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In today’s date every individual gives perference to the Job which generates more revenue. Hence the obvious consideration goes to the private sector employees get paid much better than that of the public sector ones. The workload and uneven work hours in the private sectors at workplaces is taken as the reason for this huge drift in the salary structure. But this doesn’t hold true in the case of the bank PO salary structure of the leading private banks to that of the public bank of repute in India. There is a significant difference in the take home salaries as well as benefits acquired by the employee working as Probationary officers in public and private banks. The benefits, along with the salary for PO post, make the difference in the overall salary for most of the public sector banks. While SBI offers the highest pay package to its probationary officers, the other public sector banks also offer quite a handsome sum to the PO. The average public sector bank monthly and annual salary is way higher than that of a PO working in a leading private bank like ICICI. In this article we will discuss about SBI PO VS ICICI BANK PO: Which is better?
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SBI PO: Job Profile
- Working upon daily customer transactions, passing a cheque, draft issuance, cash management etc.
- Working as a public relations officer, handle customer complaints and address various customer related issues
- Supervision of clerical work, taking decisions for the benefit of the bank, managing cash balance
- Verifying all the work done by bank clerk. Taking care of the loan related documents and performs on site visit of the loan taking parties as and when required.
- Issuing of ATM cards, cheque books, Demand Drafts etc.
SBI PO: Exam Pattern
1: What does the acronym "ATM" stand for in banking?
| Preliminary Exam | Subjects | Number of Questions | Marks | Duration |
| Quantitative Aptitude | 35 | 35 | 20 minutes | |
| Reasoning Ability | 35 | 35 | 20 minutes | |
| English Language | 30 | 30 | 20 minutes | |
| Mains Examination | Data Analysis & Interpretation | 35 | 60 | 45 minutes |
| Reasoning Ability | 45 | 60 | 60 minutes | |
| English Language | 35 | 40 | 40 minutes | |
| General & Banking Awareness | 40 | 40 | 35 minutes | |
| English (Descriptive Test) | 2 | 50 | 30 minutes | |
| Group Discussion | — | — | 20 | — |
| Interview | — | — | 30 | — |
SBI PO: Salary Structure
The Probationary officer salary has got a swift hike after the 10th bipartite settlement, acknowledged by the banking sector. The resultant salary has been as high as whopping Rs. 8 lakh per year for SBI PO. Those of other public sector banks have joined their banks as PO with a salary ranging from 5 to 5.5 lakhs per year. Though the basic salary of the PO post might look very meager, the emoluments and benefits attached with it make it really attractive. The salary and cost to a company are considered taking into account all the benefits and perks given to the officers in a particular month by the bank.
- A SBI PO who is posted in a metro city, the basic pay and dearness allowance adds up to Rs. 30462/-.
- The PF and pension scheme contributes another Rs. 4673/- per month.
- A perquisite like conveyance, entertainment, leave travel allowance, canteen, medical etc. adds up to another Rs. 4130/- per month.
- The candidates who are posted in the metro cities enjoy a housing lease rental of whopping Rs. 29500/- per month, taking the salary to nearly Rs. 69000/- per month.
For other public sector banks, the monthly salary ranges somewhere between 40 to 43 thousand rupees per month.
SBI PO: Perks and allowances
The salary includes a number of allowances that contributes to the total sum. These are some standard allowances that a Probationary officer in SBI gets along with the basic amount. These include:
| Allowance | Amount |
|---|---|
| Dearness Allowance | 46.9% of the Basic Pay |
| City Compensatory Allowance | 3% – 4% depending on location |
| House Rent Allowance | 7% – 9% depending on Place of Posting |
| Furniture Allowance | INR 1,20,000 |
| Medical Insurance | 100% covered for employee | 75% covered for dependent family |
| Travelling Allowance | AC 2-tier fare is reimbursed to the employee for official travels |
| Petrol Allowance | INR 1,100 – 1,250 |
| Newspaper Allowance, Entertainment Allowance, Books Allowance, etc. | Varies based on Cadre |
ICICI Bank
ICICI Bank Limited (Industrial Credit and Investment Corporation of India) its recorded office in Vadodara, Gujarat and it is Indian multinational banking and monetary services company main office in Mumbai, Maharashtra. As of 2018, ICICI Bank is the 2nd largest bank in India in terms of assets and market capitalization. It offers a wide range of banking products and monetary services for corporate and peddles customers through a variety of transportation channels and professional subsidiaries in the zone of 1) investment banking life, 2) non-life insurance, 3) venture capital and 4) asset management. The bank right away has a network of 4867 branches and 14367 ATMs across India and has a presence in 17 countries including India.The ICICI is presently the highest ranked private bank in the country and many aspiring candidates want to make their career with it.
ICICI Bank PO: Job Profile
- As lots of candidates getting interrogation regarding the salary of ICICI Bank Probationary officer here we have provided the detailed manner of salary framework of PO.
- The ICICI Bank PO (Probationary Officers) are paid wages to meet the out of pocket expenses. The ICICI Probationary Officers will get assured employment with ICICI Bank on successful finalization of the Probationary Officer Training Programme.
- The classroom has a period of six months and is carried out at ICICI Manipal Academy. The internship and On-the-Job-Training (six months) will be achieved at any ICICI Bank branch or office (within India).
- It is a 1-year training program, which is well executed at ICICI Manipal Academy, Bengaluru. The members are set through a very ultra-careful training with special seriousness on the application of knowledge and generally the development of personality.
- ICICI Bank PO (Probationary Officer) Training Programme is a plan of ICICI Bank to generate a center of attraction for young talent from over the country to follow a career in banking. It is predetermined to grow specialists with banking knowledge and selling skills to accomplish the need of trained bankers
ICICI Bank PO: Salary Structure
The salary structure of the ICICI bank though is quite less to the public sector banks like SBI. The entry level clerks and Probationary officer salaries are literally half of what is offered to the candidates working in the same post in the public sector banks like SBI. Though, the higher authorities of private banks like ICICI and Axis get paid much higher than that of the public sector banks. The Probationary officer salary of an ICICI bank candidate at the time of joining is Rs. 34561/- per month, including all the benefits and pay perks. The annual salary accounts to little more than 4 lakh rupees, which is almost half of what SBI had offered for its PO post last year. The breakup of monthly a salary of ICICI PO post is given as below:
- Performance linked retention policy Rs. 54,000
- Basic Rs. 132,000
- HRA Rs .60,000
- Conveyance Allowance Rs. 30,000
- Superannuation Allowance Rs. 19,800
- Leave-Travel Allowance Rs. 24,000
- Additional HRA Rs. 37,500.
- Canteen Rs. 15,600.
- Reimbursements Medical Rs. 15000.
- Retrials PF and Gratuity Rs. 26,836
- Total CTC(Cost To Company) Rs. 360,732
ICICI BANK PO: Perks and Allowances
1) Basic ICICI Bank Salary
2) House Rent Allowance
3) PF & Gratuity
4) Medical
5) Additional HRA Allowance
6) Canteen
7) Leave Travel Allowance
8) Conveyance Allowance
9) Superannuation Allowance
ICICI BANK PO: Exam Pattern
Duration : 60 Minutes
| S. NO | Subject | No of Questions | Marks |
| 1 | Logical Reasoning | 20 | 20 |
| 2 | Quantitative Ability | 20 | 20 |
| 3 | English Language | 20 | 20 |
| Total | 60 | 60 |
Conclusion
The salary structure is not always the in-hand salary taken away by the candidates, but is the overall cost to the company. The benefits and emoluments are a huge part of the salary of any employee and thus the public sector PO post draw considerably more salary from their private counterparts. Though, the private bank like ICICI pays heavily to its top brass, they tend to pay their officers like PO and clerks quite less amount.
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