Salary for Bank PO 2020
Bank PO Salary 2020 – For aspirants seeking jobs in the banking sector, PO (Probationary Officer) is the most sought-after job with fruitful career growth options. A Probationary officer is an Assistant Manager of Scale I in the bank. The Probationary Officer goes through an intensive training program at the Institute of Banking Management after the completion of selection criteria.
A Probationary Officer is trained for multiple operations such as finance, accounting, billing, investment, revenue collection, etc. during his/ her probation period to acquaint them with different working procedures of the bank.
SBI Bank PO Salary 2020
Currently, the basic salary of a PO in State Bank of India is 27,620/ – (with four advance increments) in the scale of 23700-980/7-30560-1145/2-32850-1310/7-42020. Allowances like H.R.A (House Rent Allowances), D.A (Dearness Allowances), C.C.A (City Compensatory Allowances), T.A (Travel Allowances), Medical and other allowances are provided to the official.
A PO in State Bank of India earns around 8.20 lakhs minimum and a maximum of 13.08 lakhs per annum.
As additional benefits, SBI also provides 100% medical insurance for PO and 75% for family members, Cashless treatment in the selected medical facilities around the country, Newspaper Allowances, Books and Magazine Allowances, Petrol Allowances, House Maintenance Allowances, Telephone Bill Reimbursement, Entertainment Allowances, Concessionary interest rates for House Loan, Car Loan and
Personal Loan. There is ample opportunity for career growth and promotions.
SBI PO Career Growth and Promotion Structure:
– Probationary Officer
– Deputy Manager
– Chief Manager
– Assistant General Manager
– Deputy General Manager
– General Manager
– Chief General Manager
IBPS PO Salary 2020
Institute of Banking Personnel and Selection is the major governing body that recruits qualified candidates every year in public banks. IBPS PO is one of the most demanding posts among the aspirants as it is the first step to enter the bank and serve as an officer. The basic salary of an IBPS PO is 23,700 rupees and the gross salary is around 36,570 rupees.
Apart from the basic pay, PO in IBPS gets other perks and benefits like Leased accommodation, traveling Allowances, Medical Aid, Newspaper Reimbursement, etc.
Salary Details of IBPS PO:
– Basic Pay: 23,700 Rupees.
– Special Allowances: 1836.75 Rupees.
– DA (Dearness Allowances): 10,163.63 Rupees.
– CCA (City Compensatory Allowances): 870 Rupees.
– HRA (Home Rent Allowances): 2133 Rupees.
– Gross with HRA: 38,703.38 Rupees.
– Medical Aid: 8,000 Rupees.
– Entertainment: 500 Rupees.
– Newspaper: 300 Rupees.
– Petrol: 3000 Rupees.
– Telephone: 400 Rupees.
– Canteen Subsidy: 400 Rupees.
– Pension Contribution: 2500 Rupees.
– Gross Annual CTC (with HRA but without leased accommodation): 5,57,640 Rupees.
Co-operative bank PO Salary 2020
The salary of any co-operative bank is not as good as other bank PO. Co-op banks are more of society banks, which is regulated by the Reserve Bank of India. The basic pay of a PO in a Co-op bank is around 30,000 rupees.
Every state has its own co-operative bank and they mainly serve 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.
Private Bank PO salary 2020
Let’s take an example of one of the private banks. Among all the private banks ICICI is currently the highest-ranked private bank. Though the salary structure of the ICICI bank is quite less as compared to the public sector banks like SBI. The salary of the PO in the ICICI bank is half of the salary offered to the candidates working in the same job profile in the public sector bank like SBI.
The salary of a PO in a public sector bank like ICICI is 34,561 rupees per month, i.e. little more than 4 lakh rupees per year.
Most of the private banks like Axis Bank, Yes Bank, HDCF Bank, etc., follow the similar salary structure with minor differences.
Let’s break the monthly salary of a PO 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.
10. Performance Pay: 45,000 Rupees.
Although the salary is not always in the hand of the candidate, it depends upon the overall cost of the company. The benefits and perks are a vital part of the salary of any employee. Considering all the benefits and perks of the PO job, it is worth preparing for this fruitful job.
Therefore, gear up your preparation and get an opportunity to work in the banking sector at managerial position.
- Career in Banking- Public vs. Private Bank
- Bank PO Exam 2020 Notification
- How to become a Probationary Officer in a Bank ?
- List of Entrance Exams conducted for Bank Recruitment