SIDBI Assistant Manager and Manager Salary 2024: All You Need to Know
Wondering about the salary and perks of a SIDBI Assistant Manager or Manager? The Small Industries Development Bank of India (SIDBI) offers attractive pay and benefits to its officers, making it a great choice for anyone looking to build a stable and rewarding career in the banking sector. Let’s break down the SIDBI Assistant Manager and Manager Salary 2024 structure, perks, allowances, and career growth opportunities.
SIDBI Basic Pay Structure 2024
SIDBI provides a structured pay scale for Assistant Managers (Grade ‘A’) and Managers (Grade ‘B’), ensuring competitive and attractive salaries. The current pay scales are:
| Position | Basic Pay Scale | Monthly Salary (approx.) |
|---|---|---|
| Assistant Manager Grade ‘A’ | INR 44,500 – 89,150 | INR 1,00,000 |
| Manager Grade ‘B’ | INR 55,200 – 99,750 | INR 1,15,000 |
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Allowances and Perks
SIDBI officers receive several attractive allowances and perks, in addition to their basic pay:
- Dearness Allowance (DA): Adjusted quarterly to offset inflation.
- House Rent Allowance (HRA): Provided if SIDBI accommodation is not available, varying by city.
- Local Compensatory Allowance (LCA): Offered based on the city of posting.
- Special Allowance: Additional fixed allowance for all employees.
SIDBI Assistant Manager and Manager Salary 2024: Monthly In-Hand Salary
The in-hand salary of SIDBI officers is the monthly take-home after tax deductions and other contributions. For an Assistant Manager, it is approximately INR 1,00,000, while for a Manager, it is around INR 1,15,000. This includes all allowances and perks, making the take-home pay highly competitive in the banking sector.
Grade ‘A’ Assistant Manager Salary Breakdown
Here’s a breakdown of the Assistant Manager Grade ‘A’ monthly salary:
| Component | Amount (INR) |
|---|---|
| Basic Pay | 44,500 |
| DA | Varying |
| HRA | Depending on city |
| LCA | Additional |
| Gross Monthly Salary | Approx. 1,00,000 |
Grade ‘B’ Manager Salary Breakdown
Here’s a breakdown of the Manager Grade ‘B’ monthly salary:
| Component | Amount (INR) |
|---|---|
| Basic Pay | 55,200 |
| DA | Varying |
| HRA | Depending on city |
| LCA | Additional |
| Gross Monthly Salary | Approx. 1,15,000 |
Additional Benefits for SIDBI Officers
In addition to salary and allowances, SIDBI offers a variety of benefits, which include:
- Medical Coverage: Reimbursement of medical expenses for self and dependents.
- Leave Fare Concession: Travel allowance every two years for personal travel.
- Loans and Advances: Concessional rates for housing, car, and personal loans.
- Education Allowance: Support for children’s education.
Career Growth Opportunities
SIDBI offers excellent career progression for Assistant Managers and Managers. Through internal exams and performance assessments, employees can rise to higher ranks over time. Career paths lead from Grade ‘A’ to Grade ‘B’, with opportunities for promotions to higher levels based on experience, qualifications, and performance.
SIDBI Pension and Retirement Benefits
SIDBI officers are enrolled in the New Pension Scheme (NPS), a defined contribution plan that ensures financial security post-retirement. Additionally, they are entitled to gratuity and other retirement benefits that add to their financial stability in the long term.
Work-Life Balance at SIDBI
SIDBI is known for fostering a healthy work-life balance. Flexible work arrangements, vacation leaves, and a supportive work environment make SIDBI a desirable workplace. It’s an excellent opportunity for professionals looking for job stability and a balanced lifestyle.
How to Apply for SIDBI Positions
If the SIDBI salary and benefits package appeals to you, consider applying for a role. Visit the official SIDBI website at www.sidbi.in to stay updated on recruitment notifications and application details.
Also Read: Union Bank LBO Salary 2024
Why Choose a Career with SIDBI?
A career with SIDBI offers not only a competitive salary but also the chance to make a difference in India’s MSME sector. SIDBI plays a vital role in supporting small businesses, fostering growth and development, and contributing to the national economy. Joining SIDBI means contributing to a larger mission while enjoying a rewarding career.
In conclusion, the SIDBI Assistant Manager and Manager Salary 2024 is competitive and accompanied by several benefits that make it one of the top opportunities in the banking sector. With SIDBI, you can look forward to financial growth, career advancement, and a balanced work life.
