A job in the banking sector is very prestigious and a great option for folks looking for a financially stable and secure job especially during these unprecedented times. The banking sector offers a plethora of roles and opportunities for people with any skill-set to accelerate their career.
With over 20 public sector banks, 40 foreign banks and 22 private banks there are enough and more vacancies up for grabs each year. Several independent recruiting bodies such as the Reserve Bank of India (RBI), State Bank of India (SBI) and the indian Banking Personnel Selection (IBPS) conduct selection processes throughout the year to identify talented candidates for mid & senior level roles.
But none of the selection processes are as popular among aspirants as the Bank PO exams (SBI PO & IBPS PO). In this article, we will breakdown why the Bank PO role is one of the most sought after roles by freshers & experienced folks alike.
1. No Shortage of Opportunities
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There are two prominent paths to land the become a probationary officer in a renowned bank and they are as follows:
1. IBPS PO – between 1000 and 4500 vacancies each year
2. SBI PO – around 2500 vacancies each year
If you have been on the fence about applying for the IBPS PO then this is your chance. The number of vacancies have been increased to 1417 and the last date to apply has also been extended. We strongly recommend that you apply for the IBPS PO immediately. If you have already applied then please note that the IBPS PO Admit Card which was supposed to be available for download on September 22nd will be available much later. It is very likely that the competition could be relatively less this year due to the outbreak of the COVID-19 pandemic. There might not have been enough applications and that could be one of the reasons for extending the application deadline.
There is a flipside to the large number of vacancies. According to the IBPS PO Results 2019, over 10.8 lakh candidates registered for the IBPS PO and around 7.5 lakh aspirants attended the IBPS PO prelims. Just to put that in perspective, only 4336 vacancies were available. There were about 2000 vacancies in 2019 for the role of a SBI PO and over 20 lakh aspirants had applied for it. That is how competitive and ruthless the bank PO selection processes are each year.
2. Handsome Pay Package & Other Perks
The monthly salary of a bank PO inclusive of Dearness Allowance (DA), House Rent Allowance (HRA), and other special allowances is upwards of INR 40,000. There are other benefits and allowances that a bank PO is entitled to. They are as follows:
– Official accommodation
– Travel allowance
– Medical aid of around INR 8,000 (based on the revised pay scale)
– Pension (covered under the new pension scheme)
3. Opportunities to Grow & Accelerate Your Career
A bank PO can expect to be promoted at least once every 3 to 5 years. With every promotion, the associated salary grows exponentially. Bank employees can attempt internal department specific examinations which are conducted regularly to move up the ranks quickly.
|Middle Management – Scale II
|Middle Management – Scale III
|Senior Management – Scale IV
|Assistant General Manager
|Senior Management – Scale V
|Deputy General Manager
|Top Management – Scale VI
|Top Management – Scale VII
|Chairman & MD (Managing Director)
4. Unparalleled work-life balance
It is truly a 9-5 job with plenty of paid holidays/vacation days. The job typically isn’t as stressful as a corporate/IT job. Let’s not forget the satisfaction and joy that comes with impacting the lives of people on a daily basis.
5. A chance to explore & experience new places
You may be transferred to various branches of the bank within the country. Your job might even take you overseas if things go well.
A bank PO’s responsibilities may include the following:
- Managing cash flow and supervising clerical work.
- Making decisions that will help the bank flourish.
- Issuing cheque books, ATM cards, DDs etc.
- Handling loan related issues, documents and performing on-site visits
Working as a bank PO will help you gain management skills, working knowledge of finance, accounting & marketing and other in-demand skills. The bank PO exams could be your best shot at a lucrative career.
Start preparing today!