Banks in India|Bank Jobs|Bank Recruitment|Banking News,Information & Articles|Banking in India|Bank Loan|Bank Employment|Bank Interest Rate-BankingOnly.com
      Recent News :
jQuery treeView
Banking Articles
  View Articles
  Submit Articles
 
Banking News
  View News
  Submit News
Bankers Profile
  Search Bankers Profile
  Submit Profile
 
Bank Employees Issues:Salary:

Starting Salary, Perk and facilities to Bank Probationary Officer (PO) in India

By: Amit,      Update:07 Aug 2011

Starting Salary, Perk and facilities to Bank Probationary Officer (PO) in India

Salary in banks decided by all banks management body Indian Banks Association (IBA) and all banks employees umbrella organistion United Forum of Bank Unions (UFBU). The present salary is based on 9th Bipartite Settlement which was signed on 27.04.2010.The salary was made effective from1.11.2007 and now 10th Bipartite settlement is due from 1.11.2012. The settlement will when ever finalised but increased salary will be effective from 1.11.2012.

 

The salary in all Public Sector Banks/ Nationalised banks are same, but facilities may differs like medical, Leased House Rent, Travelling Expenses and other allowances. The SBI providing two increments at joining time. The sample indicative salary of nationalized bank is given below as per present norms:

Bank PO Salary at Joining Time (as on 01.01.2013)

Bank PO Salary at Joining Time

Salary

Major A class cities :

Metro Cities

Other places in Area I(State Capitals etc)

Other places

(District level and Rural Places)

Basic Salary

Rs.14500.00

Rs.14500.00

Rs.14500.00

Dearness Allowance (76.5 %)

Rs.11092.00

Rs.11092.00

Rs.11092.00

CCA(4% max Rs.540=)

Rs. 540.00

Rs.375.00

nil

HRA (Major A class cities - 8.5%, Other places in Area I -7.5%, Other places - 6.5%)

Rs.1232.50

Rs.1087.50

Rs.942.50

Total

Rs.27364.50

Rs.27054.50

Rs.26534.50

Salary Components of Bank PO:

Basic Salary, Dearness Allowance (DA), House Rent Allowance (HRA), City Compensatory Allowance (CCA). HRA is not available for those officers who are residing in banks accommodation or subsidized accommodation. If you an officer have own house and not availing banks accommodation then 150 % HRA will be provided.

Bank PO Perks and Facilities at Joining Time (as on 01.11.2012)

 

Bank PO Perk and Facilities at Joining Time

Salary

Major A class cities :

Metro Cities

Other places in Cat A Centers(State Capitals etc)

Other places

Category B Centers

Other places

Category C Centers

Leased House Rent

Rs.12,500.00

Rs.10,000.00

Rs.7,500.00

Rs.5,500.00

Travelling Allowance

Rs.3,000.00

Rs.3,000.00

Rs.2,700.00

Rs.2,300.00

News Paper

Rs. 250.00

Rs. 250.00

Rs. 250.00

Rs. 250.00

Cleaning Materials

Rs.600.00

Rs.600.00

Rs.600.00

Rs.600.00

Business Development Expenses

Rs.300.00

Rs.300.00

Rs.300.00

Rs.300.00

Medical Aid

Rs.450.00

Rs.450.00

Rs.450.00

Rs.450.00

Total

Rs.17,100.00

Rs. 14,600.00

Rs.11,800.00

Rs.9,400.00

Perks and Facilities Components: Banks Leased Housing Accommodation, Travelling Allowance, News Paper, Cleaning Materials, Business Development Expenses, Medical Aids etc.

Above mentioned facilities are based on a single bank and varies from others. But all most banks are providing same. The Salary is mandatory as per settlements but perk and facilities can be enhanced by particular bank. Like some banks are providing unlimited self medical expenses up to ceiling of 90% of expense, for furniture Rs. 70,000 on every ten years, lunch allowance etc.

SCALES of Bank PO

JMGS-I - Rs.14, 500/-    TO Rs.31, 500/-@

MMGS-II - Rs.19, 400/-  TO Rs.34, 200/-@

MMGS-III - Rs.25, 700/- TO Rs.35, 100/-@

@including two additional stagnation increments

SMGS-IV - Rs.30, 600/- TO Rs.36, 200/-

SMGS-V - Rs.36, 200/-  TO Rs.40, 400/-

TEG-VI - Rs.42,000/-  TO Rs.46,800/-

TEG-VII - Rs.46,800/- TO Rs.52,000/-

DEARNESS ALLOWANCE to Bank PO

For every 4 points rise/fall in index, Dearness Allowance at 0.15% per slab.

CITY COMPENSATARY ALLOWANCE

CCA rates are as under:

Places in Area I - 4% of Basic Pay, Max. Rs.540/-p.m.

Places with population of more than 5 lacs - 3% of Basic Pay,

Max.   Rs.375/-p.m.

HOUSE RENT ALLOWANCE

We have retained the existing rate of HRA as under:

           Major A class cities -       8.5%

           Other places in Area I -   7.5%

           Other places -                 6.5%

MEDICAL AID

For officers other than SBI, the medical aid has been enhanced as; 

Scale I to III –             Rs. 5100/- p.a.

Scale IV & above -      Rs. 6320/- p.a.

List of Banks to Bipartite Settlement

1. Allahabad Bank

2. Andhra Bank

3. Bank of Baroda

4. Bank of India

5. Bank of Maharashtra

6. Canara Bank

7. Central Bank of India

8. Corporation Bank

9. Dena Bank

10. Indian Bank

11. Indian Overseas Bank

12. Oriental Bank of Commerce

13. Punjab & Sind Bank

14. Punjab National Bank

15. Syndicate Bank

16. UCO Bank

17. Union Bank of India

18. United Bank of India

19. Vijaya Bank

20. State Bank of India

21. State Bank of Bikaner & Jaipur

22. State Bank of Hyderabad

23. State Bank of Indore

24. State Bank of Mysore

25. State Bank of Patiala

26. State Bank of Travancore

27. Bank of Rajasthan Ltd.

28. The Catholic Syrian Bank Ltd.

29. The Dhanalakshmi Bank Ltd.

30. The Federal Bank Ltd.

31. ING Vysya Bank Ltd

32. The Jammu & Kashmir Bank Ltd.

33. The Karnataka Bank Ltd.

34. The Karur Vysya Bank Ltd.

35. The Lakshmi Vilas Bank Ltd.

36. The Nainital Bank Ltd.

37. The Ratnakar Bank Ltd.

38. The South Indian Bank Ltd.

39. The Royal Bank of Scotland N.V.

40. Bank of America N.A.

41. The Bank of Tokyo-Mitsubishi UFJ, Ltd.

42. BNP Paribas

43. Citibank, N.A.

44. The Hongkong & Shanghai Banking Corporation Ltd.

45. Sonali Bank

46. Standard Chartered Bank

 

Bank PO aspirants must read the details of  

Text of the Settlement (Memorandum) on

Bank Officers Wage Revision



Back
 

3 Comments

  shivam  gfirstnameshivam@yahoo.in   03 April 2013  
     
  currently i am a second year student in the engineering field having textile field so i want to know about the entrance to banks after my graduation.and what salary should i get after quqlifying it.thanks


 
    Reply                             
  dheeraj    14 January 2012  
     
  i m a visually challenged peson amd presently working in state bank of patiala as a clerk. I am a graduate. What are thd allowances other than salary in banks for a new clerical staff. Currently i m having 7200 basic


 
    Reply                             
  K GAYATHRI    10 November 2011  
     
  when will sbi po results, 2011 already 3 months gone


 
    Reply                             
 

0 More Comments

 
 
 
 
 
Comment
   
Your Name :
Email :
Comment :
 
click for new code
Security Code :
 
   
 
Apply Here For
ATM and Bank Branch Space Required
 Related Articles
State Bank PO Starting Salary in India (12 Apr 2014)
 
Profile of Mr Harvinder Singh General Secretary AIBOC and Officer Employee Director Bank of India (30 Jun 2013)
 
10th Bipartite Settlement of banks: Cost to the Company concept (21 Jun 2013)
 
 
IIBF Courses/ Examinations (14 Jun 2013)
 
Know about Indian Institute of Banking & Finance (IIBF) (31 May 2013)
 
Bank employees to observe All India Demand Day on 10th May, 2013 (30 Mar 2013)
 
Salary Payable to Bank Probationary Officer in Public Sector Bank ( Other than SBI) (08 Mar 2013)
 
Reserve Bank of India (RBI): Pension (07 Mar 2013)
 
10th Bipartite Settlement of bank employees /officers: Update of 22/02/13and 04/03/13 (06 Mar 2013)
 
SubScribe
Partner Sites:        www.bankcode.in www.saidquotes.com www.postalpincode.com www.banksdirectoryindia.com
@ Copyright 2007-2013 All rights reserved | Best viewed with 1024x768 pixel resolution with MSIE |