Salary of Bank PO  /  Salary of Probationary Officer in public sector banks

 

What is Bank PO's Salary / Bank Probationary Officer Salary (newly recruited) ?

Bank PO's  salary or Bank Probationary officer's  starting salary in most of public sector banks and even in some private banks is same.  The last revision of salary of Bank PO / Bank Probationary officers has taken place wef 1st November, 2007.   All newly recruited POs are placed in the following scale at the 1st stage of the same.  (However, banks like SBI, ICICI bank and other private sector banks have some different start for probationary officers ) :-

Scale I - Rs. 14500 - (600x7) 18700  - (700x2) -  20100  (800x7) -  25700 [likely to be revised soon]
 

Thus, the initial Basic Pay of a Bank Probationary officer / PO  will be Rs.14,500/- (the figures in the brackets indicate the annual increment and the number of stages for which the same is applicable)

 

What are other major allowances payable on monthly basis as part of the salary to bank PO:

In addition to Basic Pay, bank officers (i.e. Probationary officers / PO / Management Trainees) are eligible for the following allowances :-

    (a) Dearness Allowance (DA)  :  DA in banks is revised on quarterly basis (i.e. in the months of February, May, August and November) based on the CPI as declared by Government of India.  The current DA (for the month of February,  2013 is 80.25% of the Basic Pay).   DA can go up with higher inflation and also come down if the inflation rate is in negative.

     (b) HRA : This depends on the place of posting and it can be either 6.5% or 7.5% or 8.5%  depending on the place of posting.

    (c) CCA : This also depends on the place of posting and can be either 4% (maximum Rs.540/-) or 3%(Maximum Rs.375/-) or 0%

 

What is the total salary of a Bank PO / Probationary Officer / Management Trainee (Starting salary of newly appointed PO) :

The above indicates that the total salary of a probationary officer on joining at a metro station will be around Rs.27908/.   However, the total salary of a probationary officer who has to join in rural area will be about Rs 27078/- . [This includes HRA]. However, SBI gives four additional increments to Bank POs and thus salary will be higher by about Rs 4,400/-. 

 

NEWLY APPOINTED BANK PO -  INITIAL SALARY /  STARTING PAY ON JOINING  [as on 1st October 2012]

 

 

 

There are number of other perks available to Bank officers and these vary from bank to bank, and even the amount of such perks vary from bank to bank.   SBI gives more perks than all other nationalised banks.  Some of the perks available to Bank officers are :-

(a) Leased Accommodation : This facility is available to Bank officers in lieu of HRA.  At some stations, some banks may offer official bank accommodation in lieu of leased accommodation / bank quarters.   The lease amount vary from bank to bank and place of postings.  This can vary from Rs 2500 to over  Rs.10,000/-.  However, you should remember that this amount is not available as cash component and will directly go to the house owner - those house you have got leased.

(b) Travelling Allownace : Some banks allow fixed Travelling Allowance whereas others allow reimbursement of petrol bills i.e. officer must own  scooter / car at the place of posting

(c) Newspaper Reimbursement : A fixed monthly amount is paid towards the cost of one newspaper

(d) Medical Aid : A fixed annual amount is paid by most of the banks

(e) Coverage under New Pension Scheme

 

What are other scales on promotion from Scale I to Scale VII

JMGS-I - Rs.14,500/- TO Rs.31,500/-@ [as shown above for bank PO]

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

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

@This includes 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/
 

[The next revision of pay scales for Bank PO is due wef November, 2012.  However, the finalisation of  new scales may take even more than 2 years]