All India Nationalised & Private Banks Salary Structure for various posts 2016-2017 chart


The banking sector has always been an attractive option to aspirants from all backgrounds.  It offers a lot in the way of job security and pay.  Inspite of attractive salary the  Bank also provides various allowances such as Dearness Allowance (DA), Housing Allowance (HRA), Medical Benefits, Leave Policy, Travel Allowance, Monthly Benefits and Miscellaneous Benefits.

In this article we will furnish all the details of Salaries offered by Nationalised and Private sector banks so that you can decide which bank exam you should focus on.

First of all let us focus on the Basic Salary and Allowances provided by bank in detail :-

  • Basic Pay or Basic Salary : Basic Salary is the most important component of the Salary. It is that amount which an organisation pays to an employee before any allowances are added or taken off. It forms the largest chunk of the salary and is taxable under Section 17 of Income tax act. EPF(Employee Provident Fund) and HRA are linked to Basic Salary.
  • Dearness Allowance (DA) :  This allowance is revised on a quarterly basis in the months of February, May, August, and November. It is based on the Consumer Price Index (CPI) as declared by Government of India.  When inflation is high, DA goes up and when inflation falls, DA goes down. At the moment it is over 100% of the Basic Pay.
  • Housing Allowance (HRA) : This compensation includes leased rental accommodation where the employees get housing rent as a part of their package.
  • Medical Benefits  :   Medical benefits (100% for the employee and 75% for dependent family members) form a key component of the overall package. The Bank also provides group insurance that is greater than the compensation package. Moreover, the bank has tie-ups with some of the best medical facilities around the country and employees are eligible for cashless treatment in these places.
  • Leave Policy :  The Probationary Officers are provided with attractive leave policies, which includes 33 days of privilege leave and 12 days of casual leave annually along with sick leave and maternity leave. Women and single men with children or aged parents have the provision to take a sabbatical leave of up to 2 years.
  • Travel Allowance :  The employees get leave travel concession to visit places within India. Holiday homes and Bank’s guest houses are available for the employees at cities and tourist destinations.
  • Monthly Benefits :  Apart from PO salary, the officers in Bank are eligible for various perquisites. Newspaper allowance, petrol allowance, entertainment allowance, house maintenance allowance, books and magazine allowance, briefcase allowance, reimbursement of telephone bills are some of the perquisites provided by the bank to the employee.
  • Miscellaneous Benefits :  As employees, the Bank provides Housing Loan, Car Loan & Personal Loans at a concessionary rate of interest.

PUBLIC SECTOR AND NATIONALISED BANKS IN INDIA

There are currently 27 public sector banks in India out of which 19 are nationalised banks and 6 are SBI and its associate banks, and rest two are IDBI Bank and Bharatiya Mahila Bank, which are categorised as other public sector banks. There are total 93 commercial banks in India.

State Bank and its associates

  1. State Bank of india
  2. State Bank of Bikaner and Jaipur
  3. State Bank of Hyderabad
  4. State Bank of Mysore
  5. State Bank of Patiala
  6. State Bank of Travancore

Nationalised banks

  1. Allahabad Bank
  2. Andhra Bank
  3. Bank of India
  4. Bank of Baroda
  5. Bank of Maharashtra
  6. Canara Bank
  7. Central Bank of India
  8. Corporation Bank
  9. Dena Bank
  10. Indian Bank
  11. Indian Overseas Bank
  12. Oriental Bank of Commerce
  13. Punjab & Sindh Bank
  14. Punjab National Bank
  15. Syndicate Bank
  16. UCO Bank
  17. Union Bank of India
  18. United Bank of India
  19. Vijaya Bank

Other public sector banks

  1. IDBI Bank
  2. Bharatiya Mahila Bank
  3. State Bank of Sikkim

SELECTION PROCESS

IBPS (Institute of Banking Personnel Selection) periodically conducts Common Written Examination (CWE) for the recruitment of officers and clerks in Indian banks. IBPS CWE is mandatory for anyone who seeks an employment in 29 public sector and regional rural banks. IBPS periodically accepts exam applications from candidates at their website, and the exams are organized at various locations in the country in online mode. Aspirants have to go through an interview process after passing the online test. On the basis of the interview, candidates are placed in regional rural banks.

SALARY STRUCTURE IN PUBLIC SECTOR AND NATIONALISED BANKS 

As the candidates on the officer and clerk post is recruited on the basis of Common Written Examination (CWE) conducted by IBPS the salary is also decided by IBPS. Below we are furnishing the details of Exams conducted by IBPS and Salary availed by Probationary Officer, Specialist Officers and clerk in Nationalised Banks as per the rules of IBPS.

IBPS PO : Over 10 lakh students appear for this exam conducted to fill in Probationary Officer/ Management Trainee in various Nationalized Banks/ Other banks and Financial Institutions  making it one of the biggest recruitment exams in the country. A newly selected Probationary officer is paid according to SCALE I salary which has the following structure:

  • Basic Pay: The basic pay for PO is same irrespective of the city of appointment. It is INR 23700 w.e.f. from June 1 2015.
  • Dearness Allowance (DA): As per the latest CPI released by the gov. the DA amount is INR 8605.88.
  • HRA: This is paid @ 9.0% or 8.0% or 7.0%   depending on the place of posting.
  • CCA: This is paid @ 4%, 3% or 0% depending on the place of posting.
  • Special Allowance: For scale I it is paid @ rate of  7.75%
  • Perquisites (Conveyance, Newspapers, Entertainment allowance, House & Furniture Maintenance etc. 4,130)
  • Leased accommodation upto Rs 29500, this is provided in lieu of HRA.

IBPS Clerk :  

IBPS Clerk are conducted to fill in various posts of Assistants and Stenographers for SBI and other nationalized banks and Non Banking Financial Institutes. The salary is structured in the following way:

  • Basic Pay: The basic pay for clerk is same irrespective of the city of appointment. It is INR 11765 w.e.f. from June 1 2015.
  • Dearness Allowance (DA): As per the latest CPI released by the gov. the DA is INR 4272.08.
  • HRA: This is paid @ 10% or 9% or 7.5%  depending on the place of posting.
  • CCA: This is paid @ 4%, 3% or 0% depending on the place of posting.
  • Special Allowance: The amount of special allowance is INR 911.79.
  • Transport Allowance: It is paid for conveyance amounting to INR 425.00.

IBPS RRBs: These exams are conducted for recruitment of Officers in Middle Management Grade (Scale III), Officer in Middle Management Grade (Scale II), Officer in Junior Management (Scale I) Cadre and Office Assistant (Multipurpose).

Post Scale of Pay
Office Scale III 42020-1310(5)-48570-1460(2)-51490.
Officer Scale II 31705-1145(1)-32850-1310(10)-45950.
Officer Scale I 23700-980(7)-30560-1145(2)-32850-1310(7)-42020.
Office Assistant(MP) 11765-655(3)-13730-815(3)-16175-980(4)-20095-1145(7)-28110-2120(1)-30230-1310(1)-31540.


Emoluments

Post Approximate Emoluments per Month inclusive DA and HRA at Current Rate
Office Scale III At  present,  the  total  starting  emoluments  are    approximately`64600/- per month inclusive of DA and HRA at the current rate.
Officer Scale II At  present,  the  total  starting  emoluments  are    approximately`48800/- per month inclusive of DA and HRA at the current rate.
Officer Scale I At  present,  the  total  starting  emoluments  are    approximately`36400/- per month inclusive of DA and HRA at the current rate.
Office Assistant(MP) At  present,  the  total  starting  emoluments  are    approximately`18100/- per month inclusive of DA and HRA at the current rate.

 

RBI GRADE B : This exam is organised for recruitment of officers in Reserve Bank of India.

  • Basic Pay: It is INR 21,000
  • Emoluments: Including dearness allowance, local allowance, house rent allowance, family allowance and grade allowance initial monthly gross emoluments are approximately Rs 53,888.

SALARY STRUCTURE – STATE BANK OF INDIA

State Bank of India(SBI) is an Indian multinational, public sector banking and financial services company. It is a government-owned corporation with its headquarters in Mumbai, Maharashtra.  SBI recruits eligible candidates for the post PO, SO, Clerk and many other  on the basis of (i) Preliminary Examination, (ii) Main Examination, (iii) Group Discussion and (iv) Interview.

Let us overlook the details of salary provided by SBI :-

SBI Probationary Officer (PO) 

  • In SBI, the starting basic pay is with 4 increments in the scale of Rs23700-980-30560-32850-1310-42020 applicable to Junior Management Grade Scale I.
  • The official will also be eligible for D.A., H.R.A & C.C.A as per rules in force from time to time.
  • The officers are required to make 10% of their basic pay as contribution to Provident Fund and the Bank also makes matching contribution to the Employees Provident Fund.
  • The new entrants will be governed by the Defined Contribution Pension Scheme/New Pension Scheme, where each employee is required to contribute 10% of Basic Pay and D.A. towards pension scheme and Bank also makes matching contribution.

PERQUISITES for SBI PO :

(1) Leased accommodation ranging from Rs 8,000/- in ‘C’ category Centres to Rs 29,500/- in Mumbai Centre.

(2)   Medical Aid for self (100%) and for family (75%).

(3)   Home Travel Concession/ Leave Fare Concession.

(4)   Concessional interest rates for Housing/Car/Personal Loans

 

SBI Clerk  :  The salary is structured in the following way:

  • Basic Pay: The basic pay for clerk is same irrespective of the city of appointment. It is INR 11765 w.e.f. from June 1 2015.
  • Dearness Allowance (DA): As per the latest CPI released by the gov. the DA is INR 4272.08.
  • HRA: This is paid @ 10% or 9% or 7.5%  depending on the place of posting.
  • CCA: This is paid @ 4%, 3% or 0% depending on the place of posting.
  • Special Allowance: The amount of special allowance is INR 911.79.
  • Transport Allowance: It is paid for conveyance amounting to INR 425.00.

SBI Specialist Officer (SO)

SBI Specialist Officer Salary Structure is different for Officer Scale I and Officer Scale II, which is as follows:

Officer Scale II :

  • Rs. 19400 – 700/1 – 20100 – 800/10 – 28100/-
  • For officer scale 2, minimum 2-3 years experience in the respective field depending on the post is desired.
  • SO salary structure means the basic pay will be Rs. 19700 for officer MMG Scale 2. It will get Rs.700 increment after 1 year so that it gets to be Rs. 20100. Then there will be Rs. 800 increment for 10 years

Officer Scale I :

  • Rs 14500 – 600/7 – 18700 – 700/2 – 20100 -800/7 – 25700/-
  • The approx. IBPS SO Salary Cash in hand of Officer Scale 1 after appointment will be around Rs. 24000-32000/-.

NATIONAL BANK FOR AGRICULTURE AND RURAL DEVELOPMENT (NABARD)  

NABARD is an apex development bank in India, headquartered at Mumbai with branches all over India. The Bank has been entrusted with “matters concerning policy, planning and operations in the field of credit for agriculture and other economic activities in rural areas in India”. NABARD is active in developing financial inclusion policy and is a member of the Alliance for Financial Inclusion.

SALARY STRUCTURE 

Group-A

Sr.No. Cadres Scale `
i) Officers in Grade ‘A’ (Asstt. Manager) (including the Private Secretary in Grade ‘A’) 17100-1000(11)-28110-EB-1000(4)-32100-1100(1)-33200(17years)
ii) Officers in Grade ‘B’ (Manager) 21000-1000(9)-30000-EB-1000(2)-32000-1100(4)-36400(16 years)
iii) Officers in Grade ‘C’ (Asstt.Gen.Manager) 28350-1000(5)-33350-1150(4)-37950- EB-1150(3)-41400(13 years)
iv) Officers in Grade ‘D’ (Dy. Gen.Manager) 39850-1200(2)-42250-1300(3)-46150(6years)
v) Officers in Grade ‘E’ (General Manager) 42300-1300(3)-46200-1400(3)-50400-1600(1)-52000(8 years)
vi) Officers in Grade ‘F’ (Chief General Manager) 60600-1600(4)-67000(5years)
vii) Executive Directors 75100(1)-2000(2)-79100(3years)
viii) Sr Private Secretary and Principal Private Secretary 21000-1000(9)-30000-EB-1000(2)-32000-1100(4)-36400-EB-400(1)-36800-1150(4)-41400(21years)

Group B

Scale INR 8040-410(3)-9270-500(4)-11270-550(4)-13470-650(3)-15420-720(1)-16140- 990(4)-20100(20 years)

Group C

Scale INR 6350-220(4)-7230-260(3)-8010-300(3)-8910-400(2)-9710-500(4)-11710-680(3)-13750(20 years)

PRIVATE SECTOR BANKS IN INDIA

The private-sector banks in India represent part of the indian banking sector that is made up of both private and public sector banks. The “private-sector banks” are banks where greater parts of state or equity are held by the private shareholders and not by government.

LIST OF PRIVATE SECTOR BANKS

  1. ICICI Bank
  2. Axis Bank
  3. Bandhan Bank
  4. Catholic Syrian Bank
  5. City Union Bank
  6. Dhanlaxmi Bank
  7. DCB Bank
  8. Federal Bank
  9. HDFC Bank
  10. Tamilnad Mercantile Bank Limited
  11. IDFC Bank
  12. Karnataka Bank
  13. IndusInd Bank
  14. Jammu and Kashmir Bank
  15. Karur Vysya Bank
  16. Kotak Mahindra Bank
  17. Lakshmi Vilas Bank
  18. Nainital bank
  19. RBL Bank
  20. South Indian Bank
  21. Yes Bank
  22. Nisha Bank of Ranchi

SALARY STRUCTURE

PO Salary – ICICI Bank (Private Sector Banks)
ICICI Bank and various other private sector banks offer a fixed salary + performance based incentive (lump sum amount) to employees working PO. Similar to ICICI PO Program, other private sector banks like Axis Bank, Ing Vysya Bank also conduct a 1 year training program for graduates, and later hire them as PO or Assistant Manager.
PO salary in ICICI Bank includes basic salary + various allowances such as:
I) Basic Pay – Rs 11000/-
II) House Rent Allowance – Rs 5000/-
III) Conveyance Allowance – Rs 2500/-
IV) Superannuation Allowance – Rs 1650/-
V) Leave Travel Allowance – Rs 2000/-
VI) Additional HRA Allowance – Rs 3125/-
VII) Canteen – Rs 1300/-
VIII) Medical – Rs 1250/-
IX) PF & Gratuity – Rs 2236/-
X) Performance Pay – Rs 4500/-

Salary of Clerk  :  The salary of a clerk in private banks is around Rs. 3.5 Lakhs per annum.

Note  :  For the exact details of salary the candidates are advised to visit the official site of the banks.

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