Bank Staff Benefits, Allowances and benefits provided to PSB Employees

 

Public sector banks in India offers a good number of benefits to its employees. You can check various allowances, benefits provided to employees as listed below.

Medical Aid

50% of Basic Pay of Previous Year’s December Month. Officers recruited during the year shall be allowed 50% of basic pay (pro-rata) as on date of joining the Bank.

Health Checkup

Facility for Officers (Self & Spouse with age of 35 years & Above; Once in a Calendar Year)

Upto Scale III	Rs. 3500 per person
Scale IV & V	Rs. 4500 per person
Scale VI & VII	Rs. 6000 per person
Scale VIII	Rs. 8000 per person

 

Stationery: Purchase of Stationery Items like Fountain/ Ball Pen refills etc.- Rs. 350 per calendar year

Newspaper Facility (to be claimed Quarterly)

Scale I	Rs. 200 (monthly)
Scale II & III	Rs. 300 (monthly)
Scale IV & V	Rs. 450 (monthly)
Scale VI and above	Rs. 600 (monthly)

 

Entertainment Expenses (Annual Limit per Financial Year)

Scale I	Rs.8600 (upto 7 yrs service)/ Rs.10800 (>7 yrs service)
Scale II	Rs. 11500
Scale III	Rs. 12200
Scale IV & V	Rs. 12900
Scale VI	Rs. 19500
Scale VII	Rs. 37500
Scale VIII	Rs. 50000

 

Cleansing Material Reimbursement(to be claimed Quarterly)

Petrolage in liters	Maintenance in Rs.	Reimbursement for Electric Vehicle
Scale I (other than BH)	40	50	3000
Scale I (BH)/ Dy Mgr	60	150	4500
Scale II	60	150	4500
Scale III	95	150	7000
Scale IV	120 (non- metro)/ 135 (metro)	135/150	9000(non-metro)/ 10000 (metro)
Scale V	140 (non- metro)/ 160 (metro)	–	–
Scale VI	160 (non- metro)/ 180 (metro)	–	–
Scale VII & VIII	200 (non- metro)/ 220 (metro)	–	–

 

Scholarship scheme: to provide financial assistance to one talented child of the employees only for one talented child per family during the service (Paid Once a Year i.e. on submission of claim by 31st December of the year of commencement of academic session).

Cadre	For Daughter	For Son
Officer	Rs. 20000	Rs. 8000

 

Festival Advance (Once in Calendar Year- One Month Gross Salary with following maximum limits)

Scale I	Rs. 35000
Scale II	Rs. 50000
Scale III	Rs. 60000
Scale IV & V	Rs. 85000
Scale VI & VII	Rs. 100000
Scale VIII	Rs. 125000

 

 

Staff Clean Overdraft/ Demand Loan Facility

Cadre/ Length of Service	>6 months upto 3 yrs	=>3 yrs upto 12 yrs	=> 12 yrs
Upto Scale IV	Rs. 5 lakhs	Rs. 10 lakhs	Rs. 15 lakhs
Scale V and above	Rs. 8 lakhs	Rs. 15 lakhs	Rs. 15 lakhs

 

Housing Loan Scheme (HRDD 886/2023 & 915/2024) Principal: Interest = 3:1

Tenure: Upto 75 years of age or 360 monthly installments whichever is earlier ROI – Upto Rs.40 lakh – 5.50% p.a. Simple/ Above Rs.40 lakh- 6.00% p.a. Simple

Cadre	Housing Loan Limit	Loan for Repair/ Renovation/ Furnishing
Upto Scale III	Rs. 120 lakhs	Rs. 30 lakhs
Scale IV & V	Rs. 150 lakhs	Rs. 30 lakhs
Scale VI & VII	Rs. 160 lakhs	Rs. 30 lakhs
Scale VIII	Rs. 180 lakhs	Rs. 30 lakhs

 

Conveyance Loan
ROI – Car Loan- 5.50% p.a. Simple/ Two Wheeler- 5.50% p.a. Simple

	Principal: Interest	Tenure
Car Loan	130 months: 50 months	Upto 70 years of age or 180 monthly installments whichever is earlier
Two Wheeler	69 months: 15 months	Upto 70 years of age or 84 monthly installments whichever is earlier

 

	Non Electric		Electric
Cadre	2-Wheeler	Car	2-Wheeler	Car
Officers	Rs. 3.50 lakh	Rs. 18.00 lakh	Rs. 4.00 lakh	Rs.20.00 Lakh

 

Purchase of Briefcase of Officers (Once in 3 years)

Scale I	Rs. 2500
Scale II & III	Rs. 3500
Scale IV & V	Rs. 7000
Scale VI & VII	Rs.25000
Scale VIII	Rs.30000

 

 

Compensation to Officers for working on Sundays/ Holidays

Other than CTS/ ECS/ RTGS/ SWIFT/ RBI/ GOVT. directions	Work < 4 hour- ½ day DiemWork > 4 hour- 1 day Diem OR 1 Day compensatory leave
On CTS/ ECS/ RTGS/ SWIFT/ RBI/ GOVT. directions	Rs. 2000 (Including Scale IV)

 

 

Group Personal Accident (GPA) Insurance Policy for Staff at Bank’s cost

Cadre	Sum Insured in (Rs.)
Scale I, II & III	Rs. 2500000
Scale IV to V	Rs. 5000000
Scale VI to VIII	Rs. 7500000

 

 

Leased Residential Accommodation

	Delhi/ Gurgaon & Mumbai	Major A Class	Area I/ State Capital (Including Faridabad, Ghaziabad)	Area II (Including Noida)	Area III
Scale I	30000	22500	17000	11000	8500
Dy. Manager	30500	23000	17500	11500	9000
Scale II	32000	23500	18000	12000	10000
Scale III	33500	26000	20500	13000	11500
Scale IV	37000	29500	23500	15000	15000
Scale V	45000	33000	26000	18000	18000
Scale VI	74000	45500	34000	22000	22000
Scale VII	85500	57500	40000	30000	30000
Scale VIII	87500	60000	50000	40000	40000

·         Major ‘A’ Class cities – Kolkata, Chennai, Hyderabad, Ahmadabad and Bangalore, Pune, Surat.

·         Area I – Areas having population of over 12 lakh plus State Capitals.

·         Area II – All cities other than those included in Area I which have a population of 1 lakh and more.

·         Area III – All other places not included in Area I and Area II.

 

Reimbursement of Expenses on Travel (Halting allowance – Diem)

	Metro (Including Delhi/ Gurgaon)	Major A Class	Area I (Including Faridabad, Ghaziabad)	Other (Including Noida)
Upto Scale III	2925	2475	2150	1800
Scale IV & V	3375	2925	2475	2150
Scale VI and above	4050	2925	2475	2150

 

Reimbursement of Expenses on Travel(Lodging & Boarding Facility – Hotel)

	Metro (Including Delhi/ Gurgaon)	Major A Class	Area I/ State Capital (Including Faridabad, Ghaziabad)	Other (Including Noida)
Scale I	2600	2600	2500	2000
Scale II & III	3200	3000	2800	2300
Scale IV & V	5200	4800	3000	2800
Scale VI & VII	10000	7800	4000	3500
Scale VIII	10000	8000	4200	3800

·         Metro: – Mumbai, Kolkata, Delhi, Chennai & Bangalore

·         Major ‘A’ class cities: – Ahmedabad, Hyderabad, Pune & Surat.

·         Area –I Centers:- Nagpur, Kanpur, Jaipur, Lucknow, Vishakapatnam, Patna, Vadodara, Kochi, Indore, Bhopal, Ludhiana, Coimbatore, Madurai, Agra, Varanasi, Srinagar, Vijaywada, Rajkot, Faridabad, Jamshedpur, Kozhikode, Trissur, Mallapuram, Tiruvananthpuram, Kannur, Jabalpur, Nashik, Meerut, Allahabad, Ghaziabad and Asansol

 

Silver Jubilee Award to Serving Employee- (on completion of 25 years of service in the bank): Rs. 10,000/- (inclusive of GST); function expenses @ Rs. 60 per employee of branch.

Residential SFF

Scale I/ Dy. Manager	175000
Scale II	200000
Scale III	225000
Scale IV	230000 + 1 AC (upto 35000)
Scale V	260000 + 1 AC (upto 35000)
Scale VI	345000 + 1 AC (upto 35000)
Scale VII	480000 + 2 ACs (each upto 35000)
Scale VIII	600000 + 2 ACs (each upto 35000)

 

Reimbursement of Expenses towards Transportation of Personal Effects on Transfer; Min. 300 km; Two Times for Hilly area (HRMD 694/2023)

Upto 1000 km	Rs. 5.90 per tonne per km
Beyond 1000 km	Rs. 4.25 per tonne per km

 

Facility for Telephone (Landline)/ Mobile Phone (Per Month/ Excluding GST)

	Mobile Handset	Incumbent	Other	On Self Declaration
Scale I	–	1200	700 *	400
Scale II	–	1300	800 *	400
Scale III	–	1500	1000 *	400
Scale IV	5000 (BH only)	2500	2000
Scale V	15000	3500	3000
Scale VI	20000	6000	5000
Scale VII	40000	Unlimited	Unlimited
Scale VIII	50000	Unlimited	Unlimited

* Approval from CH/ DZM/ Divisional Head required

Compensation on Transfer (Lumpsum) (towards packaging, local transportation, insuring the baggage)

Scale I, II & III	Rs. 40,000
Above Scale IV	Rs. 50,000

 

Reimbursement of travelling expenses for travel on duty/ transfer by own vehicle