Salary in Banking Industry is governed by the Bipartite
Settlement which is signed between Bank Employee’s/Officer’s Trade Union and
Indian Bank’s Association. Here Trade Unions represent the Employee’s /Officer’s
trade Union/Association and Indian Bank’s Association represents the Bank
Management and Government.
Bank Salary is subject to revision after every 5th year. Present salary structure in Banking Industry is governed by the 11th Bipartite Settlement/Joint Note which was signed on 08.03.2024 effective from 01.11.2022
(1) Basic Salary Slab:
|
# |
Scales |
Pay Band |
|
1 |
Scale I |
48480-2000/7-62480-2340/2-67160-2680/7-85920 |
|
2 |
Scale II |
64820-2340/1-67160-2680/10-93960 |
|
3 |
Scale III |
85920-2680/5-99320-2980/2-105280 |
|
4 |
Scale IV |
102300-2980/4-114220-3360/2-120940 |
|
5 |
Scale V |
120940-3360/2-127660-3680/2-135020 |
|
6 |
Scale VI |
140500-4000/4-156500 |
|
7 |
Scale VII |
156500-4340/4-173860 |
Basic Salary Chart with Scale-I to
Scale- VII with Stagnation Increment:
|
Stage |
JMG-1 |
MMG-2 |
MMG-3 |
SMG-4 |
SMG-5 |
TMG-6 |
TMG-7 |
|
1 |
48480 |
64820 |
85920 |
102300 |
120940 |
140500 |
156500 |
|
2 |
50480 |
67160 |
88600 |
105280 |
124300 |
144500 |
160840 |
|
3 |
52480 |
69840 |
91280 |
108260 |
127660 |
148500 |
165180 |
|
4 |
54480 |
72520 |
93960 |
111240 |
131340 |
152500 |
169520 |
|
5 |
56480 |
75200 |
96640 |
114220 |
135020 |
156500 |
173860 |
|
6 |
58480 |
77880 |
99320 |
117580 |
139020SI |
160500SI |
178200SI |
|
7 |
60480 |
80560 |
102300 |
120940 |
143020SI |
164500SI |
182540SI |
|
8 |
62480 |
83240 |
105280 |
124300SI |
147020SI |
168840SI |
1868820SI |
|
9 |
64820 |
85920 |
108260SI |
127960SI |
151020SI |
|
|
|
10 |
67160 |
88600 |
111240SI |
131660SI |
|
|
|
|
11 |
69840 |
91280 |
114220SI |
135640SI |
|
|
|
|
12 |
72520 |
93960M |
117200SI |
139020SI |
|
|
|
|
13 |
75200 |
96640A |
120560SI |
|
|
|
|
|
14 |
77880 |
99320A |
123920SI |
|
|
|
|
|
15 |
80560 |
102300A |
127280SI |
|
|
|
|
|
16 |
83240 |
105280A |
130640SI |
|
|
|
|
|
17 |
85920M |
108260SI |
|
|
|
|
|
|
18 |
88600A |
111240SI |
|
|
|
|
|
|
19 |
91280A |
114220SI |
|
|
|
|
|
|
20 |
93960A |
117200SI |
|
|
|
|
|
|
21 |
96640SI |
120180SI |
|
|
|
|
|
|
22 |
99320SI |
123160SI |
|
|
|
|
|
|
23 |
102300SI |
126140SI |
|
|
|
|
|
|
24 |
105280SI |
|
|
|
|
||
|
25 |
108260SI |
|
|
|
|
||
|
26 |
111240SI |
|
|
|
|
|
|
|
27 |
114220SI |
|
|
|
|
|
|
Regulation 5(b)- "Officers in Scale I and Scale II, one year after reaching the maximum in their respective scales, shall be granted further increments including stagnation increments in the next higher scale only as specified under subject to their crossing the efficiency bar as per guidelines of the Government."
M= Maximum of Present Scale
SI= Stagnation Increment
A= Annual Increment as per regulation 5(b)
(2) Stagnation Increments:
Officers in JM Grade Scale I who have moved to scale of pay for MMG Scale II in terms of Regulation 5(b) after reaching maximum of the higher scale shall be eligible for seven stagnation increments for every two completed years of service of which first two shall be ₹2680/- each and next five shall be ₹2980/- each w.e.f. 01.11.2022.
Officers in MMG Scale II who have moved to scale of pay for MMG Scale
III in terms of Regulation 5(b) after reaching maximum of higher scale shall be
eligible for seven stagnation increments of ₹2980/- which will be released
after every two completed years of service after reaching maximum on the higher
scale w.e.f. 01.11.2022.
Officers in substantive MMG Scale III i.e. those who are recruited in or
promoted to MMG Scale III shall be eligible for eight stagnation increments.
First four stagnation increment of ₹2980/- each and next four shall be of ₹3360/-
each and shall be released after every two completed years of service w.e.f.
01.11.2022.
Officers in SMGS-IV shall be eligible for five stagnation increment.
First stagnation incre ment of ₹3360/- and next four shall be of ₹3680/- each
and shall be released after every two completed years of service w.e.f.
01.11.2022.
Officers in SMGS-V shall be eligible for four stagnation increment of ₹4000/- each two years after reaching the maximum of scale w.e.f. 01.11.2022.
Officers in SMGS-VI shall be eligible for three stagnation increment of which first two stagnation increment shall be of ₹4000/- each and third shall be of ₹4340/- and shall be released after every two completed years of service.
Officers in SMGS-VII shall be eligible for three stagnation increments of ₹4340/- each two years after reaching the maximum of scale w.e.f. 01.11.2022.
(3) Increments for completion of JAIIB and CAIIB:
W.e.f. 01.11.2022 one increments shall be granted to all the officers for completing JAIIB and additional two increments shall be granted for completing CAIIB.
(4) Dearness Allowance:
W.e.f. 01.11.2022, DA shall be payable @1.00% of pay per percentage point of Index.
|
DA release date |
Quarterly Avg of CPI |
Applicable for the month |
|
1st May |
January, February & March |
May, June & July |
|
1st August |
April, May & June |
August, September & October |
|
1st November |
July, August & September |
November, December & January |
|
1st February |
October, November & December |
February, March & April |
For details of DA paid to Bankers, please refer “Latest Bank DA” page- Click Here
(5) Special Allowance:
With the signing of 10th Bipartite Settlement, IBA has introduced an allowance called Special Allowance which is calculated as a % of basic pay per month. DA is also payable on Special Allowance. Special Allowance is not eligible for any retirement benefits.
|
Scale |
Scale 1 |
Scale 2 & 3 |
Scale 4 & 5 |
Scale 6 & 7 |
|
% of Basic |
26.50 |
28.30 |
30.50 |
31.50 |
(6) Fixed Personal Pay:
Fixed personal pay is payable to the employees who were in Bank's service as on 01.11.1993. It is payable to the officers who are provided with Bank's accommodation. It is payable after reaching maximum in his pay scale as per the following limit:
|
# |
Increment Component |
DA as on 1.11.2022 |
Total F.P.P. payable in ₹ (A+B) |
|
1 |
(A) |
(B) |
(C) |
|
2 |
2680 |
200 |
2880 |
|
3 |
2980 |
222 |
3202 |
|
4 |
3360 |
250 |
3610 |
|
5 |
3680 |
274 |
3954 |
|
6 |
4000 |
298 |
4298 |
|
7 |
4340 |
323 |
4663 |
(7) Professional Qualification Pay (PQP):
(i) Those who have passed only JAIIB (CAIIB –I)
- ₹1370/- p.m. one year after reaching top of the scale.
(ii) Those who have passed CAIIB (CAIIB–II)
- PQP-I: ₹1370/- p.m. one year after reaching top of the scale.
- PQP-II: ₹3425/- p.m. two years after reaching top of the scale.
- PQP-III: ₹5480/- p.m. three years after reaching top of the scale.
(8) House Rent Allowance:
HRA is paid as as % of basic as per the following limits:
|
# |
Population |
HRA as % of basic for all officers |
|
1 |
Metro and Major 'A' Class cities |
10.00% |
|
2 |
Area 1 Cities |
9.00% |
|
3 |
All other places |
8.00% |
(9) City Compensatory Allowance:
|
# |
Places |
Limit |
|
1 |
Places in area 1 & Goa |
₹2300/- p.m. |
|
2 |
Places with population of 5lakhs+ and State Capitals & Chandigarh, Pondicherry, Port Blair |
₹1900/- p.m. |
(10) Location Allowance (NON-CCA Centers)
Effective 01.11.2022, a fixed allowance of ₹1200/- is payable to all the officers posted in areas other than the areas that are eligible for CCA. This fixed allowance shall not be reckoned for payment of DA, superannuation benefits, viz, pension including DCPS, PF and Gratuity.
(11) Learning Allowance:
All officers shall be paid Learning Allowance of ₹850/- together with applicable DA theron. This fixed allowance shall not be reckoned for payment of DA, superannuation benefits, viz, pension including DCPS, PF and Gratuity.
(12) Deputation Allowance:
|
Place |
Rate and Limit |
|
Outside the Bank at place other than the present place of posting |
7.75% of pay - Max. ₹7500/- pm |
|
Outside the Bank at same place or Training Centres |
4.00% of Pay- Max. ₹3750/- pm |
(13) Hill and Fuel Allowance:
|
# |
Places |
Rate and Limit |
|
1 |
Places with an altitude of 1000 meters and above but less than 1500 meters and Mercara Town |
2% of Pay, maximum ₹1450/- pm |
|
2 |
Places with an altitude of 1500 meters and above but less than 3000 meters |
2.5% of Pay, maximum ₹1900/- pm |
|
3 |
Places with an altitude of 3000 meters and above |
5% of Pay, maximum ₹3750/- pm |
(14) Compensation on Transfer:
An officer on transfer will be eligible to draw a lumpsum amount for expenses related to packing, local transportation, insuring the baggage etc.
|
Scale |
Limit |
|
Scale IV and above |
₹50,000/- |
|
Scale I, II and III |
₹40,000/- |
Apart from the above, either (a) 15 days lodging & boarding charges or (b) 15 days Halting allowance shall be paid from the date of joining at new place.
(15) Medical Aid:
|
Scale |
Limit |
|
Scale IV and above |
₹15,400/-p.a. |
|
Scale I, II and III |
₹13,000/-p.a. |
(15) Eye Check-up allowance:
All employees shall be allowed reimbursement of ₹500/- per year towards annual eye check-up
(16) Recovery of House/Furniture Rent:
- House
rent recovery
shall be @ 0.35 % of the first stage of the scale of pay in
which the officer is placed or the standard rent for the accommodation,
whichever is less.
- Furniture rent recovery shall be @ 0.075% of the first stage of the scale of pay in which the officer is placed.
(17) Leave Travel Concession (LTC):
During each block of 4 years, an officer shall be eligible for leave travel concession for travel to his place of domicile once in each block of two years. Alternatively, he may travel in one block of two years to his place of domicile and in another block of two years to any place in India by the shortest route. For definition of Family for the purpose of this scheme please Click Here . Now w.e.f. 20.10.2023, IBA has approved both husband and wife to avail LFC even if they are working in the same Bank. For detailed circular please Click Here
(18) Encashment of LTC:
|
Scale |
Eligibility class by train (not Rajdhani) |
Encashment per Unit for 2/4 years Block (Other than Home town Travel) |
|
Scale I to III |
1st AC |
5500kms for one way |
|
Scale IV and above |
1st AC |
6500kms for one way |
30 days PL can also be encashed in a block of 4 years
(19) Mode of Travel:
|
Scale |
Mode of Travel |
|
Scale 1 |
AC 1st class by any train including premium trains or by air (economy class, if permitted by competent authority) |
|
Scale 2,3 |
AC 1st class by any train including premium trains or by air (economy class) if distance is beyond 500 kms |
|
Scale 4,5,6,7 |
AC 1st Class or by Air (economy class) or by Car, if the distance is less than 500kms and not connected by train/air. |
(20) Officiating Pay:
W.e.f. 01.04.2024, an officer, who is officiating in a higher scale post for a minimum 4 days at a time or an aggregate of 4 days during the calendar month, shall receive an officiating pay equal to 15% of his basic pay on pro rata basis for the period for which he officiates.
(21) Closing Allowance:
W.e.f. 01.04.2024, closing allowance shall be paid at a rate of ₹1500/- per quarter payable to officers.
(22) Mid Academic Year Transfer Allowance:
Mid academic year transfer allowances shall be payable at ₹2500/- p.m. per child with a maximum up to 2 children
(23) Halting Allowance:
|
Scales of Officers |
Metro |
Major ‘A’ Class Cities |
Area I |
Other Places |
|
Scale VI & above |
4050 |
2925 |
2475 |
2150 |
|
Scale IV & V above |
3375 |
2925 |
2475 |
2150 |
|
Scale I/II/III |
2925 |
2475 |
2150 |
1800 |
(24) Lodging Allowance:
|
Scales of Officers |
Major ‘A’ Class Cities |
Area I |
Other Places |
|
Scale VI & VII |
6800 |
3400 |
3000 |
|
Scale VI & V |
4000 |
2400 |
2000 |
|
Scale II & III |
2400 |
1600 |
1200 |
|
Scale I |
1600 |
1200 |
800 |
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