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Salary of a Banker: In India, Per Month, Starting Salary, Highest Salary 2023

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Ahana Bhaduri

Senior Content Specialist

A banker works on developing long-term relationships and understanding the needs of clients and banking requirements. The average salary of a banker in India is INR 3.21 LPA while the starting salary of a banker in India is INR 2.92 LPA. Bankers are usually hired by private banks by conducting personal interviews while government bank recruitments are done on the basis of banking entrance exams such as IBPS, RBI Grade B, SBI PO etc. There are various determining factors such as experience, qualifications, assocaited organizations that decides the salary of a Banker. Urban cities such as Delhi, Mumbai, Bangalore are some of the highest paying cities offering more than 28 % above national average as compared to rural banks or in rural areas.

In order to build a career as a banker in India, aspiring candidates can choose to pursue undergraduate and postgraduate banking courses, finance courses or management courses such as BBA in Finance, B.Com etc from top banking colleges. Admissions to these courses are done on the basis of management entrance exams such as CAT, XAT, MAT, SNAP etc. 

Average Salary of a Banker

The average salary of a banker in India is INR 3.76 LPA. A banker can expect a starting salary of INR 2.50 LPA whereas a Banker with more than 10 years of experience can expect an annual average salary of INR 8.11 LPA. The monthly salary of a banker in India is INR 27,120. The highest salary of a banker can go up to as much as INR 23.29 LPA

Banks like State Bank of India, Punjab National Banks are some of the government banks offering a high pay. The employees in these banks earn a monthly income of more than INR 50,000 - 70,000. Bankers of various public sectors banks are entitled to several other monetary benefits such as house rent allowance, dearness allowance, travel allowance and many more. The highest paying Bank in India is Reserve Bank of India. It is an apex institution offering the highest salary to their employees ranging from INR 1,00,000 - 1,50,000 per month. Read More: Banking Jobs

Salary of a Banker: Company wise

The salary of a Banker is dependent on the profile of the bank. Some of the top banks are State Bank of India, Standard Chartered, Punjab national Bank, etc. The table below shows the average annual salary of a Banker in different organizations for your reference:

Name of the Company Average Annual Salary (INR)
IDBI Bank 12.5 L
Canara Bank 6.78 L
ICICI Bank 7.23 L
Standard Chartered bank 8.90 L
Indusind Bank 7.12 L
State Bank of India 6.60 L
South Indian Bank 6.00 L
Central Bank of India 5.80 L
Bank of Baroda 5.52 L
Union Bank of India 4.70 L

Salary of a Banker: Qualification Wise

For being a professional Banker, apart from educational qualifications the candidate is required to clear the certain exams such as IBPS clerk, PO , SO etc. Tabulated below is the salary of a Banker based on their qualifications for your reference, 

Qualification Average Annual Salary (INR)
Post Graduate Diploma Degree 6.60 L
Undergraduate Degree 9.11 L
Postgraduate Degree 14.02 L

Salary of a Banker: Skill Wise

The Bankers are highly specialized and an expert in financial advising and looking after the management of the company. The bankers are required to possess some skills and candidates get higher pay based on their skills. The average salary based on skills is provided below for your reference,

Skills Average Annual Salary (INR)
Banking 3.82 L
Customer Service 3.10 L
Auditing 4.60 L
Branch Banking 5.29 L
Information Security 6.08 L
Accounting 5.52 L
Customer Engagement 3.20 L

Salary of a Banker: Job Profile wise

The job of a Banker varies according to their job profile. Every job profile has a different role to play in the management of a Bank.The average salary of a Banker based on their specialization is provided below for your reference, 

Job Profile Average Annual Salary (INR)
Private Banker 5.50 L
Personal Banker 4.76 L
Relationship Banker 7.81 L
investment Banker 7.92 L
Equity Analyst 6.63 L

Salary of a Banker: Experience Wise

Experience plays a determinant factor in calculating the salary of a Banker. The more experience of a Banker, the more the salary will be. The salary of a Banker based on years of experience is provided below for your reference, 

Experience Average Annual Salary (INR)
0 - 5 years 3.63 L
6 - 10 years 6.70 L
11 - 15 years 10.20 L
16 - 20 years 16.35 L
20 years & above 21.50 L

Salary of a Banker: City Wise

Banker salary is also dependent on the area in which he is appointed. Different cities offer different pay to Bankers. The salary of a Banker in urban cities is more as compared to rural areas.. The salary of a Banker in different cities are tabulated below mentioned below, 

Cities Average Annual Salary (INR)
Hyderabad 3.63 L
Mumbai 3.52 L
New Delhi 3.56 L
Bangalore 3.19 L
Chennai 3.33 L
Pune 3.47 L
Kolkata 3.01 L
Noida 3.28 L

Salary of a Banker: Country Wise

Bankers are in great demand globally. countries like UK, US , France, Australia are some of the highest paying countries to Bankers. The average salary of a Banker in different countries is tabulated below for your reference,

Country Average Annual Salary (INR)
USA 81.67 L
UK 74.65 L
Australia 64.10 L
Canada 62.33 L
Germany 57.93 L
France 59.48 L
Japan 23.22 L

Skills Required to become a Banker

A Banker is required to possess some soft skills, technical skills and some personality traits. These skills will help you stand out among the other candidates and also help you excel in the profession. Some of the most essential skill sets that are required to become a Banker in India are tabulated below for your reference

Computer Knowledge Risk management Compliance
Excellent numerical skills Attention to Detail Customer Service
Working Knowledge of regulations and Banking Thorough understanding of banking and financial solutions Excellent interpersonal and communication skills

Top Recruiters

As the banking industry is growing, the demand of bankers is also increasingSome of the top recruiters who hire freshers as well as experienced candidates for various positions are tabulated below for your reference, 

ICICI Bank State Bank of India Max Life Insurance
Canara Bank Axis Bank Punjab National Bank
Standard Chartered Bank Kotak Mahindra Bank IDFC First Bank
HDB Financial Service AU Small Finance Bank Citi Bank

Salary of a Banker: FAQs

Ques. What do Bankers do?

Ans. Some of the roles of a Banker are:

  • Assist personal and commercial clients with financial question
  • Maintain accounts
  • Give financial advice to their clients
  • Gather financial information

Ques. What are the options after completing a course in Banker?

Ans.  The career options after completing a course in are:

  • Personal banker
  • Relationship Banker
  • Insurance Banker
  • Investment Banker
  • Equity analyst 

Ques. What is the salary of a Banker after completing Undergraduate?

Ans. The average salary of a Banker after they have completed undergraduate program is around INR 3.92 LPA, but the same is also dependent on the years of experience, company in which the candidate is working, etc.

Ques. What are the Skills required to be a Banker ?

Ans. The main skills required to become a Banker are:

  • Financial Analysis
  • Insurance
  • Microsoft Excel
  • Computer Knowledge

Ques. What are the certificate courses required to be a Banker?

Ans. The certificate courses required to be a Banker are:

  • PG certificate in Banking
  • Certificate in Bank Analysis 
  • Advanced certificate in commercial banking
  • Certificate in rural banking

Ques. What is the highest salary of a Banker?

Ans. According to Glassdoor, the highest salary of a Banker is around INR 20 LPA.

Ques. How many semesters are there in BBA in Banking and Insurance ?

Ans. There are a total of 6 semesters in BBA in Banking and Insurance. The duration of BBA in Banking and Insurance is 3 years.

Ques. Do Bankers get pension after retirement?

Ans. Although the pension is not granted to government employees after 2005 but bankers are entitled to get other monetary benefits such as provident fund, Gratuity etc

Ques. Do Bankers earn a good salary?

Ans. The salary package of a Banker depends upon the performance and the years of experience. The starting salary of a Banker is around INR 3.72 LPA. A Banker with an experience of 5 years or above earns around INR 7.40 LPA.

Ques. Is Banker a good career option? 

Ans. Yes, the scope of a Banker is very vast and popular among the youngsters. The employment opportunities for Bankers are very good. After getting the degree from reputed institutes/universities, one can work with top banks by clearing the entrance exams if any.

Ask your question

Answered Questions

DC

Dhruv Chatterjee

25 Jan 23

IMT Ghaziabad offers a variety of courses that cater to various specializations. These courses have been listed and explained in their order of preference

  • PGDM Marketing/PGDM Full Time (Marketing): This is the most coveted program among IMT students mainly because today its alumni have acquired top positions in big firms. Other major reasons include top-notch faculty, great internship and placement opportunities in terms of role and CTC, IMT’s eligibility, and excellent performances in recognized marketing and strategy B Schools competitions.
  • PGDM Finance/PGDM Full Time (Finance): This one is most suitable for aspirants who are interested in Finance. However, this program offers lesser opportunities than the Marketing program in terms of role and CTC. 
  • PGDM Full Time (Operations): This program offers opportunities similar to that of Finance. But the batch size of PGDM Operations is smaller than PGDM Finance, so it may be easier to secure an internship/final placement, but the opportunities come less compared to Finance.
  • PGDM DCP: DCP or the Dual Country Program is for those who are keen to get international exposure. Compared to an MBA from a foreign university, this program is cheaper and yet offers an opportunity to explore a different culture and learn to make decisions in an international context. This is best suitable for those who are in the Marketing domain.
  • PGDM Banking and Financial Services (PGDM-BFS): This program was launched in 2019 and is relatively newer. It targets the core Banking and Finance sector. While the MBA program aims to provide a holistic view of management, this program solely focuses on Banking and Finance.
  • PGDM Full Time (HR): This is the least taken course and offers very less in terms of opportunities.

The courses have been arranged preference-wise so will make it easy for you to choose one.

...Show More

YG

Yash Gupta

22 Feb 23

If you go to the official website and compare the placement reports, MDI Gurgaon fares better than IIM Kozhikode. Let’s have a look at the placement statistics of the 2 B Schools.


 

Particulars 

MDI

IIM Kozhikode 

Number of Recruiters 

87

116

Highest CTC

INR 1.14 CPA

INR 61.5 LPA

Average CTC

INR 26.65 LPA

INR 29.5 LPA

Top Recruiters 

Microsoft, Google, HCL, Adobe

Accenture, Amazon, Microsoft

The best finance companies that offer roles like Equity Research Analyst roles, and Securities analysis visit both the B Schools. But the higher number of companies visiting MDI Gurgaon gives it a slight advantage over IIM Kozhikode. Yet I think both MDI Gurgaon and IIM-K are almost equal in terms of giving you the opportunity of getting an Equity Research Analyst role. If I was in your place I would have chosen MDI Gurgaon because of the following factors

  • Location
  • Infrastructure 
  • The industry-academia relationship
  • Live Projects
  • Guest Lectures
  • Corporate Talks
  • Peer learning
...Show More

RP

Rajan Patel

03 Mar 23

I can speak with certainty that PGDM at LBSIM is a far better option than PGDM in Financial services at IMI Delhi. My brother is a recent pass out from LBSIM and the following highlight of the institute are based on his personal experiences 

  • The IIRF ranks LBSIM 25th among private colleges
  • It has a spectacular ROI in terms of placements and fees
  • LBSIM is famous for its student culture
  • You can get an insight into various angles of the industry you will be dealing with in the future 
  • You can avail an abundance of opportunities through live projects and get to have a detailed experience in your specialization.
  • The institute prioritizes a practical approach over theoretical knowledge through academic activities outside the classroom
  • Various academic and non-academic clubs make the environment a friendly one 
  • The institute boasts of a 100% placement record
  • It has an elaborate alumni network that is spread across top companies like Big Four’s, Arcesium, Marsh & Mclennan, Asian Paints, Crisil
  • LBSIM collaborates with various international universities for its student exchange program. Some of them include Nanyang Technological University, Singapore, Northern Illinois University, USA, European Higher School of Economics and Management, Bulgaria etc.
  • A unique feature of the B School is its Bloomberg Terminal which is restricted to the top B Schools like IIM B, IIM C, and FMS only.

All these points clearly state that LBSIM is a very good choice for a PGDM program.

...Show More

AK

Aditya Kwatra

03 Mar 23

I am certain that if I had been in your place I would have opted for TAPMI PGDM over IMI Delhi PGDM. I even have a friend who recently joined this program and is very happy with her decision so I have more assurance in this regard.

TAPMI is well recognized not only in India but abroad as well, especially in the Middle East. I know many colleagues from my last workplace who relocated to the Middle East and other foreign countries after graduating from TAPMI.

The infrastructure and campus are very beautiful, unlike the NCR campus which is hot and congested. Delhi is suitable only if you are interested in Sales roles. Else for specialization in Finance and Banking TAPMI is the best choice one can make. Some companies that visited the campus during placements are

  • Deloitte
  • Bajaj
  • CRISIL
  • Fincare
  • HDFC Bank
  • Invesco

I think TAPMI is the best option if you are looking for a sales role in a Finance company.

...Show More

AS

Amay Singh

03 Mar 23

PGDM BFS is a viable option if you are keen about numbers and finance in general. PGDM core and PGDM BFS rarely has a major difference in curriculum except that marketing subjects of BFS would be less intriguing and the major pedagogy is directed towards marketing of finance products and services only.

A PGDM core student is open to a plethora of opportunities during placements as he is eligible to appear for companies offering marketing and sales profiles. On the contrary, a PGDM BFS student has been exposed to a customized curriculum that focuses mainly on Finance and lacks a wide range of opportunities. However, he has a more definite chance of securing placement at a company offering Finance roles like Banks and other financial institutions. This advantage seems very minimal right now but with the increase in the relevance of the curriculum and demand of the course, it will soon be coveted among Finance aspirants.

The BFS faculties are considered to be among the best given the excellent performance of BFS students in the recent years and the increasing popularity of the course. The companies visiting the campus for BFS are not only banks but include AMCs, NBFCs, FinTechs and other Fin Services firms. The course targets the entire Banking and Finance sector. 

At the end of the day, what remains of your college life is not the specific course you chose but the college you chose to pursue it. Be it PGDM Core or PGDM BFS, IMI Delhi is the perfect college to experience a great college life.

...Show More

MS

Manmeet Singh

27 Jan 23

IMT is a well-established college and comparing it to a mediocre college like TAPMI is not justifiable. Of the two, IMT Ghaziabad is clearly a better choice. To explain further I have compared both these institutes on the basis of some parameters like

  • Establishment: Both these institutes were established in 1980 so they carry an equal legacy.
  • Alumni: Despite a similar legacy, IMT Ghaziabad alumni are placed in higher positions and top firms today. The extensive alumni network has opened gates for corporate and industry exposure. IMT Ghaziabad’s alumni comprise more than 300 CXOs.
  • Location: IMT Ghaziabad enjoys a better location advantage over TAPMI
  • Pedagogy: Both the Institutes are AACSB accredited and follow similar curriculums yet there is a stark difference in the quality of education. This is because of the better pedagogy at IMT Ghaziabad than at TAPMI.
  • Faculty: IMT Ghaziabad's teaching methodology is way ahead of that of TAPMI and the credit goes to its excellent faculty with amazing profiles. They have great industry exposure and help the students grasp the concepts practically.
  • Placements: IMT Ghaziabad has an upper hand in this aspect also. This can be explained further through the table below

Particulars 

IMT Ghaziabad 

TAPMI

Number of recruiters

130+

21

Highest CTC

INR 62 LPA

INR 22.3 LPA

Average CTC

INR 15.28 LPA

INR 15.7 LPA

Top Recruiters 

Morgan Stanley, BCG, Accenture Consulting, Goldman Sachs, Google, Infosys Consulting, Emami International, TATA Consumer Product 

EY, HDFC Bank, HSBC Bank, Tata Capital

From the table you can easily infer that the placement scenario is far better at IMT Ghaziabad than TAPMI. In fact in almost all aspects IMT Ghaziabad is way ahead so it’s definitely a better choice than TAPMI.

...Show More

AK

Avinash Kalyan

10 Nov 20

The Indira Gandhi National Open University is a well-established distance learning institute that offers degrees to students in various fields. It is AICTE and NCTE approved. The MBA in Banking and Finance program has been established by the school of Management Studies at IGNOU after an MoU between the college and the Indian Institute of Banking and Finance.

The following points highlight a few important aspects of the program.

Fee Structure, and Eligibility:

  • The course duration ranges from 2.5 years to 8 years depending on the time the candidate has to complete the degree.

  • A total course fee of INR 37,800 is charged for the degree.

  • In order to be eligible for the program, the candidate must pass the CAIIB exam with the required qualifications.

  • The applicant must also be working in the banking and finance sector for a period of two years at least and a graduate from a recognized university.

Course Structure and Curriculum:

  • The course has a total of 21 courses of which include basic, specialization as well as integrative, and project courses.

  • In order to obtain the certificate of completion, all 21 courses must be completed by the student.

  • Subjects taught include strategic management, ethics, and corporate governance, research methodology, managerial economics, etc.

  • Evaluations are carried out in a continuous manner which constitutes 30% of the degree and the other 70% is determined by the term-end examination.

Job Prospects:

  • Since the course is a distance learning opportunity, with effective time management, students can study as well as look for courses on the job market.

  • This degree from IGNOU will help in gaining promotion as well as provide a job in the public and private sectors.

  • Jobs like factory supervision, operation management as well as managerial positions are available for students.

  • Other career options include roles in forecasting, purchasing, inventory management, production planning, etc.

Obtaining an MBA in Banking and Finance will open up a lot of new opportunities and definitely provide a career boost with the convenience of completing the degree at the desired pace.

...Show More

VM

Vihan Manjunath

28 Aug 20

The difference between PGDM and PGDM-BKFS is that PGDM is the general MBA program and the course curriculum comprises all fundamental and cross-sectional areas of management while the course curriculum of PGDM-BKFS is tailor-made for Finance. In the first year for PGDM students are required to study various management-related subjects like Marketing, Finance, HR, and Operation. However, the BKFS course only includes Finance related topics.

TAPMI offers good infrastructure for BKFS. The institute has the largest state-of-arts finance lab in the country with 16 Bloomberg terminals. TAPMI also offers a unique Student Managed Investment Course (SMIC) for the finance stream in which BKFS students work in teams and each team has a mentor from industry currently working in the BFSI Sector. Also, unlike the traditional internship that PGDM students go through the BFS cohort had a two-month study tour in Bombay Stock Exchange where the students had their live projects.

Given below is a comparison between the two courses.

Categories

PGDM

PGDM-BKFS

Course Name

Post Graduate Diploma in Management

Post Graduate Diploma in Management - Banking and Financial Services

Intake

360

60

Course Fee

14.3 lakh (2 years)

14 Lakh (2 years)

>Highest Salary Package

25 LPA

25 LPA

Average Salary Package

11.50 LPA

12.75 LPA

Recruiting Companies

Alien Technology, Arcesium, Wipro, Capgemini, ITC, HCL, etc.

Axis Bank, Yes Bank, HSBC, etc.

...Show More

NC

Nikhil Chaturvedi

16 Mar 23

 If you have the option of dropping a year and preparing for CAT, XAT, or other entrance exams, it may be worth considering. You can use the extra time to study and improve your scores, which could lead to better opportunities in the future.

However, if you have decided to pursue an MBA this year, there are several factors to consider before choosing between IMI and GLIM. You should look at the return on investment (ROI), fees, faculty, location, and placement records of both institutions to determine which one is a better fit for you.

It is important to note that neither the Business Forensic & Fraud Management (BF&S) program at IMI nor the Post Graduate Diploma in Management (PGDM) program at GLIM are the flagship programs of their respective institutions. You may want to research the other programs offered by each school to see if they align with your career goals.

Personally, I would recommend GLIM over IMI. However, you should make your decision based on your own research and preferences, taking into account factors such as the curriculum, faculty, industry connections, and career prospects. It is important to choose a program that aligns with your career aspirations and provides the best value for your investment in terms of education, skills, and networking opportunities.

...Show More

SA

Shahanara Ahmed

31 Oct 20

IMT Ghaziabad and IMI Delhi both are premiere institutes catering to the domain of management. To get a clear view we need to understand both the options comprehensively.

IMT offers a long intense international experience for the Dual Country Program and the opportunities to experience international waters and work with dynamic organizations.

IMI Delhi Banking & Finance gives a comprehensive program for high-quality banking acumen development. The important details to be focused upon are as follows.

Admission:

Both IMT Ghaziabad & Delhi provide an affordable range of fees in sync with the facilities offered.

  • IMT Ghaziabad fees are INR 22 Lakh while it stands at INR 18 Lakh for IMI Delhi.

  • IMT Ghaziabad provides 120 seats in comparison to 50 seats in IMI Delhi.

  • For both the institutes, the eligibility criterion stands at graduation with a valid CAT/ MAT/ GMAT score.

Course Details:

  • IMT Ghaziabad offers the Dual Country Program in two countries,i.e. first year in Dubai and second in Ghaziabad.

  • IMI Delhi Banking & Finance provides you the needed professional exposure in order to cater to the banking requirements of the market.

Internships:

  • In IMT Ghaziabad, after finishing 1 year, students are given opportunities to intern in UAE & Middle East countries. The stipend details are as follows.

Highest

Average

Median

3650 AED/Month

1873 AED/Month

1800 AED/Month

  • IMI Banking & Finance gives internship opportunities with leading banks in the market for 3 to 6 months.

Placements:

  • The major companies involved in offering job opportunities are Pidilite, Genpact, RSA Global, SAIL, Mahindra Holidays, ITC Hotels in the case of IMI Ghaziabad. The average package is around INR 12-14 LPA while the highest stands at INR 34 LPA

  • All candidates of recent batches of IMI Delhi Banking & Finance were placed at good companies like HCL, EY INDIA, ICICI BANK, Deloitte, Grail Insights.

The choice between two depends on whether you prioritize domain-specific or location-specific learning. Greater exposure requirements can be catered by IMT while IMI Delhi offers sector-specific exposure and opportunities.

...Show More

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