Private Bank Salaries: 6 Best Entry Level BFSI Jobs For Freshers

The BFSI sector is full of opportunities for freshers with decent private bank salaries. They can grow and adapt themselves to the dynamic work culture of the Banking, Finance, and insurance sectors.

Young graduates who want to develop a career in Banking and Finance can discover various entry level jobs in private banks. If you are a fresher then we are here to guide you with some of the latest opportunities and private bank salaries through this blog.

Do Private Banks Pay Well?

There are many roles in private banks that pay a fortune. However, they also require a certain level of qualifications with real time working experience. For young graduates who have recently cleared their Bachelor’s, there are numerous entry level jobs in private banks that definitely pay well.

Also, private banks follow a performance based salary increment that depends on your monthly performance. Employees also receive incentives and bonuses based on their task completion. There are many benefits of working in ICICI Bank. They provide paid leave, yearly bonuses, meals, and mentoring programs.

The mentorship programs guide freshers in understanding their roles and best practices to follow at the workplace.

If you want to know how to get a Job at ICICI Bank, click here.

6 Best Entry Level Jobs in BFSI Sector 2024

private bank salaries

Private banks provide numerous opportunities to freshers in various roles. For the past few decades, employment opportunities in the BFSI sector have been increasing at a very rapid pace. In this article, let us know the top 6 entry level positions with good private bank salaries.

1. Business Correspondent

A business correspondent is a professional who acts as a connecting bridge between customers and financial institutions. They provide various financial services on behalf of organisations.

Eligibility

Candidates must have completed their undergraduate from a recognised university. Banking and finance are given more priority.

Roles and Responsibilities

They manage financial services, such as deposits, micro-credit, withdrawals, and insurance for customers in rural and semi-urban areas.
They maintain good customer relationships, resolve grievances, and ensure high customer satisfaction.

Salary

The average private bank salary for a business correspondent lies in the range of ₹10,000 to ₹15,000 per month for freshers.

2. Credit Processing Associate

A credit processing associate is a professional who performs tasks like verification, data entry, resolving disputes, preparing loan packages, providing customer services, chargebacks, and other associated work in private banks.

Eligibility

Candidates must have completed their undergraduate degree from a recognised university. A Postgraduate in Banking and financial related stream is preferred.

Roles and responsibilities

They review and verify credit applications, including the personal and financial information of applicants and all documentation is correct and up to date.
Coordinate with various departments to ensure timely processing of loan applications.
Ensure compliance with internal credit policies, regulatory requirements, and bank guidelines.

Salary

The average private bank salary for a Credit Processing Associate lies in the range of ₹15,000 to ₹25,000 per month for freshers.

3. Microfinance Executives

Microfinance executives are professionals and are the face of a microfinance company or sector.

Eligibility

Candidates must have completed their bachelor’s degree and then enroll in the National Skill Qualification Framework (NSQF) * Level 2 course for microfinance executives.

Roles and Responsibilities

They are responsible for spreading awareness through financial literacy and areas to develop business.
They identify potential clients who need microfinance services.
Build and maintain strong relationships with clients and guide them through all formalities of the loan approval process.

Salary

The average private bank salaries for Microfinance Executives lie in the range of ₹12,000 to ₹20,000 per month for freshers.

4. Mutual Fund Agent

Mutual fund agents are financial professionals who manage the mutual fund investments of an organization. They are also known as Mutual Fund Distributors (MFD).

Eligibility

Candidates must be 18 years of age or above and completed 10th standard or 12th standard with at least 3 years of education.

Roles and Responsibilities

They identify potential investors and educate them about different mutual fund products in their organisation.
They assess clients based on their financial goals, risk appetite, and investment strategies.
They provide customer service and manage portfolios of clients.
They also ensure strong customer relationships and ensure their satisfaction.

Salary

The average private bank salaries for a Mutual Fund Agent are mostly commission based; however, it can lie between ₹10,000 to ₹50,000+ per month, depending on the volume and value of investments handled.

5. Insurance Agent

Insurance agents are professionals who find the best policy with optimum coverage at the price most suitable for you. They assist clients with insurance policies.

Eligibility

Candidates must be 18 years or above and have a bachelor-level degree in the field of management, insurance, or banking.

Roles and Responsibilities

They act as an intermediary between the organization and potential buyers.
Insurance agents identify prospective clients and help them understand various insurance products such as health, insurance, property, etc.
They maintain strong relationships with policyholders and potential buyers.

Salary

The average private bank salaries for insurance agents are mostly commission based; however, it can lie between ₹8,000 to ₹50,000+ per month, depending on the volume and value of investments handled.

6. Accounts Executives

Account Executives manage good business relationships with the customers. They manage clients’ accounts and have good knowledge of market conditions and sales.

Eligibility

Candidates must be 18 years or above and have completed a Bachelor’s degree in business or marketing, ideal for more career opportunities. Also, related industry recognised certification from a reputed institution.

Roles and Responsibilities

They maintain accurate and up-to-date records of all major financial transactions, including sales, invoices, purchases, and others.
Account executives ensure all entries are in compliance to the accounting standards and tax regulations.
They ensure timely payments to vendors and manage accounts receivable by generating customer invoices.

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Salary

The average private bank salaries for Account Executives lie in the range of ₹15,000 to ₹25,000 per month for freshers.

Is Private Banking a Good Career in 2024?

Private banks provide a vast number of opportunities for freshers as well as experienced professionals. Private banking employees are well-paid and enjoy a good work-life balance. Let us deep dive into some of the benefits of working in the private banking sector.

private bank salaries

Competitive Compensation and Performance Incentives: Private banks often offer attractive salary packages to their employees along with performance-based bonuses and incentives.
Professional Development and Growth Opportunities: Private banks provide a structured career path with ample opportunities for promotions and lateral movements within the organisation. They often invest in employees’ training and development through workshops, certifications, and skill enhancement programs, allowing for continuous career growth.
Advanced Technology and Modern Work Environment: Private banks typically use state-of-the-art technology and digital tools to streamline operations and improve customer service. Employees benefit from working in a tech-driven environment, gaining experience with innovative financial solutions, data analytics, and digital banking platforms.
Diverse Role Exposure and Cross-Functional Experience: Working in a private bank offers exposure to various functions such as retail banking, corporate finance, investment banking, and wealth management. This diverse experience allows employees to develop a broad skill set and explore different career paths within the banking sector.
Attractive Benefits and Work-Life Balance: Many private banks offer comprehensive benefits packages, including health insurance, retirement plans, paid time off, and wellness programs. They also promote a healthy work-life balance through flexible work arrangements, remote work options, and employee assistance programs.

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Private Bank Salaries FAQs

Q1. Are there career opportunities for freshers in private banks?

Ans: Private banks provide many career opportunities for freshers with good pay and growth opportunities. Candidates can find job roles as sales associates and back end operations in the BFSI sector.

Q2. Are private bank employees paid well?

Ans: Private bank salaries for young graduates or freshers are decent with ample amount of opportunities. They also pay their employees based on their performance and provide them with incentives and bonuses at regular intervals.