A bank manager is in charge of the day-to-day operations of a bank branch, which is typically owned and controlled by a larger financial institution. They are in charge of enforcing the bank's policies, ensuring compliance with company and regulatory rules, and managing other bank personnel. Let's dive deeper into understanding the bank manager salary range in India.
Did you know?
The starting salary of bank manager can be more than ₹3 lakhs per year.
Who is a Bank Manager?
Bank managers carry out bank operations and budgets for running a profitable organisation. The bank manager must build their branch's customer base and ensure that the bank is effectively advertised. Continual training on regulations and new requirements may be part of this job, depending on the bank and the corporation that owns it. The management should also expect to undertake a lot of training for their personnel. They are also the final authority on the bank's recruiting decisions, and they should have a thorough understanding of human resource management.
A bank manager is often required to hold a bachelor's degree in business, finance, or accounting. They must know about the bank's services and products, including all savings and lending operations. Furthermore, the bank manager must have outstanding customer service abilities since they are expected to lead by example for the employees under their supervision. They must also have previous work experience in a bank.
Tasks of a Bank Managers
A bank manager has numerous responsibilities. Some of the tasks that they are required to perform include the following:
- Manage a bank branch's or regional branches' daily operations, including marketing, sales, human resources, and bank profitability.
- Create and sustain strong bonds with customers, the community, and business partners.
- Plan and execute strategies for attracting new clients and increasing bank service sales.
- Supervise and motivate bank personnel and oversee employee hiring, training, and performance.
Skills required to become a bank manager
Some of the skills required to become a bank manager:
- Customer service
- People Management
- Interpersonal skills
- Problem-solving skills
What is the salary of a bank manager?
A Bank Manager's average income is ₹7,87,500 per year, i.e., the bank manager salary per month is ₹42,660 per month, which is ₹4,00,000 (103%) more than India's national average salary.
The average starting compensation for a bank manager is ₹315,600. The greatest earnings can reach ₹200,000 or more.
Total compensation includes salary, bonus, and profit-sharing.
- The average salary of a bank manager in a private sector bank is ₹5,92,000 per year approx.
- The average salary of a bank manager in a public sector bank ranges from ₹6 to 8 Lakhs per year.
Bank Manager salary difference by location
The salary difference based upon the location is given in the table as follows-
Average salary in comparison to national average
Mumbai or Maharashtra
20.6% more than the national average
Chennai, Tamil Nadu
13.3% more than the national average
Hyderabad, Andhra Pradesh
3.8% more than the national average
Lucknow, Uttar Pradesh
5.6% less than the national average
Bank Manager salary by experience
- An entry-level Bank Manager with less than one year of experience can expect to earn an average total compensation of ₹5,00,000.
- A Bank Manager in their early career from 1 to 4 years experience earns an average salary of ₹6,28,014.
- A bank manager in mid-career with experience of 5 to 9 years receives an average total compensation of ₹8,05,384, while a Senior Bank Manager with 10-20 years of experience earns an average of ₹9,66,733.
- Bank executives with more than 20 years of experience earn an average of ₹11,71,098.
The average salary of some bank branch Managers of reputed banks are as follows:
- State bank of India Bank Manager Salary - ₹10,34,128 per annum
- Canara bank - ₹9,36,937 per annum
- Axis bank - ₹11,21,173 per annum
- Union Bank of India - ₹93,865 per month
- Bank of Baroda - ₹67,346 per month
- HDFC bank - ₹9,52,905 per annum
- ICICI bank - ₹8,40,000 per annum
Banking average annual salary increment percentage in India
The salary and promotions for the banking professionals is decided by the Indian Banking Association.
- Every 14 months, banking professionals in India are likely to see a pay increase of about 11%.
- Employees receive a 9% annual raise on average every 16 months.
Also Read: TDS On Salary Under Section 192
Bank Managers play a very important role in the economy of the country. It is important for everyone who wants to become a bank manager to be aware of the educational qualifications required, tasks that a bank manager has to perform, and the skills required to be a bank manager. One of the main attractions of any job is the person's salary package. The article gives you complete details about the salary in a bank in India, including the average salary and the salary based upon location and experience. The article also talks about the general increment in salary of a banking professional.
We hope the article will have given you the complete information about the bank manager salary in India.