Get a glimpse of what the leading government banks of India offer their employees in terms of salary package and allowances. The list comprising the top ten best paying government banks of India has been drawn after a comparative study of salaries offered to popular banker jobs. The report has been generated after analyzing the bank’s recruitment advertisements over three years and a set of replies received to relevant applications under RTI Act. Salary increases in banks are dependent on each individual bank’s financial performance, profitability, development operation-linked human resource intake and technology up-gradation. Its performance is often not linked with the overall GDP growth.

1. State Bank of India:

State Bank of India is the largest commercial bank in India with respect to  business volume, customer base, number of branches, number of employees and employee salary cost. It also has the credit of being the highest paying public sector bank in India.

Founded in the year 1955, State Bank of India with its largest network of branches and ATMs spread across the length and breadth of the country, has some of the best salaries in the offing. According to Salary survey 2014 by Financial Express it pays around 8% more than standard market salaries. Here is more on the State Bank of India salaries:

Jobs Average/Median Annual Salaries
Bank Manager INR 240,632 – INR1,006,655
Chartered Accountant INR 222,263 – INR1,129,798
Bank Clerk INR 138,808 – INR 375,517
Loan Officer INR 117,125 – INR 467,858
Branch Manager, Banking INR 208,841 – INR 936,989

Salary of Top Executives in State Bank of India

Executive Name Annual Salary
Ms.Arundhati Bhattacharya (Chairman) Rs.2,10,24,022.00
Mr. B. Sriram (Managing Director) Rs.20,43,660.00
Mr. Praveen Kumar Gupta (Managing Director) Rs.19,84,140.00
Mr.Rajnish Kumar (Managing Director) Rs.20,43,660.00
Mr.V.Gopinathan Kannan (Managing Director) Rs.20,43,660.00
Mr.Selvam Veeraraghavan (Chief Customer Service Officer Rs.27,00,000.00

 

Know the Salary of Various Jobs in State Bank of India

2. UCO Bank:

Formerly known as the United Commercial Bank, UCO bank today has emerged as one of the leading choices of aspirants in the banking industry. With an employee rating of 3.4 out of 5 in glassdoor.com, UCO bank has sure further milestones to achieve in the near future. Here is a glimpse of current salaries at UCO:

Jobs Average/Median Annual Salaries
Assistant Manager INR 200,500 -INR 610,750 (with an annual average of INR 299,316)
IT Officer INR 36,000-INR 39,000 (monthly)
Manager INR 420,000-INR 700,000 (with an annual average of INR 590,000)
Relationship Manager INR 38,000-INR 41,000 (monthly)



3. UBI Bank:

The reason why UBI or the United Bank of India has made a cut in the list despite paying 2% below market standards according to payscale.com, is that it still pays comparatively higher salaries than most of the other banks. Have a look:

Jobs Average/Median Annual Salaries
Financial Research Analyst INR 262,557 – INR 1,000,075
Branch Manager, Banking INR 228,203 – INR 977,161
Perks/Benefits Payment (Annually)
Paid Vacation INR 526,205
Supplemental Maternity Leave INR 480,000
Cell Phone INR 545,349
Relocation INR 427,293
Sick Leave INR 460,000
Pension Plan INR 526,205
Education/Certification reimbursement INR 390,000

 

3. Bank of Baroda:

Hailed as one of the largest public sector banks in India with around more than 4000 branches in India, Bank of Baroda has designed some of the most comprehensive salary packages for employees:

Perks/Benefits Payment (Annually)
Paid Vacation INR 526,205
Supplemental Maternity Leave INR 480,000
Cell Phone INR 545,349
Relocation INR 427,293
Sick Leave INR 460,000
Pension Plan INR 526,205
Education/Certification reimbursement INR 390,000

Know Name of Top 10 Indian Public Banks to Work

Canara Bank: The kind of salaries paid by this bank can be gauged from the fact that even a clerical staff is entitled to earn as high as more than INR 500,000 a year (average). Here is more:

Jobs Average/Median Annual Salaries
Senior Manager INR 420,000-INR 720,000 (with an annual average of INR 610,000)
Assistant Manger (Credit) INR 464,000-INR 503,000
Clerk INR 173,000-INR 521,000 (with an annual average of INR 347,010)
Investment Officer INR 173,000-INR 188,000
Manager INR 500,000-INR 750,000 (with an annual average of INR 616,667)

Oriental Bank of Commerce: Some of the best salaries are up for the grabs here:

  • Loan Officer- INR 31,000 – INR 33,000 per month
  • Manager- INR 483,000- INR 519,000 per annum
  • Senior Manager- INR 626,000-INR 835,000 (with an annual average of INR 730,850)

Allahabad Bank: With a rating as high as 3.9 out of 5 by employees (according to glassdoor.com), the comparatively smaller bank has firmly consolidated its place among the leading public sector banks in India paying some of the best salaries in the industry.

Jobs Average/Median Annual Salaries
Chief Manager INR 625,000-INR 679,000
Bank Officer INR 220,000-INR 475,000 (with an annual average of INR 338,750)
Probationary Officer INR 348,000-INR 372,000
Officer INR 287,000-INR 311,000

Punjab National Bank: With an employee rating of 3.8 out 5 (glassdoor.com) and a place a in the prestigious Forbes Global 2000, this reputed institution has quite a few impressive offers for candidates. Here is how they pay:

Jobs Average/Median Annual Salaries
Senior Manager INR 420,000-INR 883,000 (with an annual average of INR 630,600)
Deputy Manager, IT INR 290,000-INR 367,000 (with an annual average of INR 328,307)
Manager INR 528,000-INR 622,000 (with an annual average of INR 574,882)
Clerical Staff INR 192,000-INR 531,000 (with an annual average of INR 361,265)

Bank of Maharashtra: If you are aiming for a managerial post at Bank of Maharashtra, you will be paid like this:

  • HR Manager- INR 40,000 – INR 44,000 monthly
  • Manager- INR 479000- INR 517000 per annum

Know the Salary in Citibank

IDBI Bank: Founded in the year 1964, this bank has etched out quite a niche among employees with a glassdoor.com rating of 3.6 out of 5. Here is more on the salaries that IDBI has in store for its staff:

Jobs Average/Median Annual Salaries
Manager INR 358,000-INR 1,129,000 (with an annual average of INR 693,750)
Assistant Manager INR 280,000-INR 759,000 (with an annual average of INR 464,750)
Assistant General Manager INR 68,000 INR 73,000 (monthly)
Executive INR 192,000 INR 206,000