Average bank manager salary in India 2023: Banking sector is now on its peak and the demand of employees of this profession is very high. Banking sector is popular for its higher salary package and other facilities.
Aspirants have craze for the bank examination and huge number of candidates take preparation for this examination which makes it a tough competitive entrance examination. So, candidates have to prepare seriously to be recruited as bank manager.
If you notice, then you can find that salary of a Bank Manager increases regularly every year on the basis of their performance, dedication, sincerity and other skills.
In this article, we will discuss about the bank manager salary, allowance and facilities which is provided according to the latest Wage Settlement of the Bank employees.
Bank Manager Salary in India
Key Points about Bank Manager
- Job Position: Bank Manager
- Sector: Banking and Finance
- Type of Job: Managerial
- Education Qualification: Master’s degree in banking accounting or finance or other related field
- Minimum Work Experience: 5 years
- Initial Salary: ₹ 350k to ₹ 500k
- Minimum Age: 21 years
- Required Skills: Excellent communication, Leadership qualities, Interpersonal skills, Good presence of mind, Teamwork spirit, Interpretation skills, etc.
Salary of Bank Manager
Bank Manager salary depends on certain things like excellent communication skills, good leadership quality to get salary around ₹ 8 lakhs per year. Having an experience over 5 years as Bank Manager, can have salary of up to ₹ 10 lakhs per year.
- Profile: Bank Manager
- Initial Salary (per year): ₹350k
- Mid-Level Salary (per year): ₹800k
- Senior Level Salary (per year): ₹1m
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SBI Manager Salary
SBI is one of the popular public sector bank in India which offers employees decent salary, allowance and provide opportunities for the growth of their career. SBI offers higher salaries to its employees in comparison to the other banks.
So, it is dream of many candidates to get job in the SBI. Every year, SBI recruited lots of aspirants for various posts and out of them, most of the candidates has intention to join as Probationary Officer.
Basic Pay as Probationary Officer
Presently, SBI PO gets approximately ₹27,620 as salary. After the introduction of the 11th Bipartite Settlement, salary of SBI manager has been revised. We have mentioned salary structure for SBI PO in the given below.
The salary which is ₹27,620 is incremented in consecutive 4 stages as:
- First Increment: ₹23,700 – 980/7
- Second Increment: ₹30,560 – 1,145/2
- Third Increment: ₹32,850 – 1,310/7
- Fourth Increment: ₹42,020/-
In-Hand Salary of SBI PO
SBI PO is given in-hand salary of around ₹40,000 to ₹45,000. The amount of salary is different in different locations.
Salary Allowance for SBI Manager
Dearness Allowance: 46.9% of the basic pay
City Compensatory Allowance(CCA): 3% or 4% (as per the location posted)
House Rent Accommodation: (i) In Rural Areas ₹8,000 (Minimum) (ii) In Urban Areas ₹29,500 (Maximum)
Medical Insurance: (i) Employees gets 100% coverage (ii) Families of the Employee gets 75% coverage
Furniture Allowance: ₹1,20,000
Travelling Allowance: Facilitates AC-2 Tier only for official use
Petrol: ₹1,100 – ₹1,300
Total Compensation(Annually): ₹7.5 lakhs to ₹12.9 lakhs
Loan Benefits: Employees offered a decreased interest rate on loans
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Salary of Deputy Manager SBI
Scale-1 officer, a PO who becomes Scale-1 officer after confirmation. The Scale-1 officers are promoted to Branch Manager of the same branch if required. According to the total number of branches, there are Scale-2, Scale-3, Scale-4, etc. branches.
Location is also a factor and salary of Deputy Manager SBI changes depending on the posting area. The basic pay provided to them is around ₹36,000 and is also provided DA, HRA, Transport allowance, etc. which amounts to ₹ 62,000 but in urban area monthly payment is approximately ₹ 80,000.
Salary of SBI Manager Specialist Officers(SO)
1. Junior Management Grade Scale I (JMGS I)
Scale of Pay: 23700-980/7-30560-1145/2-32850-1310/7-42020
2. Middle Management Grade Scale-II (MMGS II)
Scale of Pay: 31705-1145/1-32850-1310/10-45950
3. Middle Management Grade Scale III (MMGS III)
Scale of Pay: 42020-1310/5-48570-1460/2-51490
4. Senior Management Grade Scale IV (SMGS-IV)
Scale of Pay: 50030-1460/4-55870-1650/2-59170
Salary of Bank Manager SBI CBO
- Pay Scale: 36000-1490/7-46430-1740/2- 49910-1990/7-63840
- In-Hand Salary (Revised): ₹ 50,000 to ₹ 52,000
- Basic Pay: ₹ 36,000
- Dearness Allowance (DA): ₹ 16,884
- House Rent Allowance (HRA): ₹ 2520
- City Compensatory Allowances (CCA): ₹ 1080
- Other Allowances: ₹ 2000
- SBI CBO Gross Salary: ₹ 58,484
- Deduction: ₹ 8187.6
- Net Salary: ₹ 50,296.24
Salary of Bank Manager of IBPS RRB PO
Each state has assistant manager post for the regional rural bank. Recruitment is done for the post of Scale-1 officers. Details of salary is provided in the following section.
Pay Scale for IBPS RRB PO
IBPS RRB PO or Officer Scale 1 is given a pay scale of 14500-600/7-18700-700/2-20100-800/7-25700.
In-Hand Salary of IBPS RRB PO
Currently, IBPS RRB PO or Officer scale I is offered with variable amount of salary of around ₹ 29,000 to ₹ 33,000.
Salary Allowance of Bank Manager for RRB PO
- Dearness Allowance: 46.5% of the basic pay
- House Rent Allowance: In Rural Areas- 5% of the basic pay; In Semi-Urban Areas- 7.5% of the basic pay; In Urban areas- 10% of the basic pay
- Special Allowances: 7.75% of the basic pay
Salary Increment of Bank Manager for IBPS PO
The basic pay given to Bank Manager of IBPS PO is around ₹ 23,700.
- First Increment: ₹ 30,560
- Second Increment: ₹ 32,850
- Third Increment: ₹ 42,020
Salary of Bank Manager of IBPS PO as per Bipartite settlement
As per the new Bipartite settlement, salary structure for IBPS PO is ₹23700 – (980 x 7) – 30560 – (1145 x 2) – 32850 – (1310 x 7) – 42020.
According to this salary structure, IBPS PO will get ₹ 30,560 after 7 years; ₹ 32,850 after 7+2 years; and ₹ 42,020 after 7+2+7 years.
Allowance of Bank Manager IBPS PO
- Dearness Allowance: 39.8% of the Basic Pay i.e. ₹ 10,163.63
- Special Allowance: 7.75% of the basic pay i.e. ₹ 1,836.75
- CCA: 3% or 4% as per the location of posting i.e. ₹ 870
- Total pay (without HRA): ₹ 36,570.38
- House Rent Allowance: 7%-9% of the total basic pay i.e. ₹2133
- Gross salary with HRA: ₹ 38,703.38
Salary of Bank Manager of IBPS SO
1. Officer Scale – I
Monthly Gross salary: ₹ 36,400
Pay Scale: ₹ 23700-980/7-30560-1145/2-32850-1310/7-42020
2. Officer Scale-II
Monthly Gross salary: ₹ 48,800
Pay Scale: ₹ 31705-1145/1-32850-1310/10-45950
3. Officer Scale – III
Monthly Gross salary: ₹ 64,600
Pay Scale: ₹ 42020-1310/5-48570-1460/2-51490
Salary of Bank of Maharashtra for Generalist Officer
1. Generalist Officer – Scale-2
- Basic Pay: ₹ 48170
- Grade Pay: ₹ 1740
- Gross Salary: ₹ 70,000 – ₹ 75,000
- In-Hand: ₹ 62,000 – ₹ 67,000
2. Generalist Officer – Scale-3
- Basic Pay: ₹ 63,840
- Grade Pay: ₹ 1990
- Gross Salary: ₹ 78,000 – ₹ 84,000
- In-Hand: ₹ 72,000 – ₹ 77,000
Bank Manager Salary of Nainital Bank PO
Pay scale: ₹ 25,000
Total Annual Salary: Annual CTC is around ₹ 3.60 lakhs per year
Net Payment (After Probation Period): ₹ 36,000
Popular Recruiting Banks in India
If you are an aspirant of becoming a Bank Manager in future, then you must target some banks to get recruited as mentioned below:
- State Bank of India
- Axis Bank
- HDFC Bank
- ICICI Bank
- Kotak Mahindra Bank
- YES Bank
- IDBI Bank
- IndusInd Bank
- Bank of Baroda
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Now, you are very much aware of the fact that employees of bank get a very decent salary for all the three post such as Officer Scale I, Officer Scale II and Officer Scale III. Start preparing for all the posts as it is a continuous process and recruitment is done every year.
Bank Manager Salary: FAQs
Q1. What is the basic pay provided to IBPS PO?
Ans: As per the revised basic pay applied from November 2017, IBPS bank PO will be given ₹ 36,000.
Q2. How much Dearness Allowance is given to as per the 11th Bipartite settlement?
Ans: As per the 11th Bipartite settlement, Dearness Allowance is given around 23.87% of the basic pay.
Q3. How much HRA is offered to the IBPS PO?
Ans: The HRA is given to the IBPS PO between 7% to 9% depending on the location of posting.
Q4. What is the in-hand salary given to IBPS PO?
Ans: As per the revised salary structure, IBPS will get ₹ 52,000 to ₹ 55,000 in-hand salary.
Q5. What are the skills required to become a Bank Manager?
Ans: All the aspirant having intention to become a Bank Manager must have some important skills as Interpersonal skills, Interpretation skills, Leadership qualities, Teamwork spirit, Problem-solving skills, Skills with numbers, Administration, Customer service, People management, Organizational skills, Communication.
Q6. What are the entrance examination for bank?
Ans: There are some entrance examination for banking conducted all India basis are IBPS RRB – Regional Rural Bank exam etc.