Bank Manager Salary In India 2020: Salary Structure, Career Growth

Read this article to know about the bank Manager salary in India.

Bank Manager Salary: Lakhs of candidates apply for banking jobs every year and salary is one of the factor that lure majority of the candidates. In this space 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. Banking sector is know to offer best salary in the market to its employees as well as allowances and perks are also best. 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.

SBI PO Salary 2020

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.

What is IBPS PO Salary?

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
Given below is the other benefits which are enjoyed by an IBPS PO:
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. 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:

  1. Dearness Allowance
  2. House Rent Allowance
  3. City Compensatory Allowance
  4. Provident Fund
  5. Pension Fund
  6. Medical Reimbursement
  7. 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. Given below is the salary structure of IBPS SO:

IBPS SO 2019: Salary and Career Prospects

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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