Banking jobs are one of the most prestigious and preferred jobs amongthe youth. The banking sector offers good salary, perks and benefits. There are a number of exams to recruit candidates to the various posts in the banking sector. This provides a secured and safe job to the candidates.
A banker works at a bank or financial institution and assists clients with financial questions and needs. This includes setting up accounts, budget planning or offering financial advice.
The average salary of a banker in India is INR 3.76 LPA. The starting salary can be up to INR 2.50 LPA, with seniority and experience there are promotions which lead to an increment in the salary.
The public sector banks like SBI- State Bank of India offer a very nice salary package. Employs of various public sector banks are provided with several other benefits such as house rent allowance, dearness allowance, travel allowance etc. The highest-paying Bank in India is the Reserve Bank of India.
The article below discusses about the average salaries in different banks and salary of different posts.
Salary in Different Banks-
Listed below are the names of some top banks and their respective average annual salary.
|Name of the Company
|Average Annual Salary (INR)
|Standard Chartered bank
|State Bank of India
|South Indian Bank
|Central Bank of India
|Bank of Baroda
|Union Bank of India
Bank PO Salary-
A Probation officer (PO) is an Assistant Manager of Scale I in the bank. The Bank PO salary has many additional perks along with the basic pay.
Let us have a look at the salary structure of at different banks-
• The Institute of Banking Personnel Selection is the recruiting body for various IBPS bank exams. The basic pay of IBPS PO salary is INR 23,700/- per month. There are some additional other allowances such as special allowance, dearness allowance and HRA; the total compensation is Rs. 38703.38 per month.
• As per the SBI PO salary structure, the basic pay is set at INR 27,620/- with 4 advance increments. The minimum compensation per annum is INR 7.55 lakhs, the maximum compensation is INR 12.93 lakhs, and it depends on the place of posting and the other factors. In the annual package of SBI PO salary, the various additional perks in addition to basic pay are city compensatory allowance, Tax & PPF, dearness allowance, petrol, food allowance and compensation for bank stationary.
• Cooperative Bank PO salary varies state-wise. The basic pay of the Cooperative Bank PO salary is around Rs.30,000/-. The Reserve Bank of India regulates the Cooperative Banks.
• As compared to the public sector banks the private banks have a quite less pay scale. The basic pay of a Private Bank PO is around Rs.35,000/- which differs from bank to bank.
Bank Clerk Salary-
The salary of a clerk varies from bank to bank.
• The basic IBPS clerk salary is Rs 11,765- Rs 42,020 per month. The in hand IBPS Clerk salary is Rs 19,461 for those who join initially. There are additional benefits like dearness allowance; house rent allowance, medical allowance and transport allowance.
• The starting salary of SBI clerk is Rs. 20,900/- per month. The additional allowances are also provided.
• The basic pay of the Cooperative Bank Clerk salary is around Rs.10,000/- during training period which is for six months. After this; the basic pay is around Rs. 20,000/-. The Cooperative Bank Clerk salary is regulated as per the guidelines in the Cooperative Society Act, 1912.
• The basic pay of a clerk of a Private Sector Bank is around Rs.18,000/- to Rs.20,000/-. Additional allowances are also provided.
Bank SO Salary-
The Bank Specialist Office salary varies from bank to bank.
• Officer Scale I, Officer Scale-II, Officer Scale-III pay scale is covered under the IBPS SO salary. The salary of Officer Scale I is around 36400per month including dearness allowance and HRA. The basic pay of Officer Scale-II is Rs. 48800 per month including dearness allowance and HRA. The salary of Officer Scale III is around Rs. 64600 per month, including dearness allowance and HRA.
• The State Bank of India Specialist officer (SO) has two scales-Junior Management Grade Scale (JMGS) and Middle Management Grade Scale (MMGS) II.
IBPS RRB Salary-
The IBPS RRB bank post has divisions such as office assistants, officer scale I, II & III.
|IBPS RRB salary
|IBPS RRB salary
|Officer Scale I
|Rs 30000- Rs 36000
|Rs 36000- Rs 42000
|Officer Scale III
|Rs 41000- Rs 47000
Frequently Asked Questions-
• What is the highest salary of a banker?
Answer- The highest salary of a banker can be around 20LPA.
• Do bankers get pension after retirement?
Answer- The pension is not granted to government employees after 2005 but bankers are entitled to get other monetary benefits such as provident fund, Gratuity etc.
• Is banking sector a good sector to make career in?
Answer- Yes, the banking sector offers one of the best job opportunities to the youth. It gives job security, along with a nice pay scale and other additional perks.
• Which is the highest paying bank in India?
Answer- The Reserve Bank of India is the highest paying bank in India.
• What is the starting salary of an SBI clerk?
Answer- The starting salary of SBI clerk is Rs. 20,900/- per month. The additional allowances are also provided.
• Who is the regulating body of the Cooperative Banks?
Answer- The Reserve Bank of India works as the regulating body of the Cooperative Banks.
• What is the basic pay of a clerk working in a private bank?
Answer- The basic pay of a clerk of a Private Sector Bank is around Rs.18,000/- to Rs.20,000/-. Additional allowances are also provided.
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