Being an Officer in RBI is itself a privilege. You will get the chance to work with country’s intelligent minds and will be handling the country’s finances.
Job Profile of RBI Grade ‘B’ Officer
The Reserve Bank of India (RBI) is India’s central banking institution, regulatory body of Banking System in India. Being an Officer in RBI is itself a privilege. You will get the chance to work with country’s intelligent minds and will be handling the country’s finances. RBI is the backbone of Indian Economy and you will get the chance to manage Government & Central Bank accounts, currency circulation of the country, supervision of banks, regulating the payment and settlement system or foreign exchange of the country. You work profile will be depending on your posting.
RBI Grade B Officer works for 5 days in a week. As you have a 5 day week, you have plenty of time to pursue other hobbies or prepare for other competitive exams. The work hours are typical of a 10 to 6 job and the Office ambience is almost similar to corporate, way better than most of the Government offices. RBI Grade ‘B’ jobs not only comes with great responsibility but also with hefty salary and decent facilities.
20 lakh Rupees CTC : In corporate language, a Grade ‘B’ officer’s Cost to Company comes around more tha Rs. 20.00 lakh Rupees if you include salary, perks and monetary value of all facilities which are normally counted in corporate culture.
Pay Scale: Starting basic pay of Rs. 35,150/- p.m. in the scale of `35150-1750(9)-50900-EB-1750(2)-54400-2000(4)-62400 + Dearness Allowance, Local allowance, House Rent Allowance, Family allowance, and Grade Allowance.
Gross Emoluments of Grade ‘B’ Officer
|Special Allowance (Counted for DA)||1,800|
|Grade Allowance (Counted for DA)||6,800|
|Dearness Allowance (52.9% May 2018)||23,144|
|HRA (15%) (No HRA if bank accommodation is opted)||5,273|
|Local Compensatory Allowance||3,664|
|Gross Salary||Rs. 75,831|
|Perks per month|
|Conveyance Allowance (150 litres petrol)
· (Mumbai: 50 litres extra)
· (New Delhi, Kolkata, Chennai, Hyderabad and Bengaluru: 30 litres extra)
* calculated according to Mumbai
|Internet Data Allowance||1,500|
|Gadget Maintenance Allowance||500|
|Sodexo Meal Card||3,600|
|Total Emoluments per month||Rs. 1,04,243 + 6,690 Employer NPS Contribution|
@ Wage revision is due since November 2017
Other monetary benefits
|Medical Expenses||6,500 p.a.|
|Book Grant||8,000 p.a.|
|Spectacles (For self and spouse)||6,500 * 2 =13,000 (once in two years)|
|Furnishing of Residence for Officer (FRO)||1,60,000 (Once in 5 years)|
|FRO Maintenance (8%of FRO)
(paid for 2nd to 5th year after availing FRO)
Grade ‘B’ Officer is being provided a Bank accommodation whose complete maintenance is done by the Bank. Bank’s flats are normally 2-3 BHK all over India and allotted to the Officer within 2-3 days after joining. In Mumbai, the waiting time of flat allocation is usually more but a temporary accommodation is provided till regular flat is allotted. Bank also provides option of leased accommodation in Mumbai in which Bank pays lease amount up to 60,000/- per month. In addition to lease amount security deposit, brokerage fee is also reimbursed by the Bank. All Bank colonies are located in the heart of the city and approachable to Office. All colonies are well maintained by the Bank. Electrician, Carpenter, Plumber, Housekeeping Services, Security Guards, Dispensary etc. are available in colony premises.
Education Expenses + Higher Studies + Study Leave
Education Expenses: `4,000 per child per month (Maximum two children).
Bank also reimburses fees for higher education and offers study leave with pay for a maximum period of 24 months which is granted to the officers of the Bank to pursue full time courses in well known colleges/Universities/Institutions in India or abroad but the subject of the study should have direct relevance to the Bank’s function and should be useful for developing the future careers in the Bank.
Leave Fare Concession
If you are fond of travelling then RBI also provides Leave Fare Concession in every two years. The LFC amount is `1,12,000/- per person (Maximum Four persons are allowed Self + Spouse + Two Children).
RBI provides a great promotion opportunity to Grade ‘B’ (Manager) officers. In RBI, Officers are categorized from Grade ‘A’ to Grade ‘F’ and then top management. In top management, Executive Directors, Deputy Governor and Governor. Among our Deputy Governors, two are selected from RBI and two are from outside (appointed by Govt. of India). Thus some lucky Grade ‘B’ Officers, joining Bank in early age, get a chance to become Deputy Governor.
Hope this will motivate you in preparing for upcoming RBI Grade B exam 2018….All d best!!!