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RBI Grade B Salary 2024, In hand Salary, Job Profile, Allowances

RBI Grade B Salary 2024

A highly respectable position, well-paid salary, allowances, and assured future through a pension attract many aspirants towards RBI Grade B jobs. In this article, details of the RBI Grade B Salary 2024, In-hand Salary, Perks, Increments, and Promotions have been provided along with allowances and benefits. Every year Reserve Bank of India (RBI) releases various job vacancies in the different departments of RBI. This year’s exam for the Grade B post consists of three phases for the selection of candidates. Candidates who get selected after Phase-I & Phase-II of the exam are called for the final interview process.

This is a wonderful opportunity to get associated with the public sector and make use of the perks offered. Candidates looking for an opportunity in the banking field can apply for this post as soon as possible. Read further to find out more about RBI Officers’ Salaries and benefits.

RBI Grade B Salary Structure 2024

The gross pay RBI Grade B Salary 2024 has been increased to Rs. 1,08,404 including several allowances, perks & benefits.  The pay scale for RBI Grade A Officer is Rs. 55,200-2850(9)-80850-EB-2850(2)-86550-3300(4)-99750(16 years). The complete RBI Grade B Salary Structure has been tabulated below:

RBI Grade B Salary Structure 2024
Particulars Amount
Basic Pay Rs. 55,200
Grade Allowances Rs. 6,800
Dearness Allowances Rs. 33,215
Housing Allowance Rs. 5273
CVPS Incentives Rs. 827
Special Prerequisite Allowances Rs. 1465
Special Allowances- Direct Recruit Rs. 1800
Local Compensatory Allowances Rs. 3664
Meal Allowance Rs. 160
Gross Pay Rs. 1,08,404

RBI Grade B Salary Deduction

The total gross pay of an RBI Grade B Officer is Rs. 1,08,404/-  (approx.). However, there is a deduction of Rs. 26,436/- in the salary of RBI Grade B Officer which is discussed below.

Deductions Amount
EE NPS Contrib Amount Rs. 6509
Prof Tax-split period Rs. 200
BF EE NPS Monthly Contrib Rs. 13,018
House Rent Recovery Rs. 620
Meal Coupon Deduction Rs. 400
MAF Rs. 300
RBI Officers Association Rs. 40
Sports Club Membership Rs. 30
Income Fax Rs. 5319
Total Deductions Rs. 26,436

RBI Grade B Latest Salary Structure

The latest RBI Grade B Salary structure as per the RBI Grade B 2024 Notification is given in the image below.

RBI Grade B Salary 2024 In hand Salary, Job Profile, Allowances_30.1
RBI Grade B Salary Latest

RBI Grade B 2024 Monthly Salary

The RBI Grade B yearly CTC is around 20-24 lacs in metro cities. Candidates can check the monthly RBI Grade B Salary and emoluments here.

RBI Grade B 2024 Monthly Salary
Monthly Basic Pay Rs. 55,200/-
Pay scale Rs. 55200-2850(9)-80850-EB-2850 (2) – 86550-3300(4)-99750 (16 years)
Monthly Emoluments (Gross) Rs. 1,16,194/- (for New Appointments)

RBI Grade B Salary Perks and Allowances

Apart from the Basic Pay, multiple emoluments such as Dearness Allowance, House Rent Allowance, Family Allowance, Telephone Allowance, Conveyance Allowance, etc. will also be provided.

  1. Dearness Allowance(DA): DA of 31% of the basic salary.
  2. Grade Allowance (GA): Rs. 6,800 is given to the RBI Grade B Officer as Grade Allowances.
  3. HRA Allowance: 2BHK/3BHK flat is given to the RBI Grade B employees. If the employees are not allocated flats, then they can claim up to Rs 70,000 as rent allowance.
  4. Medical Allowance: Medical allowances up to 4500 Rupees can be claimed. These allowances are also valid for the dependents of the employees.
  5. Education Allowance: RBI Grade B officers can avail Rs. 4000/- under education allowance every month.
  6. Fuel Allowance: 150 liters of fuel per month can be claimed.
  7. Maid Allowance: Rs 3000/- is offered under the maid allowance received by RBI Grade B officers.
  8. Mobile Allowance: A claim up to Rs 1500/- as a mobile allowance.
  9. Sodexo Coupons: RBI provides the employees with Sodexo coupons worth Rs 2000/- which can be spent on food/groceries.
  10. Leave Fare Concession Travel (LFC):  The RBI will offer around Rs100000 for the employees under LFC allowance. This can be availed once in two years, by the employee and his dependents.
  11. Briefcase allowance: The officers can avail of Rs.7000 under the briefcase allowance. This amount can be reimbursed once every three years.
  12.  Spectacles allowances: Spectacles allowance of Rs 7000/- can be claimed for either the RBI Grade B officer or the spouse.

At present, the initial monthly Gross emoluments are approximately Rs. 1,08,404 /-(approx.).

RBI Grade B Salary Increments

All the Officers selected through the RBI Grade B 2024 Exam will receive an annual salary range of 12-14 Lac. Along with the CTC, various emoluments & allowances are given.
The scale for the RBI Grade B Officer is Rs 55,200-2850(9)-80850-EB-2850(2)-86550-3300(4)-99750(16 years).

The first increment of RBI Grade B Officer is done after 5 years of their service period.

  1. Receive an increment of – Rs. 1750 (up to 9 years )
  2. After 9 years is over, your basic pay is: Receive an increment of – Rs. 50,900: Rs. 1750 (for the next 2 years)
  3. Further increment of – Rs. 2000 ( for the next 4 years) / then basic pay is = Rs. 54400
  4. After 16 years, the maximum basic pay will be Rs. 62400.

Thus, the RBI Grade B Salary is Rs. 62400/- (Maximum) and this is when an employee does not take any promotion.

RBI Grade B Promotions & Career Growth

With a constant increase in the salary of RBI Grade B Officers, the promotion designations also attract candidates. The candidates employed as RBI Grade B Officers get promoted in the following series:

  • Assistant Manager
  • Manager
  • Assistant General Manager
  • Deputy General Manager
  • General Manager
  • Chief General Manager
  • Principal Chief General Manager
  • Executive Director
  • Deputy Governor
  • Governor

RBI Grade B 2024 Promotion Criteria

RBI is going to conduct the RBI Grade Phase 1 and Phase 2 Exam in July 2024. Those who get selected after the final recruitment stage i.e., Interview will be appointed for the RBI Grade B Manager post, but on 2 years Probation period. This probation period may get extended depending on the performance of the candidates. A fixed remuneration will also be paid to the candidates during this Probationary period. After this, the candidates will be promoted to the Grade B Manager position.

The scope of promotion in the Reserve Bank of India is great. If the selected candidates’ performance is up to the mark then they will get promoted to positions like Manager, AGM, DGM, GM, and to higher levels. But this takes time and patience of a human being. So, work hard to achieve this height as working in the most prestigious government institute in India is a great opportunity in your career.

RBI Grade B Job Profile

Not just a good salary for RBI Grade B Officer, but the job profile is also interesting. After the selection of the candidate as RBI Grade B Officer, a probation period of two years along with 15 weeks of training is kept. The venue of this training is the Reserve Bank Staff College.

The job profile of the RBI Grade B officer varies from one post to the other based on the locations they have posted. the departments include Financial Markets, Banking Supervision, Banking Regulation, Currency Issuing, Public Debt Office, Foreign Exchange, and HRD. One could be transferred to different departments.
RBI Grade B Officer job profile is listed below:

  1. Ensuring Nation’s Financial Stability- The RBI Grade B Officers work towards keeping the inflation under check and ensuring an adequate supply of liquidity in the production sector is taken care of or is under control. It is important to maintain the financial stability of the country and the officers are responsible for the smooth functioning. The officers are entitled to enhance the confidence of the public in the financial system of the country and make them use the cost-effective and new technology services provided by the bank to its customers.
  2. Currency Issue and Circulation- As RBI issues coins and currency, RBI Grade B Officers are responsible for its circulation to the various nationalized banks covered under the boundaries of RBI. Also, the smooth functioning of the currency till the subordinate units of RBI is an important duty of the RBI Grade B officer.
  3. Management of Government Accounts- Management of the state and central government accounts by performing various merchant banking functions for them.

Note: The probation period is 2 years and extends to 4 years
The RBI is the entry-level position in any bank and after appointment, as candidates get the experience of working or their daily schedules, they will get huge opportunities to prove their work qualities that can provide a promotion to them and can also help them to reach the senior post.

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FAQs

How much salary does the RBI Grade B Officer get?

The starting salary of RBI Grade B Salary in hand will be around Rs. 81,968/-.

What are the allowances provided to RBI Grade B Officer?

Apart from the Basic Pay, multiple emoluments such as Dearness Allowance, House Rent Allowance, Family Allowance, Telephone Allowance, Conveyance Allowance, etc. will also be provided.

Q3. What is the basic pay of RBI Grade B Salary 2024?

Ans. The basic pay of RBI Grade B Salary 2024 is Rs. 55,200/-

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