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Salary of Bank PO – SBI / ICICI Bank / Public Sector Banks

Bank Probationary Officers post is an entry level job hiring, done either through a competitive exam + interview or a 12 months year training program. A probationary officer, should be a graduate, and works in various important banking functions like foreign exchange, treasury, loans and advances, risk management and marketing.

1) PO Salary – Public Sector Banks
The starting salary in majority of the Public Sector Banks is almost same, where the basic pay starts at Rs 14500/- along with various allowances. So most of these banks mention the PO salary (Scale I) in the following format –

Rs. 14500 – (600 x 7) / 18700 – (700 x 2) / 20100 – (800 x 7) / 25700

So what does actually mean?
Figures in the brackets above specify the annual increment and the no. of stages for which it is applicable, so an employee will get a basic salary of 18700 after 7 increments of 600 (600 X 7 = 4200; 14500 + 4200 = 18700).

Bank_PO_Salary_in_India

Other Important Allowances
I) Dearness Allowance – DA is a cost of living adjustment allowance paid to bank employees, and is revised on quarterly basis, the current DA (for the month of August, September, October is 88.95% of the Basic Pay); so DA for newly hired PO will be Rs 12987.75/- for these 3 months. Dearness Allowance can rise or fall with the change in inflation.
II) HRA – House Rent Allowance or HRA depends on the location of posting, it can be either 8.5 percent (Metros), 7.5 percent (State Capital) or 6.5 percent (Rural Areas) as per the city of of posting. Some Bank offer Quarters facility (in lieu of HRA) for Probationary Officers, some provide leased accommodation allowance in place of HRA.
III) CCA – City Compensation Allowance (CCA) depends on the city / location where the Probationary Officer is posted. In Metro City – 4% of Basic Pay (maximum Rs.540/-), Other Cities – 3% of Basic Pay (Maximum Rs.375/-), Nil for Rural Areas.

(checkout our article on tips to crack ibps po exam)

Other Allowances
IV) Leased Accommodation Allowance – The lease amount may vary depending on bank and location, the amount is between Rs 2500/- to Rs 10,000/- approx. However, this amount is not a cash component and is paid directly to the house owner by the bank.
V) Medical Aid - The medical aid is given annually, which is Rs 5100/- Annually for new recruited PO.
VI) Entertainment Allowance - Approximately Rs 4600/- Annually.
VII) New Paper Allowance - This allowance is availed on the quarterly basis; approximately Rs 2400/- Annually.
VIII) Petrol - Approximately Rs 24000/- Annually.
IX) Canteen - Approximately Rs 3000/- Annually.
X) Pension - Approximately Rs 17400/- Annually.
XI) Mobile Phone Bill - It depends from bank to bank; Approximately Rs 2400/- Annually.

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Current Starting Salary of Public Sector Bank PO in Metro City – Revision Due with effect from November 2012.
Rs 490153/- Annually & Rs 40846/- Monthly (October 2013); Including Leased Accommodate Allowance (Rs 10000) & Excluding HRA.
These are approximate numbers and vary with bank and location.


Key Searches - Gross Salary, Pay Scale, In Hand Salary, Salary After Revision.


2) PO Salary – SBI (State Bank of India)
SBI is a better pay master compared to other Public Sector Banks, the starting basic pay is Rs 16,900/- (with 4 increments i.e. 14500 + (600*4) = 16900) in the scale of Rs 14500 – 600/7 – 18700 – 700/2 – 20100 – 800/7 – 25700 applicable to JMGS I.
The PO is also be eligible for DA, HRA & CCA as per rules in force, the monthly compensation at Mumbai will be approximately Rs 69,000/- inclusive of lease rental. The salary scales are under revision with effect from November 2012.
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.SBI_PO_Salary
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.

Other Perks
I) Leased Accommodation ranging from Rs 8,000/- in ‘C’ category Centres to Rs 29,500/- in Mumbai Centre.
II) Medical Aid for self (100%) and for family (75%).
III) Home Travel Concession/ Leave Fare Concession.
IV) Concessional interest rates for Housing / Car / Personal Loans

Starting Salary of SBI Bank PO in Metro City -
Rs 828000/- Annually & Rs 69000/- Monthly (October 2013); Including Leased Accommodate Allowance & Excluding HRA.
These are approximate numbers and vary with bank and location.

3) 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. Axis_Bank_PO_SalarySimilar 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/-

Starting Salary of ICICI Bank PO in Metro City -
Rs 414732/- Annually & Rs 34561/- Monthly; Including Performance Pay.
These are approximate numbers and vary with performance, bank and location.

ICICI Bank PO Salary Structure (Check Salary Slip) post loan deduction.
Candidate who join ICICI PO Program have the facility to repay the entire to the bank through a subsidized interest rate of 2.5% p.a which candidate will repay after joining the bank in the form of EMI (for 5 years). A part of the loan amount is deducted every month from the employee salary. Salary after deducting the amount Rs 19451/-. This does not include the Performance Pay and the HRA is Rs 4000/- (Non Metro). One of our readers working with ICICI Bank as PO shared his salary slip (Aurangabad Region). You can check the take home in hand salary after deducting the loan amount.

ICICI Bank PO Salary Structure Salary Slip

ICICI Bank PO Salary Structure Salary Slip

So the above comparison shows clearly that getting a PO job in SBI is the best in terms of Salary & Benefits, do leave a comment if you need any details or clarification.

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Santoshi

MBA HR, who likes to help people search suitable career opportunities and provides career guidance to freshers, mostly in banking sector. I also specialize in resume writing that land interviews for Middle Level and Junior Level Executives who want to differentiate themselves in a competitive market.

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Updated: September 8, 2014 — 11:32 am

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10 Comments

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  1. With reference to your mail i am sending my resume for the job in Banking sector. I had completed my PGDBFS (Post Graduation Diploma In Banking Finance & Insurance) from NIIT institute Pune. Currently i am working with ICICI Bank Mumbai as Bank Officer. Please check the attachment file of my Resume.

    Regards,
    Athar Shaikh

  2. Hi Athar could you please confirm is there any position in ICICI Bank currently for Bank Officer or Finance & Accounts position in Mumbai.
    As I am having 6+ exp in Finance & Accounts.
    Please update.

    Thansk,
    Chetna.
    chetna.gujar@gmail.com

  3. Hi Aparna,
    Please update me if there is any position of Finance & Accounts for Mumbai based Banks.
    As I am having 6+ exp in Finance & Accounts & currently working as Assistant Manager – Finance & Accounts
    Please update.
    Thanks,
    Chetna.
    chetna.gujar@gmail.com

  4. hii madam i got selected in po progmme icici bank i am having several doubts about carrier with icici and want to know details about salary and take home salary every month after cuttings …..and also want to know is their will be any bonus and increments ..if yes, then how much please reply me

  5. after ifbi training pgm they recruit into icici as po with 2.33LPA CTC?Will that salary increase??In what period??n by how much??

  6. I have mentioned the details in the article, they do offer a Performance Pay, depending on your output.

  7. Hi
    Please update me if there is any position of Finance & Accounts for uttrakhand based Banks.
    As I am having 3 years exp in Finance & Accounts & currently working as account excutive – Finance & Accounts
    Please update.
    Thanks,
    Bijesh

  8. Hello Ma’am,

    I have around 3 year’s exp. with the Banking as well as Manufacturing Industry, now i am trying to the banking P.O. so may you help me? Please.

  9. Hi madam.. I am arun from the state of nagaland. I have completed my m.com course with banking as a main subject, am awaiting my post graduation results which will be out by the end of this month.I have also completed my one year diploma in computer application.so can you please help me in finding a right job maam please

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