Average bank manager salary in India 2022: 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: INR 3,50,000 to INR 5,00,000
- Minimum Age: 21 years
- Required Skills: Excellent communication, Leadership qualities, Interpersonal skills, Good presence of mind, Teamwork spirit, Interpretation skills, etc.
Bank Manager Salary
Bank Manager salary depends on certain things like excellent communication skills, good leadership quality to get salary around INR 8 lakhs per annum. Having an experience over 5 years as Bank Manager, can have salary of up to INR 10 lakhs per annum.
- Profile: Bank Manager
- Initial Salary (per annum): INR 3,50,000
- Mid-Level Salary (per annum): INR 8,00,000
- Senior Level Salary (per annum): INR 10,00,000
Also Read: SDM Salary, Allowance and Facilities
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 INR 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 INR 27,620 is incremented in consecutive 4 stages as:
- First Increment: INR 23,700 – 980/7
- Second Increment: INR 30,560 – 1,145/2
- Third Increment: INR 32,850 – 1,310/7
- Fourth Increment: INR 42,020/-
In-Hand Salary of SBI PO
SBI PO is given in-hand salary of around INR 40,000 to INR 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 INR 8,000 (Minimum) (ii) In Urban Areas INR 29,500 (Maximum)
Medical Insurance: (i) Employees gets 100% coverage (ii) Families of the Employee gets 75% coverage
Furniture Allowance: INR 1,20,000
Travelling Allowance: Facilitates AC-2 Tier only for official use
Petrol: INR 1,100 – INR 1,300
Miscellaneous: INR 4,000
Total Compensation(Annually): 7.5 lakhs to 12.9 lakhs
Loan Benefits: Employees offered a decreased interest rate on loans
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 INR 36,000 and is also provided DA, HRA, Transport allowance, etc. which amounts to INR 62,000 but in urban area monthly payment is approximately INR 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): INR 50,000 to 52,000
- Basic Pay: INR 36,000
- Dearness Allowance (DA): INR 16,884
- House Rent Allowance (HRA): INR 2520
- City Compensatory Allowances (CCA): INR 1080
- Other Allowances: INR 2000
- SBI CBO Gross Salary: INR 58,484
- Deduction: INR 8187.6
- Net Salary: INR 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 INR 29,000 to INR 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 INR 23,700.
- First Increment: INR 30,560
- Second Increment: INR 32,850
- Third Increment: INR 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 INR 30,560 after 7 years; INR 32,850 after 7+2 years; and INR 42,020 after 7+2+7 years.
Allowance of Bank Manager IBPS PO
- Dearness Allowance: 39.8% of the Basic Pay i.e. INR 10,163.63
- Special Allowance: 7.75% of the basic pay i.e. INR 1,836.75
- CCA: 3% or 4% as per the location of posting i.e. INR 870
- Total pay (without HRA): INR 36,570.38
- House Rent Allowance: 7%-9% of the total basic pay i.e. INR 2133
- Gross salary with HRA: INR 38,703.38
Salary of Bank Manager of IBPS SO
1. Officer Scale – I
Monthly Gross salary: INR 36,400
Pay Scale: INR 23700-980/7-30560-1145/2-32850-1310/7-42020
2. Officer Scale-II
Monthly Gross salary: INR 48,800
Pay Scale: INR 31705-1145/1-32850-1310/10-45950
3. Officer Scale – III
Monthly Gross salary: INR 64,600
Pay Scale: INR 42020-1310/5-48570-1460/2-51490
Salary of Bank of Maharashtra for Generalist Officer
1. Generalist Officer – Scale-2
- Basic Pay: INR 48170
- Grade Pay: INR 1740
- Gross Salary: INR 70,000-INR 75,000
- In-Hand: INR 62,000-INR 67,000
2. Generalist Officer – Scale-3
- Basic Pay: INR 63,840
- Grade Pay: INR 1990
- Gross Salary: INR 78,000-INR 84,000
- In-Hand: INR 72,000-77,000
Bank Manager Salary of Nainital Bank PO
Pay scale: INR 25,000
Total Annual Salary: Annual CTC is around INR 3.60 lakhs per year
Net Payment (After Probation Period): INR 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
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.
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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 INR 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 INR 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 INR 52,000 to INR 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.