| Updated On August 13th, 2020 at 12:49 pm
If you are a banking aspirant, you must have googled this question- Which Bank PO gets highest Salary, inorder to be sure that you are on the right track. This questions just seems as a normal query of a candidate who is putting a lot of hard work to get a job in Public Sector bank. We understand the concern and hence in this space we will be discussing this question in detail to give you more clear picture. Before moving ahead let’s understand the banking structure in India first. So basically, there are public sector banks, Private sector banks, Regional Rural Banks and Cooperative banks and each of these offers a handsome salary to its employees and in this article we will be going in detail of all these respective banks.
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Which Bank PO Gets Highest Salary?
Public Sector Banks
The recruitment in Public sector banks take place through IBPS and hence those who are interested to become a public sector bank PO have to go through IBPS PO recruitment process. Another Public sector bank which has different recruitment process is SBI. We will be discussing the salary of both these Banks PO.
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Given below is IBPS PO Salary:
|Total (without HRA)||36,570.38|
|Gross with HRA||38,703.38|
Given below is SBI PO Salary:
|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|
As you can see that the salary of an SBI PO Officer is more than an IBPS PO Officer. Also, the salary of a SBI PO officer varies greatly due to the place of posting and hence the salary of the two SBI PO Officer need not be same.
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Regional Rural Banks
Next comes the Regional rural bank PO, also known as Officer Scale-I. The salary of RRB PO is compartively less than an IBPS PO officer and SBI PO officer. One of the reason is the posting location which are usually rural or semi-rural.
Given below is the salary of an IBPS RRB PO
|IBPS RRB Salary Allowances|
|Dearness Allowance||46.5% of the basic pay.|
|House Rent Allowance||
|Special Allowances||7.75% of the basic pay.|
Cooperative banks are basically society banks and doesn’t offer a great salary in comparison to IBPS PO, SBI PO or RRB PO. These banks are regulated by Reserve Bank of India and the salary of a Cooperative Bank Officer is around 30,000 rupees.
One of the reason that the cooperative bank officer doesn’t get great salary is because they mainly serve the small industry and self-employed workers.
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Private Sector Banks
This is the last category of banks and the salary again here is not as competitive as Public sector banks. In a good private sector, a PO can get salary upto 35,000. The PO in private sector banks are also recruited through recruitment process or through some regular course and often the placement is decent with internship and at the end a job offer in the same Bank. Some of the banks that hire candidates through their various courses are ICICI, Laxmi Vilas Bank etc.
We hope that the above mentioned information will be helpful for you to decide which type of bank you want to go for. For more interesting and informative articles, stay tuned to bankersadda!
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