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Salary for freshers in Banking sector of India

Updated on August 5, 2014

How a Bank Looks when you Need Job

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Salary Package for Freshers in Bank

The initial salary package for freshers in banking sector varies from Rs 8,000 to Rs 20,000 in different cities in India. Students with a PG degree from top tier business schools and banking institutes can anticipate up to Rs 8 lakhs per year as relationship managers that depends on their scores and business school.

Some of the banks hire graduates from the FMS, IIMs, XLRI, and other top tier B-schools consistently at a salary package of more than Rs. 10 lakh per year. However, banking sector is prone to market fluctuations and the recent recession of 2009 had shown how the jobs become redundant as soon as markets crash. It is therefore required that you keep yourself updated according to the latest developments in this sector, you can bank job's salaries in India onlineand then you know you are always stay in demand.

Demand and Supply in the banking sector of India

Demand for both back-office and front office executives, recovery executives and financial analysts for the banking processes in BPOs is still very high in our country. There is still a noticeable shortage of candidates with or without banking qualifications and also the people, who know bookkeeping.

Products, for example, Hedge Funds have an overwhelming presence in the markets abroad. On the other hand, Indians are still the best choice for a 10 hour shift in the most demanding environment in the banking processes in BPOs and KPOs. These are unquestionably the best job opportunities in the initial phase of your career. If you have a degree or certification in banking, or just the acumen for it, then you can go for it without any second thoughts. Banking professionals will always be in demand on this planet.

A Probationary Officer’s (PO) position is the first step of the ladder, as far as a respectable career in the private and PSU banks is concerned. The basic salary at this entry level position is around Rs. 25,000/-. Indian Bank Association (IBA), the mutual interbank body in India, along with an employee association decides the wages for the workers in banking industry.

When you become Bank manager in any Indian bank then your salary will be more than your expectations, as the banking sector is paying too much, as the bank manager's salary in India always considered a very good amount to be paid any organization.

Banking Jobs After Election

I just read in some news papers that state bank of India, bank of India and lots of other banks are going to recruit graduates for various job positions, like clerks, cashiers, assistant manager and probationary officer, because after the elections in India, lots of foreign investors are interested in India, means they are investing their money in Indian market.

Things are very simple, when any investor invest their money in indian market our entire system get a movement like stock market, banking sector, and the sector where they are investing like hotels, hospitality, traveling, airlines etc.

But the main factor is why banking sector is hiring, they are hiring because as the investor invest the money in our market, people will get jobs, they get money and will want to open an account in that bank that having number of ATMs, Good customer care, good employees and services are also fast, as these all the hings are possible only when a bank will have good number of employees

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Salary details of bank employees as follows:

Salary Elements
Initial salary at the time of joining
Basic Salary
Rs.15000
Dearness Allowance @54%
Rs.8100
City Compensatory Allowance (4% or maximum Rs.540)
Rs.0540
House Rent Allowance (Tier A cities - 8.5%, Tier B cities 7.5%, Other places - 6.5%)
Rs.1275
Total
Rs.24,915
The salary details of employees in Nationalized Banks in India, Also, The bank employees living in sponsored apartments or the accommodation provided by banks will not get House Rent Allowance. For all other bank employees, HRA would be around 15%, p

Salary Details of a Bank PO are as follows

Salary of a PO in India
Metro cites
Tier 2 and Tier 3 salaries
House Rent
Rs.7000
Rs.3000-Rs.5300
Travelling Allowance (TA)
Rs.3000
Rs.2400-Rs.3000
New Paper
Rs.300
Rs.250
Washing/Cleaning Products
Rs.600
Rs.600
Miscellaneous Expenses
Rs.300
Rs.300
Healthcare allowance
Rs.450
Rs.450
Total
Rs.11,650
Rs.7000-Rs.9900
According to the management of certain banks in India, the salary details of a PO

Freshers in banking sector of India

This salary data is for most of the banks, however a little variation in a few banks is not ruled out. Since the basic salary is almost fixed, the other perks and incentives may vary in other banks. As a case in point, many banks offer up to 90% cove
This salary data is for most of the banks, however a little variation in a few banks is not ruled out. Since the basic salary is almost fixed, the other perks and incentives may vary in other banks. As a case in point, many banks offer up to 90% cove

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