Public sector bank employees salary scales And Demand draft MICR Code/Numbers
Clerks: Rs .
JMGS : Junior Management Grade Scale тАУ I Rs .10,000-470/6-12,820-500/3-14,320-560/7-18,240
MMGS : Middle Management Grade Scale тАУ II Rs. 1 3 , 8 2 0 тАУ 5 0 0 / 1 тАУ 1 4 , 3 2 0 тАУ 5 6 0 /10-19,920
MMGS : Middle Management Grade Scale тАУ III Rs . 1 8 , 2 4 0 тАУ 5 6 0 / 5 тАУ 2 1 , 0 4 0 тАУ 6 2 0 /2-22,280
SMGS : Senior Management Grade Scale тАУ IV Rs . 20, 480-560/1-21040-620/5-24140
TEGS : Top Executive Grade Scale тАУ VI Rs. 26,620-680/4-29,340
These are the salary scales for public listed banking corporations. This is given by State bank of India and followed by other Public sector banks like punjab national bank, bank of baroda, all SBI associate banks, allahabad bank, uco bank, canara bank, IOB,BOI and others.
And the post titles for the officer cadre start from assistant manager, deputy manager, manager, chief manager, general manager, managing director and the chairman accordingly.
Though the pay scale slightly varies from bank to bank due to many reasons like the working place viz.metros,rural areas the basic scale remains the same for every public sector bank.
Demand draft in the Indian context is essentially a written order, where a
buyer pre-deposits an amount of money in a bank and hands over the тАШwritten
orderтАЩ to the seller, so that the seller can тАШdemandтАЩ the deposited money from
the bank where it way deposited (May not be in the same branch though).
Suppose Mr.A wants to buy a product from a company xyz which costs Rs.600
Instead of giving the money to xyz, Mr.A draws a Demand draft (DD in short) for Rs.600 in favour of xyz by paying Rs.600 (plus an additional commission that goes to the bank utilized) and then hands over the DD to xyz.
In India, DDтАЩs are more frequently used for employment purposes where a company ask its applicants to draw a DD of required amount in its favour.
Most DDтАЩs will have a validity period of 6 monthтАЩs. If the beneficiary didnтАЩt produce the DD with in 6 months from the drawn date, then it may be void.
Many Demand draft, essentially consist of 3 variables:
- DD number
- MICR number and
- Transaction code
Some DDтАЩs may also have the extra 6 digit numbers between MICR and
The first variable is the DD number which will of 6 digits, followed by 9 digit MICR code, then followed by the next 6 digits (may not exists in some banks) and lastly the 2 digit transaction code.
As far as the DD CHARGES go, the countries largest bank SBI charges are as follows:
For DD Amount up to Rs.10000, the charge is Rs.30
Above Rs.10000, the charge is Rs.2.50 multiplied by number of thousands.