Analysis – Salary of Bank PO in Public Sector Banks

Probationary Officers  (PO) salary with various Banks, Number of time We have been asked by our readers about the PO and Clerks Salary of different banks. What are the incentive, perk and benefit of different Public Sector Banks in India. 

We have provided the detailed analysis and bifurcation of Gross Salary of PO with different bank along with Incentive and other Benefit. The new Pay revision and settlement for Bank Employees are due from Nov 2012. It is expected to rise in salary by 20%.

The Various Component of Salary are :

Basic Pay, Dearness Allowances (DA), House Rent Allowances (HRA), CCA etc. Dearness Allowances (DA Rates) are updated in the month of FEB, MAY, AUG,NOV every year. DA rates is currently 80.25% of Basic Pay.

Similar way the HRA (Hose rent allowances ) and CCA are varies as per the place of posting. HRA could be either 6.5% or 7.5% or 8.5%  depending on the place of posting. CCA will be either 4% (maximum Rs.540/-) or 3%(Maximum Rs.375/-) . There will not be any CCA paid on rural posting.

The Entry point Salary Pay scale of PO will be :

Scale I – Rs. 14500 – (600×7) 18700  – (700×2) –  20100  (800×7) –  25700 

The Initial Basic Pay would be 14500 for Probationary Officers (PO).

The Salary Structure of Bank PO would be :

BASIC PAY    14500               14500                  14500            
DEARNESS ALLOWANCES  (CURRENTLY 80.25%)  11636.25 11636.25 11636.25
CCA MAX RS. 540 OR 3% OR 4%  540 375 0
TOTAL EXCLUDING HRA 26676.25 26511.25 26136.25
HRA PAID (NOT AVAILED LEASE ACCOMMODATION) VARIES 8.5 %, 7.5 % , 6.5

%

1232.50 1087.50 942.50
TOTAL SALARY OF PO WITHOUT LEASE ACCOMMODATION 27908.75 27598.75 27078.75
       
  METRO CITY STATE CAPITALS   OTHER PLACES       

OTHER BENEFIT / PERKS :

LEASE ACCOMMODATION varies as per the place of posting or Cities. This facility is provided in lieu of HRA paid to officers.The lease accommodation is varied from Bank to bank. As like in Metro Mumbai the Lease accommodation for SBI Scale I officers is Rs 29500 where as for other Bank officers in same scale is Maximum 12000. This amount will not paid to officers in cash rather this will be paid directly to the account of owner of the house.

Traveling Allowances and Conveyance allowances : Bank reimburse the Petrol bill to their officers. This is again varies from bank to bank.The average Petrol bill paid to officers in same cadre is around 35 Liters in metro.

Newspaper Allowance, Telephone Allowances, Teller Allowances, Entertainment Allowances, Cleaning Allowances etc are paid to officers amounting average 1000 rupees in month in same cadre.

Travel by Economy Air or First Class AC.

LTA and LFC facility for delf and dependents.

The Total CTC for Scale I as PO would be around : 3.70 Lacs Per annum except SBI

For SBI PO there is better Salary structure than other Bank's PO as like :

Basic Pay of SBI PO is Rs 16,900/- They got 4 extra increments in the scale of  Rs 14500-600/7-18700-700/ 2-20100-800/7-25700 applicable to Junior Management Grade Scale I.

SBI officers have benefit of Equal contribution of PF. The officers are required to make 10% of their basic pay as contribution to Provident Fund and the Bank also makes matching contribution to the Employees Provident Fund.

 

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