Salary in Banks

Many of our friends frequently ask about the salary of a Bank Probationary Officer. Since our visitors are preparing for bank exams hence they must have an idea that how much they will earn if they get selection as Bank Probationary Officer.

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So for all of you I am providing here details of not only salary structure but also about various other perks which you will get after becoming a Probationary Officer, the starting basic salary would be Rs.14500/- , you will also get Dearness Allowance which is presently about 60% of the basic salary, apart from Basic + D.A. you will also get CCA & HRA (when you are not opting for leased house).

Apart from this salary you are also entitled for various other perks such as conveyance allowance, cleansing material reimbursement, entertainment allowance, news paper allowance etc. The rates of perks differ from bank to bank however the lump sum rupee value of all such perks is about Rs. 3000/- to Rs. 4000/- in public sector banks. In SBI this rupee value is more as perks are higher. In SBI you also get four additional increment at the time of joining itself hence starting basic in SBI would be Rs. 16900/- + D.A.

You are also entitled for leased accommodation in banks where bank will pay the entire rent of your house directly to the landlord and you don’t have to pay anything for rented house. But again the lease rent facility is very good in SBI as from very start you will get about Rs. 6000/- for leased house (it also depends on the type of city in which you are posted, for e.g in cities like New Delhi and Mumbai it is in the range of Rs. 15000 - Rs. 20000). In other PSBs although lease house facility is there but rent ceiling is low.

Friends, that is not all, there are various other benefits also such as medical reimbursement facility, furniture reimbursements, LFC for India or abroad, foreign postings chances, faster promotions and incentives schemes for good performers, loans on concessional rates etc.

A Probationary Officer can reach up to the level of Chairman of a bank, you will be surprised to know that all the heads of PSBs have started their career as a PO only. Probationary Officer (PO) can be asked to do any work during the Probation period. Normally the probation period is of two years in which the officer is exposed to different types of banking related works. There are frequent transfers during probation period. Once the probation period is completed the officer is confirmed as an Assistant Manager and gets his or her permanent posting. Some banks are now-a-days placing officers as Deputy Managers also, just after confirmation,
provided they pass the test conducted by the bank. After confirmation officers can be posted in specific areas of banking.

 Probationary Officers Salary Details:

1. + Firstly the candidates who are selected for the post of Probationary Officer will be on probation period for two years.
2. + The officers would be in the Junior Management Grade Scale I. The pay scale/salary will be Rs. 14500 - Rs. 25700; these officers will also be eligible for D.A., H.R.A. & C.C.A. as per rules in force from time to time.
3. + In SBI there is a provision of four additional increments at the time of joining itself, moreover perks are much higher in SBI as compare to other public sector banks.