Bank PO Salary 2020 - Basic Pay, Perks & Career Growth

The Bank PO salary is one of the major aspects which derives the candidates to choose the banking sector as a career option. Various bank exams are conducted in the country but the Probationary Officer exam is a dream for many to qualify.

The job of a Probationary Officer is considered as one of the most sought after job profiles in our country, which is why the competition to crack the Bank PO exam is quite high and requires a lot of hard work and dedication.

In this article, we bring to you the details about the Bank PO salary and the perks and benefits that an Officer scale employee enjoys, one he gets recruited in the banking sector.

Aspirants across the country who wish to know more about Bank PO and the job profile and responsibilities of a Probationary Officer can visit the linked article for more information. 

Salary and Perks of a Bank PO 2020

The Probationary Officer post is one of the highest entry-level designations for which recruitment is conducted in the banking sector in India and every year lakhs of candidates apply for the exam but only a handful manage to qualify it.

One major reason for the interest of candidates in bank exams is the salary and pay scale offered to them. At the joining level, the annual Bank PO salary may range between Rs. 5 lacs to Rs. 10 lacs and this gradually increases over a period of time. 

Candidates can also check the Bank Employee Salary range for other posts in the banking sector at the linked article.

The salary is not just limited to the pay scale of an employee but various other perks and benefits are also provided to a Probationary Officer. These perks include:

  • House Rent Allowance – Since the job is transferable, an employee is given HRA, depending upon the post and job location. Every Bank PO is liable to get this House Rent Allowance
  • Medical Allowance – A Probationary Officer not just gets complete reimbursement of any medical treatment he/she goes through but also get partial reimbursement for medical treatments of the immediate family members
  • Travel Allowance – If an employee is travelling to any city/state/country for bank related works, they shall get the entire travel amount repaid by the bank
  • Leave Fare Concessions (LFC) – This is another benefit that a Bank PO is obliged to get. After an interval of fixed time duration, the employee is liable to take leave for travelling reasons and the partial amount for the same is repaid to them
  • Miscellaneous Allowances – There are various other miscellaneous allowances like petrol, newspaper, etc. are provided to a Bank PO 

The above-mentioned perks are provided to any Bank PO who joins a Public Sector Bank, mainly under SBI or participating IBPS banks. 

Does the Bank PO salary motivate you to apply for the upcoming Probationary Officer Recruitment?

Start your preparation now with the Free Online Mock Test Series and also refer to the links given below for preparation:

SBI PO Salary

The State Bank of India is the largest Public Sector Bank in India and aspirants who are looking for a job in the banking sector strive to join SBI, especially at the post of an Officer.

Although SBI conducts recruitment for the post of Junior Associates and Specialist Officers as well, the SBI PO exam is the one which is the most popular. 

Currently, the basic SBI PO Salary in India is around Rs.27,620/- for a newly joined employee and after 4 increments the basic pay sums up to Rs.42020/-.

Aspirants can check the detailed SBI PO salary structure at the linked article. 

The image given below shows the SBI PO emoluments as mentioned in the SBI PO notification 2019:

Bank PO Salary - SBI PO Salary

Given below are a few other SBI PO related links for your reference:

IBPS PO Salary

After SBI, the various participating Public sector banks in IBPS PO recruitment is the second priority of candidates to enter the banking sector.

The vacancies released under this post are much more in comparison to SBI but there is a slight difference in the salary offered for both these posts. 

The basic salary for the IBPS PO post is Rs 23700/- with HRA equivalent to 7 to 9% of the basic pay and dearness allowance close to 40% of the basic pay. The annual CTC on an IBPS PO comes close to Rs.5.5 lacs in the initial working years.

Candidates who are willing to know the detailed pay scale and salary structure of an IBPS PO can check the IBPS PO salary at the linked article.

Also, candidates can know more about the IBPS PO exam with the help of links mentioned below:

IBPS RRB PO Salary

IBPS RRB is the exam conducted to recruit candidates in the various Regional Rural Banks of the country. Candidates willing to know more about the IBPS RRB PO exam can visit the linked article for information. 

The initial basic monthly salary of a Probationary Officer recruited in the Regional Rural Banks ranges between Rs.33,000/- to Rs.39,000/-. To know the detailed salary structure, candidates can visit the IBPS RRB salary page. 

The benefits provided to an IBPS RRB PO is similar to the ones provided to any other Probationary Officer under the participating IBPS banks. 

Aspirants who wish to get the list of RRBs in India can visit the linked article.

Private Bank PO Salary

The Bank PO salary offered in a private bank is lesser in comparison to that offered in Public sector Banks but is decent enough.

Candidates must note that the recruitment for Private Banks is not conducted the same ways as for PSBs and the appointment of candidates is mostly based on Interview and experience. 

The Private Bank PO salary mostly ranges between Rs.4 lacs to Rs.6 lacs annually with limited perks and benefits. Apart from that, the job is not permanent and your performance decides increments and promotions. 

The job profile, responsibilities and duties that an Officer has to perform in Private banks is similar to that of Public sector Banks, ye there is a difference between their pay scale.

Candidates can also check the salary details, pay scale and basic pay for other Government posts at the links given below:

Career Growth Prospects of a Bank PO

Apart from the handsome salary, designation and the benefits that a Bank employee gets, there is a lot of scope in terms of career growth of a candidate.

In Public Sector Banks, internal examinations are conducted on a regular basis based on which employees are promoted to higher posts. A similar system is followed in Private Banks as well, but there are only Interviews and the employee’s performance which is kept in consideration before promoting them.

Higher posts including Managers, Assistant Managers, Assistant General Manager, General Manager can easily be attained by a Bank PO employee if he/she qualifies the internal examination and Interviews.

Other related articles:

Candidates can also check the information about the job profile and salary of a Bank Clerk at the linked article. 

Aspirants who are encouraged by Bank PO salary and wish to appear for the upcoming recruitments must start their preparation now and can visit BYJU’S for any assistance regarding the syllabus, study material or exam information.

Frequently Asked Questions on Bank PO Salary

Q 1. What is the salary of a Bank PO?

Ans. The annual salary of a Bank PO in a Public Sector Bank is approximately Rs. 12 to 13 lacs and the annual Bank PO salary in a Private sector Bank is approximately Rs.5 to 6 lacs.

Q 2. Which Bank PO salary is the highest?

Ans. Salary of a Probationary Officer in the State Bank of India is the highest in comparison to other Public or Private Sector Banks.

Q 3. What perks are provided to a Bank PO?

Ans. Apart from the decent Bank PO salary, there are various other perks provided to a Probationary Officer, these include:

  • House Rent Allowance
  • Travel Allowance
  • Dearness Allowance
  • Leave Fare Concessions (LFC)
  • Miscellaneous Allowances (Petrol, Daily Help, etc.)

Q 4. Is there a Provident Fund deduction in the bank salary?

Ans. Yes, Provident fund deduction is made from a bank employee’s salary.

Q 5. Is the job of a Bank PO stressful?

Ans. A said, with power comes responsibility, the same applies for Bank PO. There various responsibilities and roles that a Probationary Officer needs to fulfil. Thus, the job is tiring because of the rigorous work each day.

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