On popular demand, in this article we bring to you the Latest Salary Structure of Banks in India. The consolidated information presented in the article will enable you to have all the information at one place about Latest Salary Structure of Banks in India, which otherwise is spread across.

Latest Salary Structure of Banks in India

 

Latest Salary Structure of Banks in India

1. Basic Pay or Basic Salary: Basic Salary is the amount which an organisation pays to an employee before any allowances are added or taken off. It forms the largest chunk of the salary and is taxable under Section 17 of Income tax act. EPF(Employee Provident Fund) and HRA are linked to Basic Salary.

2. Allowances: Allowances comprise of amounts given to cover additional expenses incurred by the employee while working for the respective bank / organization. Allowances are usually calculated as a percentage of basic salary. Most common types of allowances for Banks and other PSUs are as follows:

(a) Dearness Allowance (DA) : It a cost of living adjustment allowance paid to Government and Public sector employess (PSU). In banks it is revised on a quarterly basis (i.e.every three months) based on the Consumer Price Index (CPI) which decides the inflation of the quarter. 

(b) House Rent Allowance (HRA) : House Rent allowance is given to the employee to meet the rental expenses for his/ her accommodation. According to Income Tax Act, Section 10 (13A) and Rule 2A of the Income tax rules, the employee is exempted from paying tax on HRA.
The exemption is the least of following:

  • Actual house rent allowance received from the employer.
  • Actual house rent paid minus (10% of the basic salary + DA) .
  • If living in a metro(Delhi, Mumbai, Kolkata or Chennai), then 50% of basic salary
  • Else it is 40% of the basic salary

And certainly, HRA depends on the place of posting.

(c) Special Allowance : Special Allowance is sometimes referred to as  performance bonus. This is paid over and above basic salary.

(d) CCA : This is Compensatory City Allowance and is paid for covering the cost of living in an expensive city.

(e) Conveyance allowance : It is paid for commuting between home and office.

Now let us have a look at that detailed Latest Salary Structure in Banks, depending on the profile one is into.

1. IBPS PO 

IBPS Probationary officer is paid according to SCALE I salary which has the following structure:

  • Basic Pay: The basic pay for PO is same irrespective of the city of appointment. It is INR 23700 w.e.f. from June 1 2015.
  • Dearness Allowance (DA): As per the latest CPI released by the gov. the DA amount is INR 8605.88.
  • HRA: This is paid @ 9.0% or 8.0% or 7.0%   depending on the place of posting.
  • CCA: This is paid @ 4%, 3% or 0% depending on the place of posting.
  • Special Allowance: For scale I it is paid @ rate of  7.75%
  • Perquisites (Conveyance, Newspapers, Entertainment allowance, House & Furniture Maintenance etc. 4,130)
  • Leased accommodation upto Rs 29500, this is provided in lieu of HRA.

2. SBI PO 

Similar to IBPS PO, SBI PO is also paid according to scale I but with a few additional benefits:

  • Basic Pay: The basic pay for SBI PO is same irrespective of the city of appointment. It is INR 23700 w.e.f. from June 1 2015.
  • Dearness Allowance (DA): As per the latest CPI released by the gov. the DA amount is INR 8605.88.
  • CCA: This is paid @ 4%, 3% or 0% depending on the place of posting.
  • Special Allowance: For scale I it is paid @ rate of  7.75%
  • In SBI there is a provision of four additional increments for Probationary Officers at the time of joining hence the salary of  SBI PO is around 6000 more as compared to PO from other nationalized banks.
  • Perquisites (Conveyance, Newspapers, Entertainment allowance, House & Furniture Maintenance etc. 4,130)
  • Leased accommodation upto Rs 29500, in lieu of HRA.

3. IBPS Clerk/ SBI Clerk 

Salary structure of IBPS / SBI Clerk is as follows:

  • Basic Pay: The basic pay for clerk is same irrespective of the city of appointment. It isINR 11765 w.e.f. from June 1 2015.
  • Dearness Allowance (DA): As per the latest CPI released by the gov. the DA is INR 4272.08.
  • HRA: This is paid @ 10% or 9% or 7.5%  depending on the place of posting.
  • CCA: This is paid @ 4%, 3% or 0% depending on the place of posting.
  • Special Allowance: The amount of special allowance is INR 911.79.
  • Transport Allowance: It is paid for conveyance amounting to INR 425.00.

4. IBPS RRBs

Salary Structure of IBPS RRBs is illustrated in the table below, depending on the Post one is working at.

Post Scale of Pay
Office Scale III 42020-1310(5)-48570-1460(2)-51490.
Officer Scale II 31705-1145(1)-32850-1310(10)-45950.
Officer Scale I 23700-980(7)-30560-1145(2)-32850-1310(7)-42020.
Office Assistant(Multi Purpose) 11765-655(3)-13730-815(3)-16175-980(4)-20095-1145(7)-28110-2120(1)-30230-1310(1)-31540.


Emoluments

Post Approximate Emoluments per Month inclusive DA and HRA at Current Rate
Office Scale III Total  starting  emoluments  are approximately INR 64600/- per month inclusive of DA and HRA at the current rate.
Officer Scale II Total  starting  emoluments  are approximately INR 48800/- per month inclusive of DA and HRA at the current rate.
Officer Scale I Total  starting  emoluments  are approximately INR 36400/- per month inclusive of DA and HRA at the current rate.
Office Assistant(MP) Total  starting  emoluments  are  approximately INR 18100/- per month inclusive of DA and HRA at the current rate.

 

5. RBI GRADE B

  • Basic Pay: It is INR 21,000
  • Emoluments: Including dearness allowance, local allowance, house rent allowance, family allowance and grade allowance initial monthly gross emoluments are approximately Rs 53,888.

6. NABARD officer exam

Group-A

Sr.No. Cadres Scale
i) Officers in Grade ‘A’ (Asstt. Manager) (including the Private Secretary in Grade ‘A’) 17100-1000(11)-28110-EB-1000(4)-32100-1100(1)-33200(17years)
ii) Officers in Grade ‘B’ (Manager) 21000-1000(9)-30000-EB-1000(2)-32000-1100(4)-36400(16 years)
iii) Officers in Grade ‘C’ (Asstt.Gen.Manager) 28350-1000(5)-33350-1150(4)-37950- EB-1150(3)-41400(13 years)
iv) Officers in Grade ‘D’ (Dy. Gen.Manager) 39850-1200(2)-42250-1300(3)-46150(6years)
v) Officers in Grade ‘E’ (General Manager) 42300-1300(3)-46200-1400(3)-50400-1600(1)-52000(8 years)
vi) Officers in Grade ‘F’ (Chief General Manager) 60600-1600(4)-67000(5years)
vii) Executive Directors 75100(1)-2000(2)-79100(3years)
viii) Sr Private Secretary and Principal Private Secretary 21000-1000(9)-30000-EB-1000(2)-32000-1100(4)-36400-EB-400(1)-36800-1150(4)-41400(21years)

Group B

Scale INR 8040-410(3)-9270-500(4)-11270-550(4)-13470-650(3)-15420-720(1)-16140- 990(4)-20100(20 years)

Group C

Scale INR 6350-220(4)-7230-260(3)-8010-300(3)-8910-400(2)-9710-500(4)-11710-680(3)-13750(20 years)