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.
Table of Contents
- Average Salary of a Banker
- Salary of a Banker: Company wise
- Salary of a Banker: Qualification wise
- Salary of a Banker: Skill Wise
- Salary of a Banker: Job Profile Wise
- Salary of a Banker: Experience Wise
- Salary of a Banker: City Wise
- Salary of a Banker: Country Wise
- Skills of a Banker
- Top recruiters of a Banker
- Salary of a Banker: FAQs
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.