Indian Overseas Bank, a leading PSU bank has released a notification inviting young graduates to apply for Apprenticeship positions. There are a massive 550 vacancies under this recruitment. And stipend will be Rs 15,000/- to Rs 10,000/- per month. Remember, this news has been announced following another news of 500 Apprenticeship positions in UBI bank (Union Bank of India). In this post, we will tell you everything about this notification.
State-wise Vacancy in IOB
The headquarters of Indian Overseas Bank is located in Chennai, Tamil Nadu. While the majority of vacancies are in Tamil Nadu, plenty of positions have also been announced in other states, especially in the northern states like Andhra Pradesh, Delhi, Gujarat, Karnataka, Kerala, Maharashtra, Orissa, Punjab, Telangana, Uttar Pradesh, and West Bengal.
What is Apprenticeship?
Apprentices are not full-time employees of the bank; they are provided on-the-job training to prepare them for a career in finance and banking. If you have even a small interest in joining the financial services or banking sector, this is a wonderful opportunity for you to receive training while earning a stipend. This is an excellent chance for people from various backgrounds to get on-the-job training.
When you complete the apprenticeship, you will have more opportunities for employment. That’s why I highly recommend applying for this position if you are interested in a career in the banking or financial sector.
Age limit to apply for the IOB bank
If you are between 20 and 28 years of age – as on the cutoff date of August 1st, you are eligible for this vacancy. This means your date of birth should fall between August 1, 1996, and August 1, 2004, inclusive. Concessions apply to candidates from reserved categories as per government guidelines.
Educational Qualification for the govt bank job
You must be a graduate to qualify for the application. The bank has announced a cutoff date for eligibility: The result of the qualification must have been declared between April 1, 2020, and August 1, 2024, inclusive.
How much stipend will be paid?
The bank has announced three levels of stipends to be paid:
| Branch Category | Stipend per month (in Rs.) |
|---|---|
| Metro | Rs. 15,000 – Rs. 4,500 = Rs. 10,500 |
| Urban | Rs. 12,000 – Rs. 4,500 = Rs. 7,500 |
| Semi-Urban / Rural | Rs. 10,000 – Rs. 4,500 = Rs. 5,500 |
Out of these amounts, Rs. 4,500 will be paid directly by the Government of India through DBT (Direct Benefit Transfer) to the candidates’ accounts.
Selection by banking exams
As with other banking recruitments, there will be a short exam of about 90 minutes, consisting of 100 questions from various subjects.
Apart from this, if you can produce a 10th or 12th standard marksheet or certificate proving that you have passed a local language exam, you will not have to appear for the test of the local language. If you cannot provide this certificate, you will be required to take an additional local language exam.
The subjects for the exams are as follows:
| Name of Test | No of Questions | No of Marks |
|---|---|---|
| General / Financial Awareness | 25 | 25 |
| General English | 25 | 25 |
| Quantitative & Reasoning Aptitude | 25 | 25 |
| Computer Knowledge | 25 | 25 |
| Total | 100 | 100 |
How to prepare for the exams
One of the best ways is to visit the bank’s website and start reading about banking news. You can check out the economics section – however, read the specific news about banks and then figure out the meaning of the terms.
Important Dates
Starting Date of Apply Online – 28/08/2024
Closing Date for Apply Online – 10/09/2024
Online Examination Date (Tentative) – 22/09/2024
How to apply for the IOB bank vacancy for graduates
Step 1: Visit the official IOB website – direct link
Step 2: Read the notification for the recruitment – direct link
Step 3: Visit BFSISSC and apply for the Apprenticeship form – direct link
Conclusion
No doubt, this apprenticeship program at Indian Overseas Bank offers a fantastic opportunity for young individuals looking to start a career in the banking and financial sector. With state-wise vacancies, monthly stipends, and valuable on-the-job training, this program helps you gain the skills and experience necessary to excel in the industry. Whether you are from a metro, urban, semi-urban, or rural area, this program provides a gateway to a fulfilling career.
FAQ
What is the role of an apprentice at Indian Overseas Bank?
Apprentices are provided with on-the-job training in various aspects of banking to prepare them for a career in the financial sector. They are not full-time employees but gain valuable experience and skills through this training program.
Is there an exam for selection into the apprenticeship program?
Yes, there is a short exam of about 90 minutes, consisting of 100 questions on various subjects. If you have passed a local language exam in 10th or 12th standard and can produce a certificate, you will be exempted from the local language test.
What happens after completing the apprenticeship?
After completing the apprenticeship, you will have more opportunities for employment in the banking and financial sectors, as the training will equip you with the necessary skills and experience.
What is the stipend offered during the apprenticeship?
The stipend varies based on the location of the branch:
Metro branches: Rs. 15,000 per month
Urban branches: Rs. 12,000 per month
Semi-Urban and Rural branches: Rs. 10,000 per month
