Union Bank of India Local Bank Officer Salary 2024: The Union Bank of India (UBI) offers a handsome salary to the selected officers. So, candidates who are interested in competing for the LBO (Local Bank Officer) 2024 exam must know how much they can earn and what benefits they can enjoy after joining the bank. LBOs who will be recruited in different branches of Union Bank will be paid a monthly package including allowances, benefits, and standard deductions. According to the official advertisement, the selected candidates will be in the scale of pay Rs. 48480 – 2000/7 – 62480 – 2340/2 – 67160 – 2680/7 – 85920. Read on to learn all the details about the UBI LBO Salary Structure, Annual Package, In-hand Allowance, Pay Structure, Job Role, etc.
This year, as per the latest notification released by the Union Bank, a total of 1500 eligible candidates will be recruited. The LBOs will be paid the starting basic monthly pay of Rs 50000. The salary package includes multiple perks and incentives and a good increment structure. Check out some of the important highlights of the Union Bank LBO Salary 2024 from the table below, before delving into more details.
| Category | Details |
| Exam Conducting Body | Union Bank of India |
| Post Name | Local Bank Officer (LBO) |
| Vacancy | 1500 |
| Salary (Initial) | ₹50,000 per month (approximately) |
| Job Location | Anywhere in India |
| Basic Pay Scale | ₹48,480 – ₹85,920 (with increments based on years of service) |
| Starting Pay | ₹48,480 per month (Initial salary for newly recruited officers) |
| Increment Structure | ₹2,000 increment every year for the first 7 years |
| Pay After 7 Years | ₹62,480 per month (after 7 years of service) |
| Subsequent Increment | ₹2,340 increment every year for the next 2 years (after ₹62,480) |
| Pay After 9 Years | ₹67,160 per month (after 9 years of service) |
| Further Increment | ₹2,680 increment every year for the next 7 years (after ₹67,160) |
| Final Pay After 16 Years | ₹85,920 per month (maximum pay after 16 years of service at the highest point of the pay scale) |
The Union Bank LBO In Hand Salary 2024 can be different for different posting locations. The HRA (House Rent Allowance) depends on the city of posting. On the other hand, the CCA (City Compensatory Allowance) depends upon the location. The Gross earnings in metropolitan cities are approximately ₹50,000 per month. In addition, the employees get:
Therefore, the overall compensation package includes multiple perks and the Metropolitan city employees earn a higher gross salary. Plus, the officers get medical reimbursements under the bank’s regulations. In short, the bank offers various amenities based on posting and its policy.
Union Bank of India Local Bank Officer (LBO) In-Hand Salary 2024:
| Years of Service | Basic Pay | Estimated In-Hand Salary | Allowances |
| Initial | ₹48,480 | ₹50,000 – ₹55,000 | HRA, DA, Medical, Local, Fuel |
| After 7 Years | ₹62,480 | ₹70,000 – ₹75,000 | HRA, DA, Medical, Local, Fuel |
A Union Bank of India Local Bank Officer’s salary includes many components such as basic pay, allowances, gross earnings, net salary, deductions, and so on. This salary structure makes sure the selected candidates get a handsome package. The selected candidate’s annual salary ranges between 7 lakh and 9 lakh. Take a look at the table below to go through a simple breakdown of the Union Bank of India Local Bank Officer salary structure:
| Particulars | Salary Structure |
| UBI LBO Pay Scale | Rs 48480 – 2000/7 – 62480 – 2340/2 – 67160 – 2680/7 – 85920 |
| UBI LBO Starting Pay | Rs 50,000 (Approximately) |
| UBI LBO Starting In Hand Salary | Rs 50,000 per month + admissible allowances |
At the end of each month, after receiving the salary, the LBO will receive the Union Bank LBO 2024 Salary Slip. The pay slip is the record that the bank and the employee keep as proof of monthly earnings. The salary slip encompasses information related to the salary like the base pay, allowances like Dearness Allowance (DA) and House Rent Allowance (HRA), any deductions, etc. In addition, the employee can also use this document as proof of employment and can use it to apply for loans, income tax filing, and various other purposes.
Union Bank LBO 2024 Perks and Allowances are also an attraction for candidates interested in the officer’s post. The basic pay, along with all these other benefits make the post a rewarding job. Under them, LBOs get an array of bonuses and incentives. However, the allowances are different based on area, pay scale, and other factors that are considered by the bank. Check out the table below to learn about various perks and allowances the Union Bank of India offers the Local Bank Officers:
| Perk/Allowance | Description |
| Family Allowance | Financial support provided to cover family-related expenses. |
| Educational Allowance | Support for educational expenses of children or self. |
| Local Allowance | A stipend based on the posting location, helps cover local costs. |
| House Rent Allowance (HRA) | A percentage of the basic pay is given to cover rent costs. |
| Medical Allowance | Reimbursement for medical expenses. |
| Fuel Allowance | Provided for fuel expenses if the employee uses a vehicle for work-related purposes. |
| Dearness Allowance (DA) | An allowance to mitigate the impact of inflation on the cost of living. |
| Grade Allowance | A specific allowance is based on the officer’s grade in the bank’s pay scale. |
| Leave Fare Concession (LFC) | Financial assistance for travel expenses during leave. |
| Tour Allowance | Provided to cover travel expenses during official trips. |
Now we’ll discuss the Union Bank of India Local Bank Officer (LBO) 2024 Salary Growth that is part of the career progression. The newly recruited officers are paid a basic pay of ₹ 48,480/-. Over the 7 years of service, the officers are awarded an increment of ₹2000 increasing the wages to ₹62480 by the 7th year.
After 7 years, the increment progresses to ₹2,340 for each subsequent year increasing the salary to ₹67,160 by the 9th year. So, for the next 7 years, the increment is ₹2,680 per annum which raises the amount to ₹85,920 on the completion of 16 years of service.
There are also benefits like Family Allowance, House Rent Allowance, Medical Allowance, and Dearness Allowance, raising the compensation package. The growth of the salary enables the officers of Union Bank to experience career advancement in the course of their service in Union Bank of India.
The starting salary is approximately ₹50,000 per month.
The pay scale ranges from ₹48,480 to ₹85,920 per month.
After 7 years, the salary increases to ₹62,480 per month.
The in-hand salary ranges from ₹50,000 to ₹75,000 per month, depending on the years of service.
LBOs receive allowances such as HRA, DA, medical, fuel, and leave fare concession.
The annual package is expected to be between ₹7 lakh and ₹9 lakh.
Yes, they receive benefits like medical reimbursement, educational allowance, and family allowance.
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