IDBI JAM Salary 2024: In-Hand Pay, Structure, Perks and Allowances

IDBI JAM Salary 2024: The Industrial Development Bank of India (IDBI) decides the salary for the Junior Assistant Manager -JAM (Grade ‘O’) post through the Post Graduate Diploma in Banking and Finance (PGDBF) course. The selected candidates will get an IDBI salary in the form of a stipend of Rs 5,000 per month during the six-month training period and Rs 15,000 per month during the two-month internship.

Upon completing the 8 months (training + internship) and subject to successful completion of the PGDBF course, candidates will be absorbed in the Bank and shall be posted as an OJT for an initial period of 4 months at any of the Bank’s branches/offices as per requirement. 

Also, the compensation (CTC) for Junior Assistant Manager -JAM (Grade ‘O’) would range between Rs 6.14 lakh and Rs 6.50 lakh (Class A city) at the time of joining. In this article, we have shared complete details of the IDBI JAM salary, along with the job profile, allowances, and other details.

IDBI JAM Salary 2024 Overview

IDBI Bank has invited applications from graduates for enrollment in the 1 year Post Graduate Diploma in Banking and Finance (PGDBF), consisting of 6 months of classroom studies at the respective campus, 2 months of Internship and 4 months of On Job Training (OJT) at IDBI Bank’s branches, offices, and centres. Upon completing the course, the candidate will be awarded the PGDBF Diploma and inducted into IDBI Bank as Junior Assistant Manager (Grade ‘O’), subject to fulfilling all the eligibility requirements. Here are the key highlights of the IDBI JAM Salary 2024 shared below for the reference of the candidates.

IDBI JAM PGDBF Course Fees

• The programme fees for this Post Graduate Diploma in Banking and Finance (PGDBF) course will be Rs 3,00,000 plus GST, as applicable. Students must pay the fees in instalments as per a fixed schedule during the course period (including course fees, lodging, boarding and other fees, etc.).
• As per current bank guidelines, the course fee shall be reimbursed as a deferred payment of five annual instalments commencing after serving 3 years of service, upon confirmation of the bank’s services and as good performance appraisal ratings.

IDBI JAM Salary in Hand

• The selected candidates will get a stipend of Rs 5,000 per month during the six-month training period and Rs 15,000 per month during the two-month internship in terms of IDBI JAM Salary.
• After completing the 8 months (Training + Internship) and PGDBF course, candidates will be posted as an OJT in the bank for an initial period of 4 months at any of the Bank’s branches/offices as per requirement.
• After joining as Junior Assistant Manager -JAM (Grade ‘O’) in the bank and completing the PGDBF course, the IDBI Junior Assistant Manager salary compensation (CTC) would range between Rs 6.14 lakh to Rs 6.50 lakh (Class A city) at the time of joining.
• The annual increment in IDBI JAM salary shall be provided based on performance or any other factors as decided by the Bank from time to time.

IDBI JAM Salary 2024 Allowances

Along with the IDBI JAM salary, the Grade “O” officers shall be eligible for various allowances applicable to Grade ‘A’ officers of the bank. However, any other allowances, performance-linked variable pay, staff loans, perquisites, benefits and other benefits provided to other full-time employees of the bank shall not be applicable. The list of allowances included in the IDBI Junior Assistant Manager salary is as follows.

• Travel Allowances
• Halting Allowances
• Local conveyance
• Subsidised lunch facility
• Visiting Officer Facility

IDBI Junior Assistant Manager Probation Period

Candidates who are appointed for the Junior Assistant Manager post at IDBI Bank will undergo probation for a period of one year from the date of joining the post. There shall be an extension in the probationary period at the discretion of the bank. The candidate can be transferred to any place in/outside India, as the bank may decide from time to time based on its guidelines.

IDBI JAM Service Bond

At the time of their joining the course, all selected candidates will have to execute a service bond for serving IDBI Bank for a minimum of 3 years (excluding notice period) from the date of their joining or pay a notional amount of Rs 2 lakh plus taxes (if any). Moreover, if the candidate leaves the IDBI Bank service prior to 3 years of their joining, they will have to clear their outstanding educational loan dues at the applicable card rate if they have taken an education loan from IDBI Bank.

IDBI JAM Career Growth and Promotion

After completing 3 years of service, the Grade “O” officers shall be considered for promotion to Grade ‘A’ based on their work performance, availability of vacancies and other requirements, which will be as determined in the bank’s promotion policy as amended from time to time. They will get an increased IDBI JAM salary and allowances after getting promoted to higher posts.

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