“The banking sector in India provides many opportunities and job roles to freshers and experienced candidates. Check out some of the important career paths in this article.”
Job in Private Banking: Private banks offer many job roles and career growth opportunities, even for candidates with less working experience. Individuals own private banks or communities that provide various banking services like loans, credits, investments, advisory services, etc.
During this recession period, when finding jobs is challenging, these sectors still provide many positions. The BFSI sector is expected to show much growth in the coming years. Read the complete article to learn about the different jobs in private banking.
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Job in Private Banking
Let us look at some of the most important job roles in private banking. Check out the table below.
| Job Profiles in a Private Bank | |||
| Job Role | Responsibilities | Avg. Salary Range | Career Prospects |
| Business Correspondent | Rural financial services, account management. | ₹2.2 – ₹4.5 lakhs | Growth within the BFSI sector. |
| Debt Recovery Agent | Collecting debts, negotiations, legal actions. | ₹1.9 – ₹2.4 lakhs | Progression to collection manager or credit analyst. |
| Credit Processing Assoc. | Loan assessments, disbursements, credit evaluation. | ₹3.1 – ₹6 lakhs | Advancement to credit analyst, loan officer, or underwriter. |
| Microfinance Executive | Providing small loans, credit assessments. | ₹1.5 – ₹4.7 lakhs | Opportunities in management or related fields. |
| Insurance Agent | Policy sales, client advisory. | Commission-based | Potential commissions, managerial roles. |
| Mutual Fund Agent | Mutual fund investments, client guidance. | Commission-based | Growing income, transition to financial advisory. |
| Accounts Executive/Asst. | Financial records, reporting, compliance. | ₹1.1 – ₹4.8 lakhs | Progression to accountant, finance manager. |
Why Pursue a Job in Private Banking?
A job in a private bank provides decent pay, career opportunities, growth and stability. There are significant advantages to joining a job in a private bank.
- Private banks provide competitive salaries even for entry-level jobs.
- It has many benefits like medical insurance, allowances, sick leave, etc.
- There are many positions which candidates can choose from, such as business correspondent, debt recovery agent, credit processing associate, microfinance executive, insurance agent, etc.
- Most of the roles in private banking are secured.
- A job at a private bank provides a good work-life balance.
- This job provides good career growth opportunities.
- Private banks also provide training to their employees free of cost.
- Some banks also offer tuition reimbursement and assistance programs to help their employees become more effective.
Exploring Job In Private Banking
Let us now look at some of the important job roles which pay decent salaries with even very little experience.
1. Insurance Agent
Let us know the job responsibilities, eligibility criteria and average salary for an insurance agent job role.
| Job in Private banking | ||
| Job roles | Eligibility | Job salaries |
|
High school or diploma in an equivalent area. | Rs 2 lakh to Rs. 4 lakh |
2. Mutual Fund Agent
Let us know the job responsibilities, eligibility criteria and average salary for a mutual fund agent job role.
| Job in Private banking | ||
| Job roles | Eligibility | Job salaries |
|
High school or diploma in an equivalent area. | Rs 2 lakh to Rs. 4 lakh |
3. Microfinance Executive
Let us know the job responsibilities, eligibility criteria and average salary for a microfinance executive agent job role.
| Job in Private banking | ||
| Job roles | Eligibility | Job salaries |
|
Bachelor’s Degree in any field. | Rs 2 lakh to Rs. 4 lakh |
4. Business Correspondent/ Facilitator
Let us know the job responsibilities, eligibility criteria and average salary for a Business Correspondent job role.
| Job in Private banking | ||
| Job roles | Eligibility | Job salaries (per year) |
|
Passed class Xth from a recognized board. | Rs 4 lakh to 8 Lakh |
5. Debt Recovery Agent
Let us know the job responsibilities, eligibility criteria and average salary for a Debt recovery agent job role.
| Job in Private banking | ||
| Job roles | Eligibility | Job salaries (per year) |
|
Passed high school from a recognized board. | Rs 2.2 lakh to Rs. 4.5 lakh |
6. Credit Processing Associate
Let us know the job responsibilities, eligibility criteria and average salary for a Credit processing associate job role.
| Job in Private banking | ||
| Job roles | Eligibility | Job salaries (per year) |
|
Bachelor’s Degree in any field. | Rs 3 lakh to Rs. 5 lakh |
Job in Private Bank FAQs
What are some job roles in private banks?
Some of the popular job roles in private banking are insurance agent, debt recovery agent, microfinance executive, credit processing associate, accounts executive, etc.
Why are jobs in private banks preferred?
Private banks provide decent pay along with many benefits like sick leaves, allowances, etc, for even entry level jobs. This sector also provides many opportunities for freshers.
What is the full form of BFSI?
The full form of BFSI is the Banking, Finance service and Insurance sectors.
