The bank employees’ salary range is set as per the recommendations of the Bipartite Agreement. Many aspirants appear for Bank exams across the country to secure their career as a bank employee.
Being an employee in a bank is considered as a prestigious profession. This is due to the nature of the job as well as the salaries that the bankers command.
The Bank PO Salary and Bank Clerk Salary hikes were implemented retrospectively from November 2017 once the bank unions and the Indian Banking Association reached a consensus.
In this article, we will see the salary of Bank PO, Clerk, and SO under the State Bank of India and Institute of Banking Personnel Selection pay structure.
As per the update released in October 2019, on the Wage Settlement of the Bank employees, it was decided that the employees can claim a part wage arrear before the wage settlement agreement reaches an inevitable conclusion. The part wage arrear is like a Diwali bonanza for the employees of public sector banks as there is a 12% wage revision amounting to a sum of close to Rs. 50,000/- to Rs.100000/-.
Bank PO Salary
The Bank PO salary has many inclusive advantages along with the basic pay. A Bank Manager’s salary in India acts as one of the key factors for the aspirants’ attraction towards this job profile.
For this reason, aspirants seeking jobs in the banking sector, find the PO (Probationary Officer) post as the most sought-after job with fruitful career growth option.
A Probation officer (PO) is an Assistant Manager of Scale I in the bank.
The Indian bank PO salary varies for various posts like
Bank PO salary for SBI
Bank PO salary for IBPS
SBI PO Salary
The State Bank of India is reputed to have the highest salary range among the Public Banks in India and SBI Exams are conducted to recruit candidates into various revered posts under the prestigious Organisation.
Every year lakhs of candidates appear for the SBI PO exam to get into the banking sector to be appointed at the post of Probationary Officer. In the following paragraphs, we will cover the SBI PO salary range.
SBI PO salary structure is as follows:
As per the SBI PO salary structure, the basic pay is set at Rs. 27,620/- with 4 advance increments.
The minimum compensation per annum is Rs. 7.55 lakhs, the maximum compensation is Rs. 12.93 lakhs, and it depends on the place of posting and the other factors.
In the annual package pf SBI PO salary, the various inclusions are
city compensatory allowance
Tax & PPF
compensation for bank stationery
Apart from all this, accommodation is provided if it is available at the place of your posting.
IBPS PO Salary
The Institute of Banking Personnel Selection is the recruiting body for various IBPS bank exams.
All participating public sector banks follow the IBPS salary structure, which is different from the SBI salary structure.
These IBPS exams are for candidates trying to get a good and secured job in the Public banking domain and the following paragraphs cover the IBPS PO salary in public sector banks.
The IBPS PO exam is used to select probationary officers for PSBs and the salary stricture for the same is given below:
The basic pay component of IBPS PO salary is Rs.23,700/- per month.
In the IBPS PO salary, there are other allowances such as special allowance, dearness allowance and HRA; the total compensation is Rs. 38703.38 per month.
The gross annual CTC, including HRA but without leased accommodation, it is Rs. 5,57,640.52
Cooperative Bank PO Salary
The Reserve Bank of India regulates the Cooperative Banks. The basic pay of the Cooperative Bank PO salary is around Rs.30,000/-.
These banks are mostly for providing transactional facilities to the small-industries and self-employed workers.
Cooperative Bank PO salary varies state-wise.
Private Bank PO Salary
The Private Bank PO salary structure is almost similar to the public sector in terms of the payscale components. However, the salary structure differs in the pay scale which is quite lesser compared to the public sector banks.
The basic pay of a Private Bank PO is around Rs.35,000/- which differs from bank to bank.
Detailed pay scale and benefits provided to a Probationary Officer in both Private and Public Sector Banks have been given at the Bank PO Salary page. Candidates can visit the linked article and get all the relevant information.
Bank Clerk Salary
The Bank Clerk salary varies with respect to different banks.
The Bank Clerk Salary for the following are discussed:
Bank Clerk Salary – SBI
Bank Clerk Salary- IBPS
SBI Clerk Salary
The revised SBI Clerk salary has a pay scale which is as follows:
The SBI Clerk salary structure will include the dearness allowance, house rent allowance and other allowances. The starting salary is Rs. 20,900/- per month.
Candidates should clear the SBI Clerk exam to get into this post under the State Bank of India.
IBPS Clerk Salary
The IBPS Clerk CWE exam is conducted on two levels- preliminary exam and mains.
Candidates aspiring for clerk post under the IBPS need to clear the IBPS Clerk Exam.
IBPS Clerk salary structure is as follows:
The basic IBPS clerk salary is Rs 11,765- Rs 42,020 per month.
Rs 11,765 is the basic pay in the IBPS clerk salary and the remaining pay includes dearness allowance, house rent allowance, medical allowance and transport allowance.
The cash in hand with regard to the IBPS Clerk salary is Rs 19,461 for those who join initially.
Increments are based on performance and length of service.
Cooperative Bank Clerk Salary
The Cooperative Bank Clerk salary is decided as per the guidelines in the Cooperative Society Act, 1912.
The basic pay of the Cooperative Bank Clerk salary is around Rs.10,000/- during training which is for six months. Post this; the basic pay comes around Rs. 20,000/-.
These banks provide financial assistance to various small and mid-scale organizations.
Private Bank Clerk Salary
Private banks do the bank clerk recruitment as per their guidelines. The basic pay in the clerical cadre of a Private Sector Bank is around Rs.18,000/- to Rs.20,000/-.
Apart from basic pay, each employee in this cadre is entitled to various allowances.
IBPS RRB Salary
The IBPS RRB bank post has divisions such as office assistants, officer scale I, II & III. Below are the salary structure for these posts.
The Institute of Banking Personnel Selection conducts the IBPS RRB Exam to recruit officers who will head the various Regional Rural Banks (RRB) across the country and the IBPS RRB salary details are as follows:
Salary structure for office assistant is in the range of Rs. 7200-400/3-8400-500/3-9900-600/4-12300-700/7-17200-1300/1-18500-800/1-19300. Rs 19000- Rs 22000 is the cash in hand for new joiners.
The IBPS RRB salary details as per the various officer scale are given below:
IBPS RRB salary- officer scale
IBPS RRB salary- Cash in hand
Officer Scale I
Rs 30000 - Rs 36000
Officer Scale II
Rs 36000 - Rs 42000
Officer Scale III
Rs 41000 - Rs 47000
Bank SO Salary
The Bank Specialist Office salary varies from bank to bank and the salary structure for the Bank SO is discussed below:
SBI SO Salary
The State Bank of India Specialist officer (SO) has two scales.
Junior Management Grade Scale (JMGS) I
Middle Management Grade Scale (MMGS) II
The following are the pay scales for these grades:
For junior management grade scale I, the bank salary structure is Rs.23700-980/7-30560-1145/2-32850-1310/7-42020, and 73600 is inclusive of leased rental at Mumbai.
For middle management grade scale II, the bank salary structure is Rs.31705-1145/1-32850-1310/10-45950, and 90700 is inclusive of leased rental at Mumbai.
IBPS SO Salary
Officer Scale I, Officer Scale-II, Officer Scale-III pay scale is covered under the IBPS SO salary.
The IBPS SO exam is to recruit candidates into Specialist Officers Post under the Institute of Banking Personnel Selection.
Specialist Officer salary details are as follows:
The salary structure of Officer Scale I is in the range of Rs. 23700-980/7-30560-1145/2-32850-1310/7-42020. They get around 36400/- per month including dearness allowance and HRA.
The salary structure of Officer Scale-II is in the range of Rs. 31705-1145/1-32850-1310/10-45950. Rs. 48800/- is the basic pay per month, including dearness allowance and HRA.
The salary structure of Officer Scale III is in the range of Rs. 42020-1310/5-48570-1460/2-51490. Rs. 64600/- is the total compensation per month, including dearness allowance and HRA.
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