Are you making up your mind to apply for RBI Assistant 2023 exam? Have you heard about it from someone and now you want to know all the monetary benefits you can get after clearing the exam? Do you want to know all the details about the RBI Assistant salary and the career growth that this post can guarantee? That’s what this blog’s title is all about! Those who are appointed to the post of Assistant in RBI get a handsome salary package, receiving a basic RBI Assistant salary of Rs. 20,700 per month. In addition, they get to enjoy numerous other increments and allowances. But wait…you need to first prepare well and crack the exam if you want to enjoy this salary. And that can be assured if you’ll start the preparation today by taking a Free RBI Assistant Mock Test.
Let’s look at how much you can earn as an RBI Assistant in accordance with the rules specified by the 7th pay commission!
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RBI Assistant Salary Structure
If you’re thinking about making a good career in the banking sector, the Reserve Bank of India (RBI) is offering you an ideal opportunity as RBI Assistant. The RBI Assistant salary structure complemented with perks and allowances makes this post a driving force for the students. The basic salary of an RBI Assistant is INR 20,700 per month. The payscale is INR 20700-1200 (3)-24300- 1440 (4) -30060-1920 (6)-41580-2080 (2)-45740-2370 (3)-52850- 2850-55700 (20 years). Plus, the Candidates enjoy Dearness Allowance, House Rent Allowance, City Compensatory Allowance, Transport Allowance, etc., as admissible from time to time. At present, the initial monthly gross emoluments for Assistants is approximately INR 45,050. A House allowance of 15 percent of pay is paid to employees.
| RBI Assistant Salary Structure | |
|---|---|
| Particular | Details (In INR) |
| Basic Pay | 20,700 |
| Additional | 265 |
| Grade Allowance | 2200 |
| Dearness Allowance | 12,587 |
| Transport Allowance | 1000 |
| House Rent Allowance | 2238 |
| Special Allowance | 2040 |
| Local Compensatory Allowance | 1743 |
| Gross pay | 45,050 |
| Net Pay after deduction | 40,000 |
RBI Assistant Salary Deductions
An amount of Rs. 3575 is deducted from the net gross RBI Assistant salary. Check out the table below to know all the details about the deduction that takes place:
| Deductions | Amount (In INR) |
|---|---|
| EE NPS Contrib Amount | 2,970 |
| Prof Tax- split period | 200 |
| Meal Coupon Deduction | 160 |
| MAF | 225 |
| All India RBI Employee | 10 |
| Sports Club Membership | 10 |
| Total | 3,375 |
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RBI Assistant Salary & Increment
Here’s the year-wise increment offered to RBI Assistants:
| Service Years | Basic Salary (In INR) | Increment (In INR) |
|---|---|---|
| First 3 years | 20,700 | 1200 |
| Next 4 years | 24300 | 1440 |
| Next 6 years | 30060 | 1920 |
| Next 2 years | 41580 | 080 |
| Next 3 years | 45740 | 2370 |
| Next 1 year | 52850 | 2850 |
| 20 years | 55700 | – |
RBI Assistant Salary Perks and Allowances
Apart from the monthly salary, candidates are also eligible for the following allowances:
- Dearness Allowance
- House Rent Allowance
- City Compensatory Allowance
- Transport Allowance
Note: The House rent allowance is not paid to the employee if he/she is given the bank’s accommodation. The license fee is recovered from the candidates at 0.3 percent of pay at the starting stage of the pay scale of class III.
Perks for RBI Assistants
The perks enjoyed by the Assistants are given below:
- Bank’s accommodation is subject to availability
- Reimbursement of expenses for maintenance of vehicle for official purpose
- Newspaper, briefcase, book grant, allowance for furnishing of residence, etc. as per eligibility
- Dispensary facility besides reimbursement of medical expenses for OPD treatment or hospitalization as per eligibility
- Interest-free festival advance
- Leave fare concession
- Loans and Advances at concessional rates of interest for housing, car, education, consumer articles, personal computer, etc.
- Candidates will be governed by the Defined Contribution New Pension Scheme, in addition to the benefit of gratuity.
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Career Growth and Prospects
The employees at RBI can get unprecedented career growth. Candidates are promoted to higher grades based on their performance and internal exams. With every promotion, the salary increases as well as the roles and responsibilities.
How?
There are two ways to get a promotion in RBI as an RBI Assistant:
- Seniority Basis: After 10 years as an assistant, candidates will be promoted to special assistant and after that, they are eligible for senior assistant, etc.
- Merit Basis: Candidates can appear in the departmental examination after five years as Assistant to become Grade A Officer of the Assistant Manager. After that, one can reach Grade B or Manager level, Grade C or Assistant General Manager, Grade D or Deputy General Manager, Grade E or General Manager, and Grade F Deputy Governors and Governors. Generally, an Assistant can reach the level of Deputy Governor as per his talent.
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