manager
  5. Scale 5- Assistant General Manager
  6. Top Management Scale 6- Deputy General Manager
  7. Scale 7- General Manager

Before a Clerk can be promoted, he or she must complete a two-year probation period. Then he or she is promoted based on their performance.


Bank of India Salary FAQs

Is the HRA the same for PO and clerk all over India?

The amount of HRA you receive is determined by the city in which you are stationed. If you are assigned to a metro city, your HRA will be the highest, whereas it will be significantly lower in rural areas.

Is there an annual increment for BOI employees?

Yes, BOI employees’ salaries have risen year after year.

Do you get HRA if you are posted in your hometown?

Employees who are posted in their hometown and live in their own home are not eligible for the HRA. This claim can be made, however, if you are renting a home in your hometown.

Does BOI have the highest salary package among public sector banks under IBPS?

Though BOI has one of the best salary packages among the IBPS banks, it is not the highest.

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