Many aspirants appear for bank exams across the country to secure a bank job. Being an employee in a bank is considered a prestigious profession due to the nature of the job as well as the salaries that bankers command. In this article, we will discuss bank employees’ salary range based on the recommendations of the 7th pay commission. There have been multiple negotiations between bank employee unions and banks which we will cover in brief. As of now, the 7th CPC has not been fully implemented in public sector banks.
The State Bank of India is reputed to have the highest salary range among the public banks in India. In the following paragraphs we will cover the salary range for different SBI posts.
SBI PO Salary
The SBI PO exam recruits probationary officers for SBI. The SBI PO salary structure is as follows:
- At present, 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.
- The annual package includes your 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.
SBI SO Salary
The State Bank of India Specialist officer (SO) has the two scales they are junior management grade scale (JMGS) I and the middle management grade scale (MMGS) II. The following are the pay scales for these grades:
- The junior management grade scale I, the salary structure is 23700-980/7-30560-1145/2-32850-1310/7-42020 and 73600 is inclusive of leased rental at Mumbai.
- The middle management grade scale II, the salary structure is 31705-1145/1-32850-1310/10-45950 and 90700 is inclusive of leased rental at Mumbai.
SBI Clerk Salary
- The salary structure of SBI Clerk bank post is 11765-655/3-13730-815/3-16175-980/4-20095-1145/7-28110-2120/1-30230-1310/1- 31540.
- Including the dearness allowance, house rent allowance and other allowance the starting salary is 20,950/- per month.
The public sector banks follow the IBPS salary structure which is different from the SBI salary structure. The following paragraphs cover the salary in public sector banks.
IBPS PO Salary
The IBPS PO exam is used to select probationary officers for PSBs. The following is the salary structure:
- The basic pay component of IBPS PO salary is 23,700/- per month.
- 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 5,57,640.52
IBPS SO Salary
The IBPS SO salary covers pay scales of Officer Scale I, Officer Scale II, Officer Scale III.
- 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.
IBPS Clerk Salary
- The basic salary for IBPS clerk is Rs 11,765- Rs 42,020 per month. Rs 11,765 is the basic pay and the remaining pay includes dearness allowance, house rent allowance, medical allowance and transport allowance.
- The cash in hand IBPS Clerk salary is Rs 19,461 for those who join initially. Increments are based on performance and length of service.
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 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 joinees.
- The salary structure of Officer Scale I is Rs 30000- Rs 36000 cash in hand.
- The salary structure of Officer Scale II is Rs 36000- Rs 42000 cash in hand.
- The salary structure of Officer Scale III is Rs 41000- Rs 47000 cash in hand.
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