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Bank Manager Salary: It is a dream of many student to work in a banking sector. Banking sector is well known to offer best salary in the market to its employees as well as allowances and perks are also best. Every year various vacancies are released through the recruitment for various posts by IBPS and SBI. For the same lakhs of candidates apply for banking jobs every year. Today, in this article, we will be talking about the Bank Manager Salary in India so that you have an idea what you will be getting once you join the banking sector. We will be providing you the complete and detailed information about Bank Manager salary in India.
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Bank Manager Salary
Probationary officer (PO) is an Assistant Manager of Scale I in the bank and there are two ways through which you can become a bank PO that is SBI PO & IBPS PO.
SBI PO Salary
The State Bank Of India is one of the coveted institution and it conducts yearly recruitment for the PO. Given below is the salary structure of a candidate selected as SBI PO. As the official notification is not yet released by the SBI, so we are providing you the salary details of SBI PO based on the previous year.
SBI PO SALARY 2020-21
| SBI PO Salary (Basic Pay) | Rs 27620/- There are Increment which is held in 4 stages-1st Increment- Rs. 23700-980/7
2nd Increment-Rs. 30560-1145/2 3rd Increment- Rs. 32850-1310/7 4th Increment- Rs. 42020 |
| Dearness Allowance Of SBI PO | 46.9% of the basic pay |
| City Compensatory Allowance(CCA) | 3% or 4%(depending on the place of posting) |
| Leased House Accommodation | Minimum- Rs 8000/-(Rural areas)Maximum- Rs 29500/-(Urban Areas) |
| Furniture Allowance | Rs 120000/- |
| Medical Insurance | 100% for employees75% for families |
| Travelling Allowance | Reimbursement for AC-2Tier (Exclusively for official travels) |
| Petrol | Rs 1100-Rs 1300 |
| Miscellaneous | Rs 4000/- |
| Total Compensation(Annually) | 7.5 lakhs to 12.9 lakhs |
| Loan Benefits | Employees get Concession on interest rates |
IBPS PO
The Institute Of Banking Personnel & Selection is the exam conducting body for majority of the banks. Given below is the salary of an IBPS PO. As the official notification is not yet released by the IBPS, so we are providing you the salary details of IBPS PO based on the previous year.
| Basic Pay | 23,700 |
| Special Allowance | 1,836.75 |
| DA | 10,163.63 |
| CCA | 870 |
| Total (without HRA) | 36,570.38 |
| HRA | 2,133.00 |
| Gross with HRA | 38,703.38 |
| Dearness Allowance | 40% of the basic pay(Varies based on inflation rates) |
| City Compensatory Allowance(CCA) | 3% or 4%(depending on the place of posting) |
| House Rent Allowances | 7%-9% of the basic pay |
| Special Allowance | 7.75% of the basic pay |
Bank SO Salary
The bank Specialist officer(SO) salary varies from bank to bank just like PO and Clerk. Given below is the salary structure of bank SO salary:
SBI SO Salary
The State Bank of India Specialist officer (SO) has two scales. As the official notification is not yet released by the SBI, so we are providing you the salary details of SBI SO based on the previous year. It varies as per the grades and departments:
SBI SO Salary and Job Profile
| Grade | Scale of Pay |
| Junior Management Grade Scale I (JMGS I) | 23700-980/7-30560-1145/2-32850-1310/7-42020 |
| Middle Management Grade Scale II (MMGS II) | 31705-1145/1-32850-1310/10-45950 |
| Middle Management Grade Scale III (MMGS III) | 42020-1310/5-48570-1460/2-51490 |
| Senior Management Grade Scale IV (SMGS-IV) | 50030-1460/4-55870-1650/2-59170 |
Given below are the various perks and allowances that the above-mentioned posts are entitled to are:
- Dearness Allowance
- House Rent Allowance
- City Compensatory Allowance
- Provident Fund
- Pension Fund
- Medical Reimbursement
- Furniture Allowance
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IBPS SO Salary
Institute Of Banking Personnel and Selection conducts recruitment process every year to recruit candidates on various specialist cadre posts. As the official notification is not yet released by the IBPS, so we are providing you the salary details of IBPS SO based on the previous year. Given below is the salary structure of IBPS SO:
| Grade | IBPS SO Salary |
| Officer Scale I | Monthly salary– Rs. 36400/-Pay Scale– Rs. 23700-980/7-30560-1145/2-32850-1310/7-42020 |
| Officer Scale-II | Monthly salary- Rs. 48800/-Pay Scale- Rs. 31705-1145/1-32850-1310/10-45950 |
| Officer Scale III | Monthly salary- Rs. 64600/-Pay Scale- Rs. 42020-1310/5-48570-1460/2-51490 |
Now that you know that a bank employee gets a pretty decent salary in all the three recruitment process. Its the time that you now start studying for all these posts as the notification of them will be out soon once the situation will be under control.
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