Some of you having doubts regarding the salaries and allowances one can get as a Bank PO. I will explain everything in detail.
What is the Bank PO Salary of newly recruited employees?
Ans Bank PO Pay scale is same for all PSU Banks. But it varies when it comes to allowances. Some banks give 15 liters of petrol bill i.e., fixed amount of petrol allowance. Where as some banks provide reimbursement of petrol bills. Below is pay scale of Bank PO.
Bank PO Salary = Basic Pay + DA + CCA + HRA
Scale I - 14500 - (600x7) 18700 - (700x2) - 20100 (800x7) - 25700
Basic Pay: According to this scale, Basic Pay is 14500 for newly recruited PO. After 1 year of service, you are eligible for 1 increment, i.e., Rs. 600. So, your Basic Pay will be Rs. 15100 after one year. Like that you will get increment of Rs. 600 for first 7 years. Next 8th increment will be Rs. 700 for next 2 years. This is the meaning of this pay scale. All your allowances are decided based upon your Basic Pay.
Dearness Allowance (DA): DA is determined based upon the Consumer price index (AICPN). It is revised for every 3 months. Feb, Mar, Apr | May, June, July | Aug, Sep, Oct | Nov, Dec, Jan. These are the quarters in which the DA will be changes according to the consumer price index.
From Feb 2013, DA for bank employees is: 80.25% of basic pay. So, DA for newly recruited PO will be Rs. 11636.25
City Compensation Allowance (CCA): This is for those who are posted in big cities. It 4% for Metro cities and 3% for other cities.
House Rent Allowance (HRA): HRA is also based on your place of posting. If you are working in metro cities HRA is 8.50%, Some other big cities with population more than 5 lakh, it is 7.50% and in other locations it is 6.50% of basic pay. Some banks provide leased accommodation allowance in place of HRA.
Bank PO Allowances/ Perks:
Leased Accommodation Allowance: This facility is available to Bank officers only. The lease amount vary from bank to bank and it is also depends upon place of postings. This can vary from Rs 2500 to over Rs.10,000/-. However, this amount is not available as cash component and it will directly go to the house owner in form cheque.
Medical Aid: Medical Aid allowance is provided annually. For newly recruited employees, it Rs. 5100. It is almost same in all banks.
Petrol Bill: This is variant in various banks. Banks give 15 to 25 liters of petrol. It is depends on bank.
News Paper Allowance: It is given quarterly. You can avail it for every 3 months. It is Rs. 150 to Rs. 200.
Mobile Phone Bill: It is also different from bank to bank. It is from Rs. 200 to Rs. 700 in various banks.
Entertainment Allowance: I have no idea about the amount paid in different banks.
Food & Beverage Allowance: It is Rs. 250 in all PSU banks.
So, this is whole information about the Bank PO salary and Bank PO Allowances. Revision has already become due wef 01/11/2012, but it is likely to take about 2 years to finalise the same.
Below is the chart comprises of all allowances and total salary of Bank PO at present.
|Salary||Metro Cities||Cities (More than 5 lakh population||Other Places|
|CCA||540 (4%)||375 (3%)||0|
|HRA||1232.50 (8.5%)||1087.50 (7.5%)||942.50 (6.5%)|
Adding the allowances to salary will make it around 4.6 lakh per annum. So, Bank PO Job is a well paid job. But you have to work hard and active in working hours. Ok.. Please correct me if iam wrong. thank you..