Introduction
Federal bank provides some special extra allowance to their employees appointed as a clerk. Federal Bank Clerks Salary and Perks section covers the details about the PayScale and the other allowances & perks of a Federal Bank Clerks Job post.
Salary
Federal Bank Clerks Salary:
Presently the starting Basic Pay (applicable to Clerks) is Rs.13075 in the scale of pay Rs.11765 – 655/3 - 13730 – 815/3 - 16175 – 980/4 - 20095 – 1145/7 - 28110 – 2120/1 - 30230 – 1310/1 – 31540.
Salary Increments: Below table gives an idea on how the salary increments takes place in the Federal Bank.
Allowances
| Years (After joining) | Salary Increment | Basic Salary |
|---|---|---|
| 3 | Rs.655 | Rs.13730 |
| 3 | Rs.815 | Rs.16175 |
| 4 | Rs.980 | Rs.20095 |
| 7 | Rs.1145 | Rs.28110 |
| 1 | Rs.2120 | Rs.30230 |
| 1 | Rs.2310 | Rs.31540 |
The official will also be eligible for DA, HRA/ Additional HRA, Medical and other allowances & perquisites as per rules in force from time to time. The Cost to Company per annum would be a minimum of Rs.3.99 Lakhs and maximum of Rs.4.41 Lakhs depending upon the place of posting and other factors.
House Rent Allowance (HRA): These allowances are depending upon the accommodation of the employee. This allowances are mainly based on the location of the posting and changes from 7% to 9% of the basic pay. Dearness Allowance (DA): This is calculated based on the CPI (Consumer price index). Perquisites (Conveyance, Newspapers, Entertainment allowance, House & Furniture Maintenance CCA (Compensatory City Allowance): This allowance is paid @ 4%, 3% or 0% and depending on the place of posting. The main reason for this allowance is to cover the living cost of the employee suppose he is living in an expensive place. Medical and Other Benefits: These allowances are mainly depending upon the company policy. Career
There is immense job satisfaction in a career in Federal Bank. The bank offers tremendous opportunities for growth to potential employees, both at the personal and professional level. Employees performance in the role they play at the bank is crucial to employees growth in the bank.
Also, there are internal exams for promotions to higher level posts (like Officer Scale 1, Officer Scale 2, etc.) that the candidates can appear for provided the candidates fulfill the eligibility criteria.
With two years of experience as a clerk and with passing JAIIB you will eligible for promotion to scale 1 officer. Here the employees need to be a business focused person so you and bank both need to grow.