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INTRODUCTION
One of the largest recruiter in India is the banking industry, which offers a plethora of bright
options to the fresher’s and employees, banks comfortable life style, stability or low interest
rates on loans. Not just in India, but throughout the world, people try their level best to end
up in a banking job, because of the benefits they offer, and preferably public sector banks, as
they are always a few steps up in offering the benefits to the employees.

The Private Sector and the Government Sector banks offer various jobs to the eligible
candidates through various exams, public notices and even campus placements, and offer
bright career opportunities to them. In the private sector banks, the majority of the stakes are
held by private shareholders, while in the Government sector banks, Government holds these
majority stakes, and this is one reason why public sector banks are more recruiter and
considered more stable and secure.

Every bank includes two types of compensation components in their packages:

DIRECT COMPENSATION INDIRECT COMPENSATION

Basic pay Leave policy- casual leaves, maternity leaves,
sick leaves,
Dearness allowance Overtime pay
House rental allowance Retirement policy-VRS
Conveyance allowance Holiday homes
Leave travel allowance Group insurance
Medical benefits Special allowances- mobile allowances,
commission, club membership, reduced
interest loan, food allowances.
Gratuity (private banks) Miscellaneous allowances- newspaper
allowance etc
Bonus- annual bonus/ festive bonus
Provident fund
Pension schemes
City compensation allowances

In the banking industry compensation has been designed while considering the following
factors:
 On the basis of experience/ specialization in particular field
 On the basis of location
 Package types offered: Entry level compensation package, management level
compensation package and top level executive compensation package.

In India, there are many reasons for which a bank job is considered to be one of the best
employments. Some of these reasons are:

 Comfortable working hours.

 Considerable number of leaves.
 Good salary packages
 Easy loan availabilities and that too at low interest rates.
 Medical benefits
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 Retirement plans
 A healthy and comfortable working environment.
 Additional compensations on purchase, travel, and education.

PRIVATE BANK COMPENSATION COMPONENTS

ICICI Bank Manager Salary in India

According to market standards, ICICI bank pays 7% (approx) less salaries to its employees.
Similar other banks in private sector pay their employees:-10% below market standard.

ICICI Bank Salary Structure according to job profile

JOBS
Manager
Assistant Manager
Relationship Manager
Sales Officer
Branch Banking Officer
Call Centre and Customer
Service Executive
Bank Officer
Financial Research Analyst
Regional Sales Manager
Retail Sales Manager
Personal Banker
Loan Officer
Marketing manager
Treasury Manager
Administrative Officer
Banking Operations Manager
SALARY
₹ 4.5 lakh to ₹ 12 lakh (Average annual salary: 8.5 lakh)
₹ 4 lakh to ₹ 9.2 lakh (Average annual salary: 6.5 lakh)
₹ 1.8 lakh to ₹ 12 lakh (Average annual salary ₹ 6.3 lakh
₹ 1.6 lakh to ₹ 2.8 lakh (Average annual salary ₹ 6.3 lakh
₹ 1.6 lakh to ₹ 2.8 lakh (Average annual salary ₹ 2.07 lakh)
₹ 1.5 lakh to ₹ 4 lakh
₹ 1.5 lakh to ₹ 6.2 lakh
₹ 2.5 lakh to ₹ 14.7 lakh
₹ 4.4 lakh to ₹ 2 lakh
₹ 1.7 lakh to ₹ 9.1 lakh
₹ 1.75 lakh to ₹ 6.1 lakh
₹ 1.5 lakh to ₹ 3.6 lakh
₹ 2.04 lakh to ₹ 13.6 lakh
₹ 3.24 lakh to ₹ 14 lakh
₹ 1 lakh to ₹ 4.8 lakh
₹ 2.1 lakh to ₹ 7 lakh

Salaries also include other benefits listed below:

 Manager- Stock bonus, cash bonus, tips and commission on sales
 Assistant Manager - Cash bonus
 Relationship Manager- Stock bonus, cash bonus, tips
 Sales Officer- Cash bonus and tips
 Branch banking Officer- Cash bonus and tips
 Privilege banker- Cash bonus and tips
 ICICI generally offers 10-15% of salary which might be hiked if an employee performs
exceptionally well. However bonus is scrapped if targets are not met.
Source: http://www.naukrihub.com/salary-in-india/salary-at-icici.html
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1. ICICI Bank PO Compensation Package details:

ICICI Bank offers a fixed salary + performance based incentive (lump sum amount) to employees
working for the post of PO. Under the ICICI PO Program, similar program runs in other private
sector banks like Axis Bank, Kotak Mahindra Bank also, which conduct a 1 year training program for
fresh graduates or post-graduates, and later hire them as PO or Assistant Manager on the permanent
basis.
ICICI Bank Probationary Officers Recruitment –2015 Batch Details:

Fee : To pursue the Probationary Officer Training Programme, interested students will have
to invest Rs. 3,00,000/- plus service tax, as applicable, totally amounting to Rs. 3,37,080/-
which would be provided by ICICI Bank as a loan at a subsidized interest rate of 2.5% p.a.
Grade after Completing Training: On successful completion of the training and two
internships, the Probationary Officers will be absorbed as Assistant Managers (Band I) in the
Bank. The loan is to be repaid by Probationary Officers in equated monthly instalment (EMI)
after joining the Bank. There would be no recovery of EMIs or interest during the training
period.
Pay Scale: The gross annual salary on joining the Bank will be around Rs. 4 lakh (Cost To
Company).

PO salary in ICICI Bank includes basic salary + various allowances such as:

I) Basic Pay – Rs 11000/-

II) House Rent Allowance – HRA depends on the location of job posting, Rs 4000/-
III) Conveyance Allowance –The conveyance allowance is a type of allowance
which is paid in order to meet the expenses to come to office from the residence of the
employees Rs 1700/-
IV) Superannuation Allowance –Superannuation, sometimes called ‘super’, is a
special way of saving to provide yourself with an income when you retire. Rs 1650/-
V) Leave Travel Allowance – LTA is granted by the employers to the employees as
part of the remuneration to provide for travel expenses incurred during the year. Rs
2000/-
VI) Additional HRA Allowance – Rs 3125/-
VII) Canteen allowances – Rs 1300/-
VIII) Medical benefits – Rs 1250/-
IX) Provident Fund ––An investment fund contributed to by employees, employers,
and (sometimes) the state, out of which a lump sum is provided to each employee on
retirement. Rs 1320/-
X) Performance Pay- Rs 4500/-

 Starting Salary of ICICI Bank PO in Metro City –

Rs 414732/- Annually & Rs 34561/- Monthly; Including Performance Pay.
These are approximate numbers and vary with performance, bank and location.

 ICICI Bank PO Salary Structure post loan deduction.

Candidate who join ICICI PO Program have the facility to repay the loan entire to the
bank through a subsidized interest rate of 2.5% p.a which candidate will repay
after joining the bank in the form of EMI (for 5 years). A part of the loan amount
is deducted every month from the employee salary. Salary after deducting the
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amount Rs 19451/-. This does not include the Performance Pay and the HRA is Rs
4000/- (Non Metro).

2. ICICI Bank Assistant manager compensation package details:

I) Basic Pay – Rs 16990.00/-

II) House rent allowance- HRA depends on the location of posting Rs 3800/-
III) Leave travel allowance- LTA is granted by the employers to the employees
as part of the remuneration to provide for travel expenses incurred during the
year. Rs 3000/-
IV) Medical benefits- Rs 2250/-
V) Transportation allowances –Rs 3800/-
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VI) Superannuation allowance- Special way of saving to provide yourself with

an income when you retire Rs 2549.00/-
VII) Lunch allowance- Rs 2900/-
VIII) Provident Fund - An investment fund contributed to by employees, employers, and
(sometimes) the state, out of which a lump sum is provided to each employee on
retirement. Rs 2940/-
IX) Professional Tax- It is the tax charged by the state governments in India. Any
one earning an income from salary or any one practicing a profession Rs 200/-
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HDFC Manager Salary in India

JOB CATEGORY AVERAGE OR MEDIAN SALARY
Accounts Manager ₹ 140,000
Assistant Manager ₹ 180,000- ₹ 500,000 (Average annual salary ₹ 319,094)
Personal Banker ₹ 180,000- ₹ 436,000 (Average annual salary ₹ 323,399)
Sales Executive ₹ 115,000- ₹ 260,000 (Average annual salary ₹ 187,572)
Area Credit Manager ₹ 580,000
Relationship Manager ₹ 360,000- ₹ 1,000,000 (Average annual salary ₹ 619,286)
Product Manager ₹ 105,000- ₹ 695,000 (Average annual salary ₹ 399,978)
Senior Manager ₹ 650,000- ₹ 1,300,000 (Average annual salary ₹ 975,000)
Area Business Head 950,000
Manager ₹ 250,000- ₹ 1,000,000 (Average annual salary ₹ 612,615)
Deputy Manager ₹ 300,000- ₹ 700,000 (Average annual salary ₹ 462,812)
HDFC Salaries Based on Cities in India:
JOB CATEGORY CITIES SALARY RANGE OR AVERAGE SALARY ( INR )
Manager Delhi 5,00,000 – 950,000 (average- 747,000)
Mumbai 400,000 – 950,000 (average- 626,000)
Kolkata 550,000
Chennai 700,000 – 800,000 (average 750,000)
Junior Officer Delhi 120,000- 200,000 (1,57,000)
Mumbai 105,000- 130,000 (average 538,000)
Kolkata 100,000
Chennai 150,000- 225,000 (average 188,000)
Hyderabad 105,000 – 150,000 (average 128,000)
Senior branch Manager Delhi 170,000
Customer care (support) Delhi 120,000
Customer care (executive) Delhi 110,000
Chennai 95,000 (Customer Care Voice Process)
Operations Manager Delhi 500,000
Chennai 325,000
Hyderabad 750,000 – 800,000 ( average 775,000) (Branch Operations Manager)
Advisor – Private Banking Delhi 650,000
Personal Banker (Retail Delhi 500,000
Banking)
Senior Manager Delhi 1,000,000
Mumbai 700,000 -1,780,000 (average 1,101,000)
Kolkata 1,395,000
Chennai 1,000,000 (Employee HR Services)
Assistant VP Delhi 1,450,000 (Sales-retail)
Kolkata 1,500,000
Chennai 1,500,000
Investment Officer Delhi 200,000
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List of benefits enjoyed by them:

 Assistant Manager – Stock Bonus, Cash Bonus

 Personal Banker – Cash Bonus
 Relationship Manager- cash Bonus
 Product Manager- Cash Bonus
 Senior Manager- Commissions on sales, Cash bonus
 Manager- Commissions, Bonus, Tips
 Deputy Manager- Cash bonus, profit sharing, stock bonus, commission on sales, tips

The salaries are subject to change without notice. They may also differ according to different
levels of the same profile.
Source: http://www.naukrihub.com/salary-in-india/salary-at-hdfc-bank.html

AXIS BANK
Salary
Assistant Manager in the Bank with a gross CTCE (cost to company) of Rs. 4.01 lakhs per
annum (This is inclusive of Loan benefits and Indicative Performance linked Bonus plus
Retrials). Breakup of the same is as shown below.
CTCE Break-up Amount
Fixed Gross CTCE Rs. 2,53,800/-
Retrials Rs. 27,612/-
Staff Loan Benefit Rs. 65,640/-
Performance Bonus Rs. 54,000/-
Total Gross CTCE Rs. 4,01,052/-

Benefits
Medical Insurance covers of Rs.1, 00,000/- is provided to the employee by the bank
Note:-
 Retrials not cashable.
 Staff loan benefits are not cashable. The figure indicated is the Staff loan value as and
when availed. Staff loans will be applicable as per the eligibility and terms of the
employment.
 Performance bonus is indicative and the figure displayed corresponds to the highest
performance rating. Final performance bonus received is subject to the individual’s
performance and the organisation’s performance & compensation policies in effect.
 CTCE is based on current level of compensation
 CTCE is based on the lowest levels of HRA, hence the actual CTCE will change
based on the final location of posting.
Source: http://www.axisbank.com/careers_microsite/Young-bankers/role-details-and-career-
prospects/stipend-and-salary.aspx
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Overall Salaries of popular Private Sector Banks in India:

ICICI Bank:

Assistant branch manager Rs 2.5 Lakh – Rs 5.5 Lakh

Branch manager Rs 3.5 Lakh – Rs 12 Lakh
Credit analyst Rs 2.5 Lakh – Rs 13 Lakh
Client relationship manager Rs 2 Lakh – Rs 9 Lakh
Customer service manager Rs 2 Lakh – Rs 9 Lakh
HDFC Bank:

Bank Manager Rs 3.5 Lakh – Rs 15 Lakh

Assistant Branch Manager Rs 3 Lakh – Rs 8 Lakh
Relationship Manager Rs 4 Lakh – Rs 14 Lakh
Sales Executive Rs 1 Lakh – Rs 4 Lakh
Personal Banker Rs 2 Lakh – Rs 5 Lakh
Yes Bank:

Branch Manager Rs 5 Lakh – Rs 12.5 Lakh

Assistant Branch Manager Rs 3 Lakh – Rs 5 Lakh
Relationship Manager Rs 8.5 Lakh – Rs 9 Lakh
Vice President Rs 24 Lakh – Rs 27 Lakh
Axis Bank:

Branch Manager Rs 24 Lakh – Rs 27 Lakh

Assistant Branch Manager Rs 3 Lakh – Rs 5 Lakh
Project Advisory Rs 10 Lakh – Rs 12 Lakh
Assistant Vice President Rs 24 Lakh – Rs 26.5 Lakh
Management Trainee Rs 2.5 Lakh – Rs 3.5 Lakh

Source:http://www.naukrihub.com/salary-information/salary-of-government-and-private-
sector-banks.html

Salaries of popular Public Sector Banks in India:

State Bank of India:
Branch Manager Rs 2 Lakh – Rs 10 Lakh
Credit Analyst Rs 2.3 Lakh-Rs 12 Lakh
Bank Clerk Rs 1.4 Lakh -Rs 4 Lakh
Assistant Branch Manager Rs 2.5 Lakh- Rs 6.5 Lakh
Cashier Rs 1.2 Lakh – Rs 4.5 Lakh

United Bank of India:

Officer Rs 2 Lakh – Rs 9 Lakh
Branch Manager Rs 2.5 Lakh – Rs 9 Lakh
Assistant Branch Manager Rs 2 Lakh – Rs 6 Lakh
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Bank of India:
Branch Manager Rs 3.5 Lakh – Rs 11.5 Lakh
Assistant Branch Manager Rs 2.5 Lakh – Rs 8 Lakh
Credit Analyst Rs 3.5 Lakh – Rs 12 Lakh
Assistant General Manager Rs 4 Lakh – Rs 17 Lakh

IDBI Bank:
Manager Rs 6 Lakh – Rs 10 Lakh
Senior Manager Rs 7 Lakh – Rs 12 Lakh
Officer Rs 2.5 Lakh – Rs 5 Lakh
Management Trainee Rs 4.5 Lakh – Rs 5.5 Lakh

Punjab National Bank:

Officer Rs 2.5 Lakh – Rs 3.5 Lakh
Manager Rs 7 Lakh – Rs 8 Lakh
Marketing Officer Rs 3 Lakh – Rs 4 Lakh

Allahabad Bank:
Assistant Branch Manager
Branch Manager
Credit Analyst
Client Relationship Manager
Customer Service Manager
Rs 2.5 Lakh – Rs 5.5 Lakh
Rs 3.5 Lakh – Rs 12 Lakh
Rs 2.5 Lakh -Rs 13 Lakh
Rs 2 Lakh – Rs 9 Lakh
Rs 2 Lakh – Rs 9 Lakh