Salary Range for Bank JobsSeptember 29, 2021 2021-09-29 11:53
Salary Range for Bank Jobs
Salary Range for Bank Jobs
A job in the banking sector is one of the most sought after career choices by recent graduates and job seekers. This is because of various reasons including good salaries, employee benefits and the fact that bank jobs are considered to be higher in status in our country.
Whatever other reasons that might make bank jobs attractive to candidates; no one can deny that salary is the number one aspect that they look for in any job. Afterall, we all want to earn good money in whichever field we work.
Salary range for different bank jobs in the banking sector
There are different positions in the banking sector like the bank PO, SO and clerk for which candidates are recruited through different bank exams and interviews. The salaries of employees at these different positions have different ranges. Here, we will see the salary ranges of employees at all these positions one by one.
Salary of Bank PO
The bank PO or probationary officer is the assistant manager of scale 1 in the bank. This position is high and so is the salary for the position. The candidates are recruited for this position by two exams— IBPS PO exam and SBI PO exam. As an IBPS PO and SBI PO work in different organisations, the salary will also differ.
1. IBPS PO salary
An IBPS PO works in the public sector banks and the salary structure is as follows:
- The basic salary of an IBPS PO is around 23,700 rupees per month.
- After adding the allowances like dearness allowance, special allowance and HRA, the total salary becomes around 38, 703 per month.
- The annual salary of an IBPS PO is approximately 5,50,000 rupees.
2. SBI PO salary
The SBI PO works in the State bank of India which is the largest public bank of the country. Thus, the salary of the SBI PO is higher than that of the IBPS PO and the salary structure is as follows:
- Basic salary is around 27,600 rupees per month.
- After adding the allowances like dearness allowance, food and petrol allowance, city compensatory allowance, and compensation for bank stationery, the annual salary of a SBI PO goes up to 7 lakh rupees.
Salary of Bank SO
The salaries of IBPS Specialist Officer (SO) and SBI Specialist Officer (SO) again differ as they are similar positions in different organisations.
1. IBPS SO Salary
The IBPS SO has three scales—officer scale I, officer scale II and officer scale III. The salary structure is as follows:
- Officer scale I gets a monthly salary of around 36,400 rupees.
- Officer scale II gets a monthly salary of around 48,800 rupees.
- Officer scale III gets a monthly salary of around 64,600 rupees.
- These salary packages also include the allowances and compensations.
2. SBI SO Salary
The SBI SO has two scales—junior management grade scale (JMGS) I and middle management grade scale (MMGS) II. The salary structure is as follows:
- JMGS I gets a monthly salary of around 73,600 rupees.
- MMGS II gets a monthly salary of around 90,700 rupees.
- These salaries are inclusive of a leased rental in Mumbai.
Salary of Bank Clerk
The salary structure of a bank clerk will differ depending on whether he/she is a SBI bank clerk or an IBPS bank clerk.
1. IBPS Bank clerk salary
- The starting basic salary of an IBPS Bank clerk is around 11000 rupees per month.
- After adding the allowances, the salary can range up to 19,000 rupees per month.
SBI Bank clerk salary
- The starting salary of a SBI Bank clerk is around 20,000 rupees.
- This salary will increase after the incrementations and promotions.
Above is the salary range of various bank jobs. If you are an aspiring candidate who wants to secure a job in the banking sector, knowing these salary ranges will definitely help you give an idea about which post is more suitable for you.