Salary and Training Duration of Bank POs
The role of a Public Sector Bank Probationary Officer (PO) is highly sought after and comes with a package that varies based on the bank and the location. This article aims to provide a comprehensive overview of Bank PO salary and the duration of their training period.
Bank PO Salary
Bank PO salary ranges can significantly vary based on the bank and location. Currently, the IBPS PO (Institute of Banking Personnel Selection - Probationary Officer) salary falls between 36,000 to 38,000 INR per month, plus allowances around 2,000–3,000 INR. The salary is gross, and the actual monthly income can be around 39,000 INR to 39,500 INR after accounting for various allowances.
For SBI PO (State Bank of India Probationary Officer), the base salary starts at around 40,000 to 42,000 INR per month, depending on the posting location. With the recent 11th bipartite settlement being pending, this might see an increase of around 30% in the in-hand salary component.
There is a significant variation in the CTC (Cost to Company) offered by different banks. The maximum CTC for an SBI PO in metropolitan cities is around 12 lakh INR per annum. Other Public Sector Undertaking (PSU) banks provide a maximum CTC of approximately 9 to 10 lakh INR per annum in metropolitan cities. In rural areas, the minimum CTC for a Bank PO is around 6.5 lakh INR per annum.
Training Period
The training period for Bank POs can differ based on the bank's policies. However, most banks provide at least a one-month training period to new recruits. This training covers the fundamental aspects of banking operations, including the use of banking software and procedures.
The training process is often initiated as soon as the candidate joins the bank. It is usually a combination of classroom training and on-the-job training, where the new Probationary Officer (PO) is assigned to various sections within the bank to gain practical experience. Banks like Bank of Baroda in their Manipal program offer comprehensive training that includes not only the banking operations but also how to effectively handle customer service and various administrative tasks.
Probation Period
The probation period for a Bank PO is typically two years. During this period, the new hire is closely monitored to ensure they are meeting the required standards and demonstrating the necessary skills. It is important to note that the probation period can vary slightly depending on the bank and the region.
After the probation period, the salary and benefits typically increase to a more substantial figure. The base pay for a Bank PO can differ based on the bank, ranging from around 30,000 INR gross to 35,000 INR gross, plus various allowances. The actual take-home salary can be around 25,000 to 26,000 INR initially, before allowances are factored in.
It's common for training allowances to be added to the basic pay, sometimes increasing the salary to around 35,000 to 36,000 INR per month. For instance, some banks like Punjab National Bank (PNB) and State Bank of India (SBI) often provide additional allowances, with SBI offering around 6,000 INR more than the base pay.
Other benefits include house facilities, reimbursement for petrol, and newspaper allowances. Additionally, banks contribute a significant amount towards pension, with an average contribution of around 8,000 INR per month into the pension account, often at a rate of 2 to 10% of the basic salary.
Overall, the salary and training duration for a Bank PO are designed to provide a comprehensive understanding of the banking sector, while ensuring the new recruits are adequately compensated for their role.