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RBI Grade B Salary 2024, In Hand, Promotion, Basic Pay, Benefits

Last updated on 21-May-2024

RBI Grade B Salary

RBI Grade B Salary is one of the most important factors that RBI considers when it comes to its employees. Well, the Reserve Bank of India knows all this and much more. That is why the compensation package that it offers to its employees is one of the best in the banking industry. To know the detailed RBI Grade B Salary Structure, go through the complete blog.

RBI Grade B Salary 2024

To know the RBI Grade B Salary 2024, one must refer to the official RBI Grade B Notification. Candidates who are looking forward to the Grade B post must be aware of the Current Pay Scale, Perks & Allowances, Career Prospects & RBI Grade B Job Profile. Reading the blog "RBI Grade B Salary 2024" will give you enough motivation to apply for the post and study rigorously for it.

RBI Grade B Salary 2024 - Overview

RBI Grade B Salary is Rs 55,200/- per month in the beginning and the pay scale is of Rs. 55200-2850 (9)-80850-EB-2850 (2) -86550-3300 (4)-99750 (16 years). The Gross Monthly Emoluments are Rs 1,08,404/- approximately.

ParticularsDetails 
Basic PayRs 55,200/-p.m.
Pay ScaleRs. 55200-2850(9)-80850-EB-2850 (2) - 86550-3300(4)-99750 (16 years)
Allowancesi. Dearness Allowance,
ii. Local allowance,
iii. House Rent Allowance,
iv. Family allowance and
v. Grade Allowance
Gross EmolumentsAt present, initial monthly gross emoluments (without HRA) are Rs. 1,16,914/- (approximately) The House Rent Allowance of 15% of Basic Pay will be paid, if accommodation is not provided by the Bank

RBI Grade B Salary 2024 - Increments

  • The new pay scale for RBI Grade B Officers is Rs. 55200-2850(9)-80850-EB-2850 (2) – 86550-3300(4)-99750 (16 years).
  • This means, your initial basic pay will be Rs 55,200/- per month and you will receive an increment of Rs. 2850 for up to 9 years of your service.
  • After the tenure of 9 years is over, your basic pay will rise to Rs. 80,850 per month and you will again receive an increment of Rs. 2850 for the next 2 years.
  • After the tenure of 2 years is over, your basic pay will rise to Rs. 86,550 per month and you will again receive an increment of Rs. 3300 for the next 4 years.
  • Your basic pay will be Rs 99750 for the next 16 years.

Attempt FREE RBI Grade B Mock Tests

RBI Grade B Salary - Annual Package

Well, the RBI Grade B Annual Package is extremely handsome. The candidates who will be selected as grade b officers will receive the annual package of around 20 to 24 lakhs. This is because the officers are given various allowances and benefits along with the basic pay as salary.

RBI Grade B 2024 - Benefits, Perks & Allowances

Apart from the basic pay, RBI Officers are entitled to receive numerous emoluments like Dearness Allowance, Family Allowance, House Rent Allowance, Conveyance Allowance, Telephone Allowance, Medical Allowance, etc.

ParticularsDetails
Dearness Allowance (D.A.)i. 113% of the basic pay that previously accounted for D.A. has now been revised to 125%.
House Rent Allowance (H.R.A.)i. H.R.A. is provided to those employees who are posted out of their hometowns. 
ii. Accommodation is also provided to RBI employees.
Usually one gets a 2 BHK flat.
iii. If an employee has not been allotted a flat, RBI offers an estimated amount of Rs 70,000 for accommodation in metro cities such as Mumbai.
Conveyance Allowance (C.A.)i. Based on the declaration provided by you, C.A. is paid.
For instance, the additional in-hand amount in Mumbai is Rs 14,000.
Medical Allowance (M.A.)i. Medical Allowance worth Rs 4500 is offered to RBI employees as well as to their dependents. 
ii. Reimbursement of medical expenses for hospitalization and OPD treatment along with free dispensary facilities are available.
Education Allowancei. Selected RBI Officers get Education Allowance for their children. 
ii. The annual reimbursement amount accounts for approximately Rs.4000 per month.
Leave Fare Concession (LFC) &
Leave Travel Concession (LTC)
i. LFC/LTC is offered to the employee and his/her family once every two years. 
ii. RBI provides Rs 10,7000 (approx.) per head for this purpose.
Bank Loan Facilityi. As per the salary revision, RBI Officers can now avail of loans at cheaper rates for a vehicle, housing, computers, etc.

Download RBI Grade B 2024 : The Complete Guide Here

RBI Grade B Salary 2024 - Perquisites

i. Bank's accommodation, subject to availability, reimbursement of expenses for maintenance of vehicle for official purpose, newspaper, telephone charges, book grant, allowance for furnishing of residence, etc. as per eligibility.

ii. Free dispensary facility besides reimbursement of medical expenses for OPD treatment/hospitalization as per eligibility. Interest-free festival advance, Leave Fare Concession (once in two years for self, spouse, and eligible dependents).

iii. Loans and Advances at concessional rates of interest for Housing, vehicles, Education, Consumer Articles, Personal computers, etc. Selected candidates will be governed by ‘the defined contribution New Pension Scheme (NPS)', in addition to the benefit of Gratuity.

iv. At certain centers, a limited number of residential quarters are available. A facility for securing residential accommodation on lease, however, exists at all centers.

RBI Grade B Salary 2024 - Career Prospects

  1. The initial appointment will be on probation for two years.
  2. At Bank's discretion, the probationary period may be extended up to a maximum period of four years.
  3. Selected candidates are liable to be posted and transferred anywhere in India.
  4. There are reasonable prospects for promotion to higher grades.
  5. For candidates possessing very high academic or professional qualifications/ experience of significant value to the Bank, the Bank may, at its sole discretion, consider granting up to four advance increments.
  6. The Board, at its sole discretion, may consider requests for higher emoluments on account of higher qualification/special experience of value to the Bank at the interview stage only.
  7. Such information may be furnished in the Bio-data Form in the appropriate column. The number of maximum increments will be four. The Board/Bank will not entertain any request received after the interview.

RBI Grade B Future Avenues (Career Path/ Career Progression)

If one continues to work in RBI with sincerity & dedication, then an RBI Grade B Officer can reach up to CGM level post. Few Grade B officers have also managed to reach Executive Director (ED) positions and very few up to Deputy Governors (DG).

Deputy Governor

Executive Director

Principal Chief General Manager

Chief General Manager

General Manager

Deputy General Manager

Asst. General Manager

Manager (Grade B Officer)

RBI Grade B Salary 2024 - Departments

This is the list of departments in which an RBI Grade B officer gets a chance to work. Read to know better.

List of DepartmentsList of Departments
1. Central Vigilance Cell18. Department of Statistics and Information Management
2. Consumer Education and Protection Department19. Enforcement Department
3. Corporate Strategy and Budget Department20. Financial Inclusion and Development Department
4. Department of Banking Regulation21. Financial Markets Operation Department
5. Department of Banking Supervision22. Financial Markets Regulation Department
6. Department of Communication23. Financial Stability Unit
7. Department of Cooperative Bank Regulation24. Foreign Exchange Department
8. Department of Cooperative Bank Supervision25. Human Resource Management Department
9. Department of Corporate Services26. Inspection Department
10. Department of Currency Management27. Internal Debt Management Department
11. Department of Economic and Policy Research28. International Department
12. Department of External Investments and Operations29. Legal Department
13. Department of Government and Bank Accounts30. Monetary Policy Department
14. Department of Information Technology31. Premises Department
15. Department of Non-Banking Regulation32. Rajbhasha Department
16. Department of Non-Banking Supervision33. Risk Monitoring Department
17. Department of Payment and Settlement Systems34. Secretary's Department

RBI Grade B Officer Posting & Job Profile

Candidates who successfully pass all three phases of the examination (Prelims, Mains, and Interview) are required to undergo training for the first 15 weeks. After the training period, the employees will be on a 2-year probation period (which can extend up to 4 years). During this time, employees are allotted to various departments. The duties and responsibilities of an RBI Officer involve:

  • Issuing and circulating currency to the nationalized banks
  • Ensuring the smooth functioning of the financial markets
  • Managing Central and Govt. bank accounts

 

FAQs

Q. What is the selection procedure followed for RBI Grade B exam?

A. The RBI Grade B exam is conducted in three stages: Phase I (Prelims), Phase 2 (Mains), and the Interview round.

Q. What is the minimum qualification required for RBI Grade B? +

A. You will need a minimum of 60% marks (50% in case of SC/ST/PWD) or an equivalent grade in Bachelor's degree OR a minimum of 55% percentage in your Post Graduation if you are a postgraduate (pass marks for SC/ST/PwBD applicants).

Q. Will there be RBI Grade B exam in 2024? +

A. Yes, the RBI Grade B exam will be conducted in 2024.

Q. How many times can I attempt RBI Grade B exam? +

A. If you are a general category candidate, you have 6 attempts, whereas there is no bar on the number of attempts for SC/ST/OBC/PWD candidates. By 6 attempts, it means you should have taken the RBI Grade B Phase 1 exam 6 times. If you have already taken the RBI Grade B Phase 1 exam 6 times, then you are not eligible to apply.

Q. Is there any negative marking in RBI Grade B exam? +

A. Yes, there is negative marking in Phase 1 of the RBI Grade B exam. There is a negative marking of 0.25 marks for every incorrect answer in RBI Grade B Phase 1.

Q. What is the Application Fee for RBI Grade B 2024 Exam? +

Expected Application fee for the RBI Grade B is as follows:
For GEN/OBC/EWSs - Rs 850 + 18% GST
For SC/ST/PwBD - Rs 100 + 18% GST
For RBI Staff - Nil.
There will be no application fee for the RBI staff.

Q. How is Oliveboard's Course for RBI Grade B exam preparation? +

A. Oliveboard's RBI Grade B online course is at present the best course for your preparation.
The course is curated by Riti Maám and this course covers all your preparation needs:
ESI & FM Video Lessons, LIVE Revision Classes, Descriptive Mock Tests with Expert Evaluation, ESI & FM Topic Tests, Descriptive Ans-Writing Platform, ESI & FM Study Notes, Current Affairs Capsules, Descriptive English Preparation, Model Descriptive Answers, Objective Mock Tests, Interview Preparation and much more.
Toppers have trusted and so can you!

Q. Do I need a minimum of 60% criteria in my 10th and 12th class in order to apply for the RBI Grade B exam? +

A. No, your 10th and 12th class/standard marks/percentage do not matter. You will need a minimum of 60% marks (50% in case of SC/ST/PWD) or an equivalent grade in Bachelor's degree OR a minimum of 55% percentage in your Post Graduation if you are a postgraduate (pass marks for SC/ST/PwBD applicants).

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