Private Banks Vs Government Banks: Where to Make a Career?
In today’s world, Banking Sector has shown a tremendous and exponential amount of growth. But while choosing from Private Banks Vs Government Banks to Make a Career, Is a big question to think upon!!! Because of the exciting and worthwhile pay scale, every year thousands of candidates are stepping towards bank sector as banking sector is agreed to be the future saver sector!!! But while choosing from Where to Make a Career, is it Private Banks or a Government Banks, you will always face a difficult dilemma.
So, to guide you in this queue we are providing Job Advantages & Disadvantages of Public & Private Banks on this single page. Have a look!!!!!
Government Banks: If we talk about Government sector banks, they are commonly acknowledged for their better organizational configuration and for better dissemination in customer base. As a result, a majority of people prefer to have a job in Public sector banks. Job securities of these types of bank are much higher as compared to that of Private sector banks. Candidates who are pursuing a job in public sector bank have given numerous opportunities to improve his/her performance, if there a breach between desired output and the output produced. That’s why a vast cluster of candidates want to enhance their career in Public sector banks.
Private Sector Banks: Rate of growth a Private sector banks are usually fast and these are known for their exceedingly spirited outlook and technological superiority. If we talk about Job Security of these types of banks, then it is based on the performance of the employees working over there. Private sector bank provides a good salary packages along with competitive benefits as compare to Public Sector Banks. It can be well understand using below given difference. Have a look!!!
|Different Aspects||Private Banks||Government Banks|
|Learning Experience||Believe in Hands–on experience||Invests a lot of time in employee’s training|
|Career Growth||Comparatively, career growth is fast||Slow Career Progress|
|Promotion Criteria||Promotion is based on Merit||Promotion is based on Seniority|
|Salaries||If you work well, you can expect a good rise in salary||Hike is salary is high|
|Job Security||Job Security is based on the performance||Job security is high|
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Job Advantages & Disadvantages of Public & Private Banks
Applying for the job: Candidates, who want to enhance their career path in private banks must have possessed MBA degree and relevant working experience in required field. But, if you want to make you place safe in Government Banks you need to qualify common written/ aptitude tests which are held on a regular basis.
Recruitment Process: For getting a job in private sector banks one have to qualify various rounds such as written examination, group discussions and personal interviews in order to secure their places. Almost each and every bank has their own recruitment process with which they commence their recruitment process. In order to make a vice choice between Private Banks Vs Government Banks, one can evaluate it using its recruitment process itself. However, if we talk about public sector bank, there is no need to appear for written examination, group discussions and interviews.
Salary Packages: Salary Packages of private sector banks and public sector banks will thoroughly based on the nature of your job profile and the bank. However, public sector banks offers a salary between Rs 7,200 – 19,300 to Clerks and private sector banks paid Rs 14,500 – 25,700 for PO vacancies. This signifies that pay band for each post is depend upon its nature and promotion is totally based on your performance whereas Private Banks look for qualifications, experience and knowledge. Salaries of Private Banks Vs Government Banks are as follows
|Posts||Scale of Pay|
|Office Scale III (Officer in Middle Management Grade)||42020-51490|
|Officer Scale II (Officer in Middle Management Grade)||31705-45950|
|Officer Scale I (Officer in Junior Management)||23700-42020|
Private Sector Banks
|Branch Manager||INR 732,503|
|Credit Manager||INR 599,978|
|Customer Service Officer||260,000|
Check Out Detailed: Bank PO Salary
Perks & Other Benefits: Both private sector banks and public sector banks offers numerous Perks and allowances. While, private bank have their set rules and regulations but can be more supple than public sector banks.
Public sector bank and Private sector bank has plays an important role at their own place. In comparison to it, they both have various advantages and disadvantages. But it’s the duty of a person to prioritize his/ her requirements, skill, and preferences before choosing the type of bank he or she wants to work.
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