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...

Type of vehicle

Rate of reimbursement per km. (Rs.)

Four wheeler – Engine capacity of 1000 cc or more

11.00

Four wheeler – Engine capacity of less than 1000 cc

9.00

Motorcycle and scooter

6.00

 

Financial Aid to the families of the employee who die while in service of the bank

Cadre

Financial Aid (Rs.)

Officer

Rs. 300000

 

Compensation to Bank Employees who are killed in Bank Robberies, Terrorist Incidents including Left Wing Extremism

Cadre

Amount (Rs.)

Officer

Rs. 20 lakhs

 

Various Other Benefits:

·         Learning Allowance: Rs.850/- pm + DA

·         Location Allowance (Non CCA Centre): Rs.1200/- pm

·         Special Allowance: 26.50% (Scale I), 28.30% (Scale II & III), 30.50% (Scale IV & V) and 31.50% (Scale VI -VIII)

·         Recovery: a) House Rent @ 0.35%, b) SFF @ 0.075%

·         Annual Encashment of PL: 5 days (7 days for officers above 55 years)

·         NPS Employer Contribution increased to 14% (out of 14%, 4% is taxable in hands of Employee)

·         Scheme for providing financial assistance to the employees having children with special needs: Rs. 30000/- p.a. (HRMD 744/2024)

·         Canteen Subsidy: Rs. 100/- per employee per month – Payment to be made to Canteen Vendor

·         Memento to the employees on Retirement and on Voluntary Retirement: Rs. 15000/- (Inclusive of GST)/ Rs. 100 per employee for organizing function.

·         Providing immediate relief to the family of the employees who die while in service (Financial support for funeral expenses): Rs. 30000/-

·         Closing Allowance: Rs.1500/- per quarter

·         Mid Academic Year Transfer Allowance: Rs. 2500/- p.m. per child with a maximum up to 2 children

 

* Above defined allowances, benefits are for PNB employees and these might be vary for different banks. Comments here if any changes.

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