The SIB released the notification for the recruitment of candidates to the post of Probationary Officer (PO). The Notification was released on the Bank’s official website www.southindianbank.com on 1st September 2021. The process of allowing candidates to fill out the online application began on 1st September 2021, and the last date for applying online is 8th September 2021. The Notification does not mention the number of vacancies. The notification is available to be viewed and downloaded here. Keep reading to learn about the South Indian Bank Salary & Job Profile.
South Indian Bank Exam Overview
| Name of Examination | SIB PO |
| Organisation Name | SIB |
| Post | Probationary Officer |
| Mode of application | Online |
| Application Fees | SC/ST – INR 200/-General – INR 800/- |
| Mode of Examination | Online |
| Stages of Examination | Online Examination, group discussion and personal interview |
| Place of Posting | Anywhere in India (Transfer will be at the Bank’s discretion, not by candidate request) |
| Probation Period | 1 year |
| Service Agreement Period | 2 years |
| Official website | www.southindianbank.com |
South Indian Bank Exam: Important Dates
| Event | Important Dates |
| South Indian Bank PO 2021 Online Application Starts from | 01-09-2021 |
| Last Date to Apply Online for SIB Probationary Officer | 08-09-2021 |
| South Indian Bank PO 2021 Examination Date | Will be Announced Soon |
| Admit Card Download Start Date | Will be Announced Soon |
| Result Declaration Date | Will be Announced Soon |
| Call Letter for Interview | Will be Announced Soon |
South-Indian Bank Salary & Job Profile: Overview
The SIB has brought out a notification for the post of PO, and the selected candidates will get a salary in the Scale I (IBA package). The job profile will be that of a Probationary Officer. Read on to know details of South-Indian Bank Salary & Job Profile.
South Indian Bank Salary
The pay scale for a Probationary Officer in the SIB is Scale I (IBA package). The SIB follows the Probationary Officer Pay Scale as approved by the IBA (Indian Banks Association).
So, effectively the salary of the Probationary officer will then be on the IBA Approved Pay Scale and will be INR 23700- 980/7 – 30560- 1145/2 – 32850- 1310/7 – 42021. Additionally, the Probationary Officer will be eligible for several allowances, such as House Rent Allowance and Dearness Allowance. The Probationary Officer will be granted 1 (one) additional increment for CAIIB and 1 (one) additional increment for JAIIB.
| Year | Salary |
| 1 | 36,000 |
| Next 7 years | 36,000 + annual increment of 1,490 each year |
| Next 2 years | 46,430 + annual increment of 1,740 each year |
| Next 7 years | 49,910 + annual increment of 1,990 each year |
The Probationary Officer will also be eligible for Performance Linked Incentives (PLI) and every one of the other incentives and benefits that age given to officers in Scale I based on the scheme being implemented.
SIB Probationary Officer Salary Categorisation
Once selected, a Probationary Officer with the SIB does not become permanent immediately. First, there is a period of training, a period of internship, then a period of a Service Agreement Period, and finally, the post Service Agreement Period. Below are the steps:
- Classroom Training (Eight Months)
- Internship (Four months)
- Service Agreement Period (Two Years)
- Post Salary after Service Agreement Period
Read on to know about the salary given to the candidate during each of the 4 stages.
All candidates seeking admission to SIB PO Program will get a salary during the initial training days. SIB PO salary will include the following:
Classroom Training
After a candidate is recruited through the Probationary Officer recruitment of the SIB, the first step is a Classroom Training program of eight months. During these eight months, the appointees are given basic training in finance and banking and other relayed aspects. All through the classroom Training period, the candidates receive a stipend of INR 3000.00 every month.
Internship
All appointees to the post of Probationary Officer in the SIB need to undergo an internship of four months after completing the Classroom Training of eight months. Appointees can undertake the internship at any of the many SIB Branches. During the internship period, the candidates will receive a stipend of Rs.15,000.00 each month.
SIB PO Pay 2021 – Final Recruitment
Candidates who complete the Classroom Training of 8 months and then the internship of 4 months shall get the appointment of Probationary Officer in one of the many SIB branches. Though they will have to serve a Service Agreement Period which, when completed, they will get their confirmation letter. They will start getting a salary on the scale INR 23700 – 980 / 7– 30560 – 1145/2 – 32850 – 1310/7 – 42021.
SIB PO Allowances
They will also get House Rent Allowance (HRA) and Dearness Allowance (DA), and other allowances and benefits due to a Scale I Probationary Officer as decided by Indian Banks Association (IBA).
• Basic Salary: Rs. 23700.00
• Special Allowance: Rs. 1,836.00
• City Competitive Allowance (CCA): Rs 870.00
• Dearness Allowance (DA): Rs. 12,206.00
• House Rent Allowance (HRA): Rs. 2133.00
Probation Period
The probationary period for the post of SIB PO is of one year. Candidates will be given a confirmation letter only after completing the probation period.
All candidates who are finally selected will need to execute an agreement that they will serve the Bank in active service for a minimum period of 2 (two) years starting from joining the Bank. Those who violate the agreement will need to pay INR 1,50,000.00 for the expenses incurred for the recruitment, training (in-house, external, and on-the-job), compensation / liquidated damages on account of the Bank’s loss of opportunity from deriving anticipated benefits from the process of recruitment.
To sum up, when the Probationary Officer is serving the Training Period, a sum of INR Rs. 3000.00 will be paid to the PO each month during the classroom training of 8 (eight) months. Further, during the following 4 months of internship, the PO will get INR 15,000.00. When the internship period is completed, the appointee will need to serve a two-year-long Service Agreement Period. Only after the Service Agreement Period is completed will the appointee be given a letter of confirmation after a one-year period of probation post the Service Agreement Period. While the appointee is serving the Service Agreement Period, salary, benefits, and allowances due to a Probationary Officer will apply.
South-Indian Bank Job Profile
Work areas included in the Job profile of a Probationary Officer with the South Indian Bank include the following, amongst others:
• Branch Banking
• Branch Operations
• Business Development
• Central Processing
• Collection and Recovery
• Credit
• Credit Mid Office Functions
• Credit Retail and MSME Underwriting
• Foreign Exchange Market
• Gold Loan Business
• Liability Sales
• Marketing
• MSME Relationship/ Sales Manager
• Risk Management
• Treasury
Probationary Officer Branch Posting
The posting of a Probationary Officer of the South Indian Bank can be done in any branch across India. Candidates who know more languages will be at an advantage.
Conclusion
Now that you know the South Indian Bank Salary & Job Profile of a Probationary Officer with the South Indian Bank, you are in a better position to decide whether or not you wish to apply for this post. You are also aware of the several stages involved and the time period involved between being appointed and being confirmed to the post of Probationary Officer.
FAQ
The probation period for the Probationary Officer post with the South Indian Bank is 1 (one) year.
The service Agreement for PO in South Indian Bank is 2 years.
The Salary of a Probationary Officer with the South Indian Bank is on the scale INR 23700 – 980 / 7– 30560 – 1145/2 – 32850 – 1310/7 – 42021.
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