Starting Salary of Bank Probationary Officer (PO) in PSU banks are approx Rs. 28,000. 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). T
The salary in all PSU 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
Major A class cities :
Other places in Area I(State Capitals etc)
(District level and Rural Places)
Dearness Allowance (84.15%)
CCA(4% max Rs.540=)
HRA (Major A class cities - 8.5%, Other places in Area I -7.5%, Other places - 6.5%)
Salary Components: 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 15 % HRA will be provided.
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
Perks and Facilities Components of Bank PO:
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.
PSU banks salary followed by job guarantee and life time pension facility, where private banks paying more but there are 25 % employee retrenchment every year and no one is reaching at pension provision.
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/-
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,
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.
Bank PO Perks and Facilities at Joining Time (as on 01.09.2013)
Bank PO Perk and Facilities at Joining Time
Major A class cities :
Other places in Cat A Centers(State Capitals etc)
Category B Centers
Category C Centers
Leased House Rent
Business Development Expenses