Bank PO Salary 2020: Check PO Starting Salary, Highest Salary

Bank PO Salary- Lakhs of students apply for banking jobs every year to become bank PO. One of the reason except the fact that it is one of the highly reputed jobs in India is the Bank PO Salary. Not only the Bank PO salary is best in the among the many government jobs but it also has many perks associated with it which will be discussing in this space. It is important for all the banking aspirants or the one who are preparaing for the banking examination to go through this article in order to understand what all they will be getting after putting so much hard work. We will discuss about what is the monthly salary of Different Bank PO in this post. Check the Salary of IBPS  and SBI Probationary officers, and get an idea about the monthly salary of Bank PO.

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Which Bank PO Gets Highest Salary?

This is one of the commonly asked question that- “Which Bank PO gets highest salary,”? and given below are the detailed information related to some of the best banking institutions salary which will be really helpful for you to get all the relevant information related to this question.

What is the salary of SBI Bank PO? 

SBI PO one of the most lucrative career. The basic pay of an SBI PO is Rs 27620. It includes four increments in the reimbursement size of 23700-980 (7) – 30560 – 1145 (2) – 32850 – 1310 (7) – 42020. This amounts to a total basic pay of Rs 23700 with an increment of Rs 980 for the next 7 years, which is followed by a basic of Rs 30560 with an annual increment of Rs 1145 for the next two years and so on. The maximum basic salary will amount to be Rs 42020.

Basic Pay Rs 27620/- ( Increment in 4 stages-1st Increment- Rs. 23700-980/72nd Increment-Rs. 30560-1145/2

3rd Increment- Rs. 32850-1310/7

4th Increment- Rs. 42020

Dearness Allowance (DA) 46.9% of the Basic Pay (Revised Quarterly)
(CCA) This varies with the place of posting at 4% or 3%.
HRA 9%, 8% or 7% (Depends on the place of posting)
Furniture Allowance Rs. 120000/-
Medical Insurance 100% medical coverage for SBI employees and 75% for their family members
Travelling Allowance For official travels, reimbursement of AC 2-tier fare is provided
Petrol Rs. 1100-1250

SBI PO Allowances

The salary does not only include a handsome monetary sum but it also includes several allowances that will be the add on to the total sum. we have described you some standard allowances that a Probationary officer in SBI gets along with the basic amount. These include:

  •  Allowance Amount
  • Dearness Allowance 46.9% of the Basic Pay
  • City Compensatory Allowance 3% – 4% depending on location
  • House Rent Allowance 7% – 9% depending on the Place of Posting
  • Furniture Allowance INR 1,20,000
  • Medical Insurance 100% covered for employee | 75% covered for dependent family
  • Traveling Allowance AC 2-tier fare is reimbursed to the employee for official travels
  • Petrol Allowance INR 1,100 – 1,250
  • Newspaper Allowance, Entertainment Allowance, Books Allowance, etc. Varies based on Posting

What is the salary of IBPS PO 2020?

A candidate selected as an IBPS PO gets attractive allowances along with the handsome salary and basic pay with some allowances are given below with explanation:

IBPS PO Basic Pay Rs 23700/- ( There are Increment that are done  in 4 stages)Salary after 1st Increment- Rs. 30560/-

Salary after 2nd Increment-Rs. 32850/-

Salary after 3rd Increment- Rs. 42020/-

House Rent Allowances( H.R.A) 7%-9% of the basic pay
Dearness Allowance (D.A) 39.8% of the Basic Pay
City Compensatory Allowance (CCA) 3% or 4%(depending on the place of posting)
Special Allowance (S.A) 7.75% of the basic pay

IBPS PO House Rent Allowance (HRA): House Rent allowance varies  according to place of posting and usually is in the range of  9.0% or 8.0% or 7.0% of the basic salary depending upon type of cities (i.e., metros, big cities or other locations).

IBPS PO Dearness Allowance (DA): IBPS PO offers Dearness Allowance (DA) to its officers and is given to the employees as a percentage of the basic salary (In January 2016, it was around 39.8% of the basic salary). This dearness allowance  is revised every three months based on the All India Consumer Price Index Data published by the Ministry of Statistics and Program Implementation, Government of India.

IBPS PO Special Allowance (SA):This allowance is recently added in the wage and  It is about 7.75% of the basic pay. It came into effect from 01.01.2016.

IBPS PO City Compensatory allowance: It varies from city to city and based on the type of city, it might be 0%, 3% or 4%.

There are some other perks of an IBPS Probationary Officer such as: Traveling Allowance, Newspaper Reimbursement, Medical Aid, Benefits under New Pension Scheme etc. Overall If we sum up then the salary may be 35,000+ rupees.

What the monthly salary of Co-operative Bank PO? 

Salary of  CO-Operative banks are low compared to other Government bank salary, Cooperative Banks are regulated by the Reserve Bank of India. Every state has its co-operative banks and they mainly set out for  the small industry and self-employed workers. These banks are registered under the Co-operative Societies Act, 1912. The salary of a Co-operative bank PO varies from state to state in India. The basic salary of a Co-op bank PO is around 30,000 rupees.

What is the monthly salary of Private Bank PO?

Different Private Banks has different salary structure, but among all the private banks ICICI is currently the top private bank. The salary structure of the ICICI bank is quite less as compared to the public sector banks.

The average salary of a Probationary officer in a public sector bank like ICICI is 34,561 rupees per month.

Bank PO allowance of ICICI bank:

1.Basic Pay: 11,000 Rupees.

2.House Rent Allowance: 5000 Rupees.

3.Conveyance Allowance: 2500 Rupees.

4.Superannuation Allowance: 1650 Rupees.

5.Leave Travel Allowance: 2000 Rupees.

6.Additional HRA Allowance: 3125 Rupees.

7.Canteen: 1300 Rupees.

8. Medical: 1250 Rupees.

9.PF & Gratuity: 2236 Rupees.

10Performance Pay: 45,000 Rupees.

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