SIDBI Assistant Manager Salary 2024, Job Profile, Pay Scale

SIDBI Grade A Salary 2024

The SIDBI Assistant Manager job is a golden opportunity for banking aspirants aiming to secure a high-ranking role in the banking and financial sector. Known for its prestigious standing and extensive growth potential, the SIDBI Assistant Manager role, also known as SIDBI Grade A Officer, offers a range of benefits that make it a very attractive career choice. Those who successfully clear the SIDBI Grade A Exam will be welcomed as Class A officers in this reputable institution. As an Assistant Manager at SIDBI, employees will enjoy professional status, a wealth of responsibilities, and numerous privileges that highlight their role within the organization. The SIDBI Grade A Notification for the 2024-25 recruitment cycle has been released, prompting enthusiastic candidates to pursue this exceptional job opportunity. All details related to the SIDBI Grade A eligibility criteria and the SIDBI Grade A Exam Date are available in the notification, making it easier for candidates to prepare well in advance.

One of the most appealing aspects of this role is the SIDBI Assistant Manager Salary. For SIDBI Grade A officers, the starting salary is set at Rs. 44,500/- per month, forming a structured salary scale of Rs. 44,500 - 2500(4) - 54,500 - 2850(7) - 74,450 - EB - 2850(4) - 85,850 - 3300(1) - 89,150 over a period of 17 years. This means that the initial SIDBI Assistant Manager Salary begins at Rs. 44,500, and with four annual increments of Rs. 2,500, it reaches Rs. 54,500 by the fifth year. Over time, the SIDBI Grade A Salary can reach up to Rs. 89,150 as employees progress through their tenure. Additionally, the take-home SIDBI Assistant Manager Salary reaches approximately Rs. 90,000 per month when combined with allowances and benefits, making it one of the most lucrative starting packages in the industry.

Working as an Assistant Manager in SIDBI not only promises a rewarding SIDBI Grade A Salary but also offers a dynamic work environment that is both challenging and fulfilling. This role opens doors to significant career advancement and leadership opportunities within the banking sector. With such an attractive SIDBI Assistant Manager Salary and Class A status, this position represents a secure and promising future for any aspirant.

For further details on the SIDBI Assistant Manager salary have a look at the table below.

SIDBI Grade A Perks & Allowances

In addition to the SIDBI Assistant Manager Salary, employees enjoy a range of attractive perks and allowances that enhance the overall SIDBI Grade A Salary package. These include housing or lease accommodation, medical facilities, leave travel concession, and furniture allowances, all contributing to a comfortable and balanced lifestyle. The SIDBI Assistant Manager Salary is further complemented by a generous performance-linked incentive, adding financial security and growth potential. With these added benefits, the SIDBI Grade A Salary becomes a highly competitive and comprehensive package, making this position even more desirable for aspiring banking professionals. Some of the perks and allowances that you will receive are mentioned below.

• Dearness Allowance (DA): Dearness Allowance is a cost-of-living adjustment paid to employees to counteract inflation. For SIDBI Assistant Managers, DA is revised quarterly based on the All India Consumer Price Index, providing financial security against rising living costs and directly enhancing the SIDBI Grade A Salary.
• Grade Allowance: Grade Allowance is a special allowance given to employees based on their designation. As a SIDBI Grade A Officer, the Grade Allowance further elevates the SIDBI Assistant Manager Salary, recognizing the high responsibilities and expertise required for this position.
• Special Allowance: Special Allowance is a benefit extended to SIDBI employees, calculated as a percentage of basic pay. This allowance rewards employees for the nature of their duties, adding to the SIDBI Assistant Manager Salary and ensuring that the total compensation is competitive and rewarding.
• Local Compensatory Allowance (LCA): Local Compensatory Allowance is provided to employees based on their posting location, particularly in high-cost urban areas. LCA in the SIDBI Grade A Salary structure addresses city-specific expenses, ensuring employees can maintain a comfortable lifestyle irrespective of location.
• Gratuity: Gratuity is a lump sum paid to SIDBI employees after a specific period of service. This retirement benefit secures future financial stability, rewarding Assistant Managers for their commitment, and enhances the overall SIDBI Assistant Manager Salary over the long term.
• Leave Fare Concession (LFC): LFC enables SIDBI employees to take a reimbursed leave for travel and vacation. This perk is designed to support work-life balance, allowing Assistant Managers to travel and relax while their expenses are partially or fully covered.
• Medical Expenses Reimbursement: SIDBI provides medical reimbursement to cover hospitalization and general medical expenses for Assistant Managers and their families. This benefit supports financial well-being by covering a significant portion of medical expenses, contributing to the overall SIDBI Grade A Salary package.
• Telephone Expenses: Telephone expenses are reimbursed as part of the SIDBI Assistant Manager Salary package to ensure employees have seamless communication for professional and personal needs. This allowance covers monthly phone bills, enabling easy connectivity.
• Newspaper Allowance: SIDBI offers a newspaper allowance to keep employees informed and engaged with current affairs. This helps Assistant Managers stay updated on industry trends and developments, which can benefit their professional growth.
• Internet Allowance: Internet allowance supports SIDBI employees with internet expenses, enabling efficient remote work and constant connectivity. It enhances productivity and is a valuable addition to the SIDBI Grade A Salary, especially for those working in digitally-focused roles.
• Loans and Advances at Concessional Rates: SIDBI provides loans and advances to employees at reduced interest rates for housing, vehicles, and personal needs. This facility makes essential financial support accessible, adding long-term value to the SIDBI Assistant Manager Salary package.
• Education Expenses: SIDBI may cover or reimburse certain education expenses for employees’ children. This benefit alleviates the financial burden of education costs, underscoring SIDBI’s commitment to supporting employees’ family needs alongside the SIDBI Grade A Salary.
• Vehicle Maintenance Expenses: Vehicle maintenance expenses cover repairs, fuel, and general upkeep for employees’ vehicles. This allowance assists SIDBI Assistant Managers in maintaining their transportation, adding practical financial support to the SIDBI Assistant Manager Salary.
• Book Grant Allowance: The book grant allowance provides SIDBI employees with funds to purchase books and study materials. It encourages continuous learning and development, further enriching the SIDBI Grade A Salary package for career growth and skill enhancement.
• Furniture Allowance: Furniture allowance enables SIDBI employees to purchase or maintain home furniture, promoting a comfortable living environment. This one-time or recurring benefit complements the SIDBI Assistant Manager Salary by addressing employees' personal and family needs. You will also be covered under the New Pension Scheme.

These benefits, combined with the SIDBI Grade A Salary, create a comprehensive and competitive package that ensures financial security, professional satisfaction, and work-life balance for Assistant Managers.

SIDBI Grade A Job Profile 

As a SIDBI Assistant Manager, your role is pivotal to supporting the Small Industries Development Bank of India (SIDBI) across various projects. You will actively contribute to managing day-to-day operations, helping small businesses strengthen financially, and thoroughly reviewing loan applications. In the SIDBI Assistant Manager position, assessing the financial viability of projects and analyzing market trends are key tasks, alongside closely collaborating with clients to understand their unique needs. As part of the SIDBI Assistant Manager duties, you will also work alongside your team to create strategies that drive productivity and improve financial outcomes. Strong communication skills are essential for a SIDBI Assistant Manager, as you will engage frequently with clients, colleagues, and stakeholders. This position allows you to make a significant impact on the growth and development of small businesses in India, highlighting the essential role of the SIDBI Assistant Manager in the broader financial landscape.

SIDBI Grade A Promotional Structure 

As a SIDBI Assistant Manager, your career path offers promising advancement opportunities based on your qualifications and experience. Starting in the SIDBI Assistant Manager role, you can progress through levels such as vice president, president, and manager, potentially advancing to chief executive, depending on your performance, skills, and effective time management. The path is enriched by opportunities to showcase leadership abilities, achieve set objectives, and contribute to SIDBI’s broader organizational goals. Continuous learning and professional development are encouraged for SIDBI Assistant Managers, equipping you with the skills necessary for higher responsibilities. Overall, this developmental journey within SIDBI provides a structured path for growth, recognition, and career fulfillment, with a clear trajectory from the SIDBI Assistant Manager role to top-level leadership.

SIDBI Grade A Probation Period

Starting your career as a SIDBI Grade A Officer means a probationary period of 2 years, extendable to 4. During this time you will learn and grow in your banking role. You may also be asked to work in SIDBIy offices if needed. Think of it as a journey where you gain valuable experience. You have to be flexible and open to change, like an explorer. This testing period is your opportunity to build a strong career in banking and make a positive impact at SIDBI.