If you are preparing for the IIFCL Assistant Manager exam, the salary is probably one of the first things you want to know.
The IIFCL Assistant Manager salary starts with a basic pay of ₹ 44,500 per month. But basic pay is just the starting point.
Add Grade Allowance, Dearness Allowance, Local Allowance, House Rent Allowance, and other benefits, and the gross monthly salary comes to approximately ₹ 1.2 to 1.3 lakh per month.
After standard deductions, the IIFCL Assistant Manager in hand salary comes to around ₹ 95,000 to ₹ 1 lakh per month.
In this article, I have covered the complete IIFCL Assistant Manager salary breakdown: basic pay, gross salary, in-hand pay, allowances, perks, CTC, and the promotion path that comes with the role.
- Exam Pattern
- Eligibility Criteria
- Complete Syllabus
- Preparation Strategy
What is the Basic Pay of an IIFCL Assistant Manager?
The IIFCL Assistant Manager salary starts with a basic pay of ₹44,500 per month.
Basic pay is the foundation of the entire salary structure. Every other allowance: DA, HRA, and NPS contributions are calculated based on this amount.
The IIFCL Assistant Manager pay scale is:
₹44,500 – 2,500 (4) – 54,500 – 2,850 (7) – 74,450 – EB – 2,850 (4) – 85,850 – 3,300 (1) – 89,150 (17 years)
This means:
- Your basic pay starts at ₹44,500.
- It increases by ₹2,500 for the first 4 increments.
- Then by ₹2,850 for the next 7 increments
- And continues to grow over a 17-year period up to ₹89,150
So even without a promotion, your IIFCL Assistant Manager salary grows steadily every year through annual increments.
Increment for Professional Qualifications
If you hold JAIIB or CAIIB, IIFCL may grant you 1 to 2 additional increments at the time of joining.
This means your starting basic pay could be higher than ₹44,500 from day one.
What is the Gross Salary of an IIFCL Assistant Manager?
The IIFCL Assistant Manager gross salary comes to approximately ₹1.2 to ₹1.3 lakh per month.
The gross salary is calculated as:
Basic Pay + Grade Allowance + Dearness Allowance + Local Allowance + House Rent Allowance + Special Allowance + Family Allowance
Let us break each component down.
1. Dearness Allowance (DA)
DA is revised periodically by IIFCL and is calculated as a percentage of basic pay.
It is the largest allowance component after basic pay and has a significant impact on your monthly gross salary.
2. House Rent Allowance (HRA)
If you do not avail the leased accommodation facility, HRA is paid at 15% of basic pay.
If you opt for leased accommodation, HRA is not paid separately. IIFCL arranges the accommodation directly.
3. Grade Allowance
A fixed allowance paid to officers in Grade A as part of the pay structure.
4. Local Allowance
Paid based on your posting location. The amount varies depending on the city you are posted in.
5. Special Allowance
An additional allowance is paid over and above the standard components.
6. Family Allowance
Paid to officers with dependents as per IIFCL’s service regulations.
What is the IIFCL Assistant Manager In Hand Salary?
The IIFCL Assistant Manager in hand salary comes to approximately ₹95,000 to ₹1 lakh per month.
This is the amount that gets credited to your bank account after standard deductions.
The IIFCL salary in hand is calculated as:
In-Hand Salary = Gross Salary – NPS Contribution – Other Deductions
| IIFCL Grade A In-Hand Salary Calculation | |
| Component | Details |
| IIFCL Assistant Manager Gross Salary | ₹1.2 to ₹1.3 lakh per month |
| NPS Contribution (10% of Basic + DA) | Deducted from gross salary |
| Other Deductions | Income tax and applicable charges |
| IIFCL Assistant Manager In Hand Salary | Approximately ₹95,000 to ₹1 lakh per month |
A few things to note:
- NPS deduction is 10% of Basic Pay + DA. The government contributes 14% on top of this, which goes into your retirement corpus.
- Your actual in-hand salary may vary slightly depending on your posting location and applicable tax slab.
- As your basic pay grows through annual increments, the IIFCL Grade A salary in hand also increases every year.
- Objective-type Questions
- Test 1 + Test 2
- With Answer Key
- Understand Ques. Trend
What are the IIFCL Assistant Manager Perks and Benefits?
Beyond the monthly IIFCL Assistant Manager salary, the role comes with a strong set of perks and long-term benefits:
1. Leased Accommodation
IIFCL provides leased accommodation facility instead of HRA. This is one of the most valuable perks of the IIFCL Grade A salary package.
2. Gratuity
On completion of service, gratuity is paid as per IIFCL Staff Service Regulations.
3. Leave Fare Concession (LFC)
You can claim travel expenses for yourself and your family as per IIFCL rules.
4. Leave Encashment
Accumulated leave can be encashed as per applicable rules.
5. Medical Expense Reimbursement
Medical expenses for you and your dependents are reimbursed as per IIFCL service regulations.
6. Meal Card
A meal card is provided for daily use.
7. Mobile and Residential Telephone
Official mobile and residential telephone expenses are covered.
8. Newspaper Allowance
Reimbursement for newspaper and journal subscriptions.
9. Eye Refraction
Reimbursement for eye care and spectacles.
10. Household Expenses
Reimbursement for household expenses as per IIFCL regulations.
11. Mobile Handset Charges
Reimbursement for mobile handset purchase within prescribed limits.
12. Children Education Allowance
Reimbursement of children’s education expenses as per IIFCL rules.
13. Book Grant and Briefcase
Reimbursement for books and an official briefcase.
14. Furnishing Allowance
Allowance for furnishing your residence.
15. Festival Advance
Interest-free Festival Advance of up to one month’s gross salary.
16. Concessional Loans
Loans at concessional rates for car, housing, travel, and personal computer or tablet.
17. New Pension Scheme (NPS)
Selected candidates are covered under NPS. You contribute 10% of Basic + DA, and the government contributes 14%.
- Exam Pattern
- Eligibility Criteria
- Complete Syllabus
- Preparation Strategy
What is the CTC of the IIFCL Assistant Manager?
The IIFCL Assistant Manager CTC is approximately ₹19 lakh per annum.
The total IIFCL Assistant Manager gross salary comes to approximately ₹1.2 to ₹1.3 lakh per month.
If we calculate the yearly earnings based on average gross:
₹1.2 to ₹1.3 lakh x 12 months
The annual gross salary comes to approximately ₹14.4 to ₹15.6 lakh per annum.
Now add:
- Employer’s contribution towards NPS
- Leased accommodation facility
- Medical expense reimbursement
- Leave Fare Concession (LFC)
- Festival advance, concessional loans, and other perks
This brings the total IIFCL Assistant Manager CTC to approximately ₹19 lakh per annum.
What is the IIFCL Assistant Manager Leave Policy?
As an IIFCL Assistant Manager, you are entitled to the following leave benefits:
- Casual Leave (CL): For short personal work or urgent matters
- Earned Leave (EL): Accumulates over time. Can be used for long vacations or encashed as per the rules.
- Medical Leave: Granted in case of illness or medical requirements.
- Maternity Leave: Available to women officers during pregnancy or childbirth.
- Paternity Leave: Available to male officers for childcare support.
- Study Leave: Granted in specific cases for higher education or approved professional courses.
In addition to this, you are also eligible for:
- All gazetted holidays as applicable
- Leave Fare Concession (LFC) for travel with family
IIFCL Grade A Promotion & Career Growth
The IIFCL Assistant Manager post offers a well-defined career growth path within the organisation.
Here is the typical promotion hierarchy:
| IIFCL Grade A Promotions | |
| Grade | Positions |
| Grade A | Assistant Manager (You will join here) |
| Grade B | Manager |
| Grade C | Assistant General Manager |
| Grade D | Deputy General Manager |
| Grade E | General Manager |
| – | Chief General Manager |
| – | Executive Director |
- Objective-type Questions
- Test 1 + Test 2
- With Answer Key
- Understand Ques. Trend
Is the IIFCL Assistant Manager Salary Worth It?
The numbers speak for themselves. ₹44,500 basic pay, ₹1.2 to ₹1.3 lakh gross, ₹95,000 to ₹1 lakh in hand, and a CTC of ₹19 LPA. Add leased accommodation, concessional loans, medical reimbursement, and NPS, and this is one of the strongest packages in government finance.
The salary grows every year through increments and significantly with each promotion. All the Best.
