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 – (600×7) 18700 – (700×2) - 20100 (800×7) - 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%