Working as a bank PO or Probationary Officer is not only prestigious but also come with lucrative salary, perquisites and other benefits. The salary of POs in al PSU banks is decided and revised by the IBA (Indian Banks Association) and UFBU (United Forum of Bank Unions). The current salary for probationary officers is based on the Bipartite Settlement.
Salary Structure of a Bank PO – for Fresher
Major A Class Cities | Other Places in Area I | Other Places | |
---|---|---|---|
Metro Cities | (State Capital etc.) | (District Level and Rural Areas) | |
Basic Pay | 23700.00 | 23700.00 | 23700.00 |
Special Allowance | 1836.75 | 1836.75 | 1836.75 |
Dearness Allowance @ 99.9% | 10163.63 | 10163.63 | 10163.63 |
CCA (3% to 4% Max. Rs540/-) | 870.00 | 600.00 | 0.00 |
Total Salary (Excluding HRA i.e. if Leased Accommodation is availed by the officer) | Rs 36570.38 | Rs 36300.38 | Rs 35700.38 |
HRA – 8.5% ; 7.5%; 6.5%* | Rs 2133.00 | Rs 1896.00 | 1659.00 |
Total Salary (including HRA i.e. if officer does not avail leased accommodation) | Rs 38703.38 | Rs 38196.38 | Rs 37359.38 |
Perquisites and Facilities for Bank PO at the Time of Joining (per month)
A – Class Cities Metropolitan Cities | Area I Cities (State Capitals) | Category B Places | Category C Places | |
---|---|---|---|---|
Leased House Rent | INR 7,200 | INR 5,300 | INR 13,800 | INR 2,800 |
News Paper | INR 250 | INR 250 | INR 250 | INR 250 |
Traveling Allowance | INR 3,000 | INR 3,000 | INR 2,700 | INR 2,300 |
Cleaning Materials | INR 600 | INR 600 | INR 600 | INR 600 |
Medical Aid | INR 450 | INR 450 | INR 450 | INR 450 |
Business Development Expenses | INR 300 | INR 300 | INR 300 | INR 300 |
Total Salary | INR 11,800 | INR 9,900 | INR 9,400 | INR 6,700 |
Know about SBI PO Salary
Apart from the perquisites mentioned above, some banks also provide INR 70,000 for furniture after every 10 years, medical expenses up to 90%, lunch allowance, and so on.
PO Pay scales on promotion from Scale I to Scale VII | |||||||
---|---|---|---|---|---|---|---|
Scale I | 23700 | 980 | 30560 | 1145 | 32850 | 1310 | 42020 |
Scale II | 31705 | 1145 | 32850 | 1310 | 45950 | ||
Scale III | 42020 | 1310 | 48570 | 1460 | 51490 | ||
Scale IV | 50030 | 1460 | 55870 | 1650 | 59170 | ||
Scale V | 59170 | 1650 | 62470 | 1800 | 66070 | ||
Scale VI | 68680 | 1960 | 76520 | ||||
Scale VII | 76520 | 2120 | 85000 |
Salary Structure of Bank Probationary Officer as per Designation(per month)
Designation | Salary Range |
---|---|
JMGS – I (Junior Management Grade Scale -I) | INR 14,500-600/7-18,700-700/2-20,100-800/7-25,700 + HRA, DA, CCA, LTC, Medical benefits, terminal benefits as per rules |
MMGS – II (Middle Management Grade Scale – II) | INR 19,400 to INR 34,200 |
MMGS – III (Middle Management Grade Scale – III) | INR 25,700 to INR 35,100 |
SMGS – IV (Senior Management Grade Scale – IV) | INR 30,600 to INR 36,200 |
SMGS – V (Senior Management Grade Scale – V) | INR 36,200 to INR 40,400 |
Median Pay Scale of PO as Per Years of Experience:
Years of Experience | Average Annual Salary |
---|---|
Less than 1 year | INR 1 lakh |
1 year to 4 years | INR 3 lakh |
5 years to 9 years | INR 5.7 lakh |
10 years to 19 years | INR 6.8 lakh |
More than 20 years | INR 5.3 lakh |
Median Pay Scale of PO as Per Cities in India
The median pay scale for bank probationary officers as per different cities in India is given below:
Name of the City | Average Salary |
---|---|
Mumbai | INR 5.8 lakh |
Bangalore | INR 5.8 lakh |
New Delhi | INR 4.5 lakh |
Hyderabad | INR 4 lakh |
Kolkata | INR 2.7 lakh |
Median Pay Scale of PO as Per States in India
The median pay scale for bank probationary officers as per different states in India is given below:
Name of the State | Average Salary |
---|---|
Maharashtra | INR 5 lakh |
Karnataka | INR 5.8 lakh |
Delhi | INR 4.6 lakh |
Andhra Pradesh | INR 3.5 lakh |
West Bengal | INR 3 lakh |
Tamil Nadu | INR 3.3 lakh |
Uttar Pradesh | INR 1.8 lakh |
Top Banks in India
Top Banks pay higher salaries to their POs to retain them for longer period and to produce efficient outcomes. Salary of PO in SBI and Bank of India are among the highest. They are paid paid well with other allowance. Bank of Baroda PO salary is also comes among highest in the banking sector to POs.
State Bank of IndiaAllahabad Bank
Top Banks | |
---|---|
State Bank of India | Allahabad Bank |
Bank of India | Andhra Bank |
Canara Bank | Bank of Baroda |
Corporation Bank | Bank of Maharashtra |
Indian Overseas Bank | Central Bank of India |
Certifications Required for a Job as a Bank PO
- To apply for a post as a probationary officer, a candidate should be between 20 years and 30 years.
- Minimum education qualification need is graduation with 55% marks. For candidates belonging to the SC/ST/PwD categories the minimum aggregate required is 50%.
- Eligible candidates need to qualify in IBPS or equivalent examination. Candidates are selected on the basis of performance in IBPS and interview.
Growth Opportunity for a Bank Probationary Officer
Once you join as a bank probationary officer, with years of knowledge and skills acquired, you can reach the topmost level, i.e. the chairman designation. Nearly all the heads start their career as probationary officers. Generally, the probation period in a bank is of two years and after that as an officer you will be exposed to various bank responsibilities. After the completion of probation period, you will be confirmed as an assistant manager and get a permanent posting. Nowadays, some banks are also designating officers as deputy managers after the completion of probation period. During the probation period you will belong to the junior management grade scale (JMHS), after that the scale would be of middle management grade scale (MMHS). The promotion opportunities in a bank are at regular intervals of three to four years.
sir,
i want to know that during the probation period the selcted candidates are get paid or undertake at their own expenses for 12 months