What are the benefits in terms of Salary, Perks & Emoluments for RBI Grade B Officer?
When it comes to banking sector, then there are many reasons as to why every banking aspirant wants to write the RBI Grade B Officer Exam. Its not only about the joining the most prestigious and respected organization of the country but there comes even more benefits and perks as well.
In terms of official notification regarding the RBI Grade B examination - it is expected to be released in early 2022.
Pay Scale - As per the official notification by RBI for 2021 exam, the basic pay of an RBI Grade B Officer is Rs. 35,150/– per month. Whereas the Gross monthly salary is approximately Rs. 83,254/-
Starting basic pay of ₹35,150/-p.m. in the pay scale of Rs. 35150-1750(9)-50900-EB-1750 (2) - 54400-2000(4)-62400 (16 years). They will also be eligible for Dearness Allowance, Local Allowance, House Rent Allowance, Family allowance and Grade Allowance as per rules in force from time to time. At present, initial monthly gross emoluments are ₹83254/- (approx) The House Allowance of 15% of Basic Pay will be paid, if accommodation is not provided by the Bank.
Source: RBI
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What are the other perks?
Bank's accommodation, subject to availability, reimbursement of expenses for maintenance of vehicle for official purpose, newspaper, telephone charges, book grant, allowance for furnishing of residence, etc. as per eligibility.
Free dispensary facility besides reimbursement of medical expenses for OPD treatment/hospitalization as per eligibility. Interest free festival advance, Leave Fare Concession (once in two years for self, spouse and eligible dependents).
Loans and Advances at concessional rates of interest for Housing, Vehicle, Education, Consumer Articles, Personal Computer, etc. Selected candidates will be governed by 'the defined contribution New Pension Scheme (NPS)', in addition to the benefit of Gratuity.
Source: RBI
Now lets discuss about these perks in brief and what they mean in term of latest number:-
Housing
RBI Grade B officer can reside in the house which is allotted by RBI and it's usually a 2BHK or 3 BHK. The best part about these houses is that they are at the heart of the town where you are posted.
However, in case you not allocated a house, then you can claim a House Rent Allowance (HRA) of up to INR 70,000/- per month.
Dearness Allowance
The Dearness Allowance for RBI Grade B Officer is 113% of the basic salary.
Medical Allowance
Medical Allowance - RS. 4,500/- which are also valid for the dependents of the RBI Grade B Officer.
Conveyance Allowance
Conveyance allowance is the transportation cost paid to RBI Grade B officer for travelling from home to office every single day. It also depends upon your declaration as well. Like in case of Mumbai center, the amount received is Rs. 14,000 in hand. Also, there is extra petrol of 30 liters which is provided to all those living in Mumbai, Delhi, Chennai, or Bangalore.
Education Allowance
The RBI Grade B officers who have their families get education allowance as well. The education allowance for their children is approximately Rs 4000 per month.
Leave Fare Concession Travel
Leave Fare Concession Travel is offered to the employee and his/her dependent family members for once every two years. The amount provided is Rs.100,000 approximately.
Loan Facility
The RBI Grade B Officers are provided loan at a very less rate of interest for Housing, vehicles, and others.
Fuel Allowance
In case the RBI Grade B employees own a vehicle in their name, they can claim up to 150 litres of fuel every month.
Maid Allowance
The RBI Grade B Officers can claim Rs. 3000 in each month as maid allowance.
Mobile Allowance
The RBI Grade B Officer can claim up to Rs. 1500 as mobile allowance every month.
Spectacles allowance
The RBI Grade B Officer can claim up to INR 7000/- as a spectacle allowance.
Briefcase Allowance
The RBI Grade B Officer can claim up to Rs. 7000/ and reimburse the same every three years as well.
Sodexo coupons
The RBI Grade B Officer can use coupon worth Rs. 2000 every month, which can be spent on food/ groceries every month.
Pension
The RBI Grade B Officer will be enrolled under the New Pension Scheme (NPS). They will also be eligible to receive the benefits of Gratuity.
One thing is for sure that after reading all these perks and benefits, you are definitely even more motivated to be a RBI Grade B Officer than ever.
We will continue with more information in the subsequent blogs, till then happy learning.
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