Bank officers command a respectable position in the society irrespective of whether they work in the Private Sector Banks or Public Sector Banks. Youngsters are looking forward to joining the bank jobs for getting a well-reputed position and a handsome salary.
Both Private and Public sector bank jobs have their pros and cons but there is still a hairline difference in the work cultures at both places. Government banks are understaffed and hence they have more work to perform. Staff needs to appear in the exams for promotion. Private banks are better managed and you can grow by performing better than your colleagues. But they don’t have job security.
let’s explore the intricacies of the life of a government bank employee vis-à-vis the life of a private bank employee. We have tried to bring you major differences that exist between the job profile in a private sector bank as well as in a public sector bank which would enable you to make important career decisions in the banking sector. So in this blog, we will share with difference between Government bank jobs and Private bank jobs and which one is best for you.
A good government bank job is synonymous with success in life for many young minds. Fixed hours of work, a handsome salary, ample holidays, half-days or weekends are paid holidays, PF, Gratuity, Retirement Pensions, and Loans are available to you at the lowest possible interest rate. The job is full of remunerations.
Let us discuss a few points of differences between Government Bank Jobs and Private Bank jobs.
Transfer – Intermittent and frequent relocations due to transfers are more in the government sector banks and less in the private banks. Government sector banks could also relocate their employees even in remote areas.
Responsibility – In a government bank job, personal responsibility and accountability are very high indeed. If any error is made or a discrepancy later comes to light, then the officers are responsible for any type of the wrong transaction. So, also if you are in the loan dispensing department or investments or any other banking function, the staff is responsible for any bad debts or any errors
Appraisals – Let’s take a peek into the life of a private bank employee, private banking professionals enjoy greater privileges in comparison to others. E.g. accountability is not so high with private bank staff. Work-life balance could generally be compromised in a competitive working environment. The only dark side could be that you cannot expect an easy relaxed unpressured time. You are given targets and your performance is evaluated through regular appraisals. This is not the way in the public sector banks.
Security – Jobs are less secure and you do not receive pensions at retirement. In private banks Incentives and bonuses can be much higher than PSU banks. If you wish for an easy cushy job then you would be better off in a PSU bank. Salary packages are much higher in the PSUs with a higher job. Retirement does not bring good pensions, gratuity, etc. at lower levels in the private banks.
Recruitment – Employees are handpicked from institutes and universities through their own set of internal selection and recruitment processes in the private banks. They are later trained for their roles. There are no guarantees that you can retain your job if you do not perform under the pressure of targets and goals given to you. In the government banks recruitment is done by SBI or IBPS through a certain set of exams conducted annually.
Promotions – In private sector banks, promotions could be highly subjective to performance. Senior management makes most decisions. These are highly educated with highly professional degrees picked from the best of B- schools in India. In PSUs promotion is examination based. Even the increments are based on performance in the exams.
Finally, given all of these criteria and parameters, you can choose wisely and decide accordingly. There is great wisdom in taking up employment that suits your personality rather than taking a job and later realizing that you are a misfit. Hope you understand the difference between government bank jobs and private bank jobs.
ICD Kollam suggests you to take up a bright job in the Government Sector Banks and for that we are here to help you out in the exam preparation.
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