Federal bank provides some special extra allowance to their employees appointed as an Officer. Federal Bank Officer Salary and Perks section covers the details about the PayScale and the other allowances & perks of an Federal Bank Officer (Scale-I) Job post.

Federal Bank Officers Salary:

Presently the starting Basic Pay applicable to Officers (in Scale I) is Rs. 23700 in the scale of pay Rs.23700- 980/7-30560–1145/2-32850–1310/7–42020.

Allowances

The official will also be eligible for DA, Lease rental/ HRA, CCA, 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. 7.50 Lakhs and a maximum of Rs. 9.40 Lakhs depending upon the place of posting and other factors.

House Rent Allowance (HRA):

These allowances depends upon the accommodation of the employee. This allowance is based on the location of the posting and varies 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% 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 mainly depend upon the company policy.

On the basis of all the allowances, the annual Cost to Company (CTC) of a Federal Bank.

PO/ Officers Scale-I ranges from Rs. 7.50 lakhs to Rs. 9.00 lakhs.

As a Probationary Officer or Officer Scale 1, the candidates will get great opportunities to grow, both professionally and personally. During the probation period of two years, the Officers will get to learn a lot of things related to banking activities and the learning will continue all through their career in the banking sector.

Probation: Candidates selected as Officers will be on probation for a period of 2 years.

Promotion:

• Based on your potential and performance, you can get promotion from the post of Officer Scale 1.




• There is also scope of appearing for internal examinations to get the promotion to higher posts, like Officer Scale-II, Officer Scale-III.




• Enterprising and hardworking People Joined as Bank Man (Peon/ Attendant) were retired as Chief General Manager (second only to CEO) in Federal Bank.




• Some of our senior executives starred their career as Peon/clerk only.




• Federal Bank values the hard work, than anything else. A person who joins as clerk in his 22nd age as clerk has service up to 38 years, which will bring a lot of changes in one’s career.