The bank employees’ salary range is set as per the recommendations of the pay commission. As of now, the 7th CPC has not been fully implemented in public sector banks.
Many aspirants appear for Bank exams across the country to secure a bank job.
Being an employee in a bank is considered as a prestigious profession 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 reach 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.
Bank Salary- Latest Update
As per the latest update released in October 2019, on the Wage Settlement of the Bank employees, it has been decided that the employees can claim a part wage arrear before the wage settlement agreement reaches a certain 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 Rs. 50,000/- to Rs.100000/-.
Bank PO Salary
The Bank PO salary has many inclusive advantages along with the basic pay.
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.
The SBI Exams are conducted to recruit candidates into various revered posts under the State Bank of India.
In the following paragraphs, we will cover the SBI PO salary range.
Every year lakhs of candidates appear for the SBI PO exam to get into the banking sector.
The SBI PO exam is conducted to recruit probationary officers for SBI.
The 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 basic salary, city compensatory allowance, Tax & PPF, dearness allowance, petrol, food allowance, compensation for bank stationery & 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.
The 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.
The following paragraphs cover the IBPS PO salary in public sector banks.
The IBPS PO exam is used to select probationary officers for PSBs.
The following is the IBPS PO salary structure:
- 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 Cooperative Banks are regulated by the Reserve Bank of India. 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.
The Cooperative bank PO salary varies state-wise.
Private Bank PO Salary
The Private bank PO salary structure is almost similar to the public sectors 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 salary is around Rs.35,000/- which differs from bank to bank.
For an aspiring career in the banking domain, check the links below:
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 SBI Clerk salary has a pay scale is as follows:
Rs. 11765-655/3-13730-815/3-16175-980/4-20095-1145/7-28110-2120/1-30230-1310/1- 31540.
The SBI Clerk salary structure will be Including the dearness allowance, house rent allowance and other allowance the starting salary is Rs. 20,950/- 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.
The 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 a duration of 6 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
The private bank clerk recruitment is done by private banks as per their own guidelines. The basic pay in the private bank clerk salary 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.
The IBPS RRB salary details are as follows:
The 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 officer(SO) salary varies from bank to bank.
The bank SO salary for the various banks are as follows:
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
The IBPS SO salary covers pay scales of Officer Scale I, Officer Scale-II, Officer Scale-III.
The IBPS SO exam is to recruit candidates into Specialist Officers Post under the Institue of Banking Personnel Selection.
The IBPS SO 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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