Bank Manager Salary in India 2024

Bank Manager Salary in India 2024: The average Indian Bank Manager Salary in 2024 is INR 9.2 LPA. Though public bank salaries come from the government, other things like education, years worked, city and skills influence pay. Managers also get extra benefits such as housing allowance, dearness allowance, and retirement money.

Bank Manager Salary in India 2024

To become a Manager, students should finish college and post-college Banking degrees from top institutions. They can also study Management or get MBA certifications from excellent business schools.

Top MBA Colleges take students who pass tests like CAT, MAT, XAT, and SNAP. Bank Managers need knowledge of banking, finance and management. They should have leadership abilities to guide branch teams. Strong communication and analysis skills are also key. The job involves managing loans, investments, budgets, audits and sales campaigns.

Bank Manager Salary in India 2024

Bank Manager’s Salary in India averages ₹10.2 Lakh per year (₹53,914 per month). Bank Manager Salary in India with less than 1 year of experience to 9 years ranges from ₹ 0.8 Lakhs to ₹ 18.9 Lakhs with an average annual salary of ₹ 10.2 Lakhs.

• Bank Managers with less than one year of experience make around INR 3.60 lakhs annually.
• Top hiring companies include SBI, HDFC Bank, IDBI Bank, Yes Bank and more.
• The highest-paying Indian bank is State Bank of India at INR 10.93 lakhs per year.

A key Bank Manager’s duty is growing sales and attracting customers. Bank Managers need leadership and people skills to interact with clients and guide staff to succeed. Bank Managers oversee daily operations like loans, investments, budgets and campaigns. Strong business acumen and analytical abilities are critical. Managers motivate branch teams and ensure excellent customer service. They handle supervision, audits, reports and expansion goals.

Salary of a Bank Manager: Experience Wise

A Bank Manager’s experience strongly influences their earnings. As expertise and capabilities grow over time, compensation tends to rise accordingly.

In the Initial 0-5 years, Bank Managers learn the fundamentals of banking operations, financial management, risk analysis, audits, campaigns, customer service and team leadership. They gain practical skills in these areas while assisting senior Managers. Once well-versed in all aspects, they transition into leadership roles managing individual branches.

Experience	Average Annual Salary
0 – 5 years	₹ 6 LPA
6 – 10 years	₹ 8.23 LPA
11 – 15 years	₹ 9.33 LPA
16 – 20 years	₹ 12.79 LPA
20+ years	₹ 14 LPA

After 5+ years, Bank Managers take full ownership of their branches. They oversee daily workings, business acquisition, targets, budgets, reports and expansion goals. Their responsibilities continue expanding with experience. High performers steer branches to greater success year-on-year.

The 16-20 year mark sees Managers handle regional/zonal functions. The cream is promoted to top corporate positions like Vice President and General Manager. They drive statewide and national-level initiatives, policies and innovation. Strategic thinking, business acumen and people management are vital at senior levels.

With 20+ years, accomplished professionals ascend to the highest leadership positions such as Assistant General Manager, Deputy General Manager and General Manager. They carry domain expertise across banking verticals to formulate policy, products, risk management and long-term strategy for entire organizations.

Salary of a Bank Manager: Specialization-Wise

A Bank Manager’s domain expertise strongly influences compensation.

Specialization	Average Annual Salary
Banking & Finance	₹ 6.25 LPA
Risk Management	₹ 7.23 LPA
Marketing	₹ 5.79 LPA
Human Resource Management	₹ 5.07 LPA
Information Technology	₹ 7.90 LPA
Operations Management	₹ 8.40 LPA

1. Banking & Finance Managers drive core lending operations, overseeing branches daily. They manage budgets, transactions, campaigns, reporting and expansion.
2. Risk Management Managers analyse loan defaults, fraud, investments, policies and exposure. They optimise profits while balancing portfolio risks.
3. Marketing Managers boost customer acquisition and retention with data-driven campaigns across digital/print platforms and partnership networks.
4. HR Managers handle recruiting, training, evaluations, culture-building initiatives, dispute resolution and regulatory compliance.
5. IT Managers maintain robust systems, cybersecurity protocols, hardware/software upgrades and digital transformation projects.
6. Operations Managers enhance productivity, process efficiency, service quality and costs through resource optimization.

Higher pay aligns with critical functions that directly impact the bank’s financial performance, risk mitigation and competitive positioning. Managers with specialized expertise in these areas steer organizational strategy and success.

Salary of a Bank Manager: City-wise

A Bank Manager’s pay varies based on their location, with urban regions offering higher compensation. Metros Cities like Mumbai and Delhi with concentrations of banking/corporate HQs, HNIs and greater business volumes enable higher revenue generation. Managers in these regions handle larger portfolios, risks and workforce hence salaries trend higher.

Emerging cities like Bangalore and Hyderabad with strong IT, startup ecosystems and migrant influx also offer competitive salaries to Bank Managers.

Rural/suburban branches trail at the bottom given limitations around customer base, credit offtake, investment pools and operational scale. Though exceptions exist based on cost of living variations.

City	Average Annual Salary
Delhi	₹ 8.73 LPA
Mumbai	₹ 9.58 LPA
Kolkata	₹ 8.14 LPA
Bangalore	₹ 8.00 LPA
Hyderabad	₹ 8.24 LPA
Lucknow	₹ 7.50 LPA
Chennai	₹ 9.00 LPA

Salary of a Bank Manager: Company-Wise

A Bank Manager’s Salary varies significantly based on their employer (Private or public sector). The highest salaries are offered by foreign and private banks like UBS, Deutsche Bank and ICICI Bank. Higher incentives aim to attract top talent for niche positions. Private banks emphasize sales, wealth management and personalised services requiring specialised skill sets that allow premium billing.

Public sector banks (Government Banks) offer relatively lower compensation owing to government control over service conditions. However, they provide greater job security, standard HR policies and defined career progression systems. SBI as the market leader is an exception with pay scales and opportunities comparable to private players.

Bank Name	Average Annual Salary
State Bank of India	₹ 10.93 LPA
Bank of India	₹ 9.84 LPA
Punjab National Bank	₹ 8.62 LPA
Yes Bank	₹ 8.06 LPA
ICICI Bank	₹ 8.52 LPA
UBS Bank	₹ 13.42 LPA
Deutsche Bank	₹ 10.62 LPA
Federal Bank	₹ 7.56 LPA
Canara Bank	₹ 7.20 LPA

Public Sector Banks in India: Perks & Benefits

PSU bank managers enjoy various perks and allowances including:

1. Leased Accommodation: Furnished housing or housing allowance covering rental and maintenance costs.
2. Mobile Phone: A free mobile phone is provided once every two years.
3. Medical Reimbursement: Full coverage of medical expenses for self and family members.
4. Loans on Easy Terms: Home, vehicle and personal loans are offered at subsidised interest rates.
5. Furniture and Fixtures: Budget for furnishings, appliances etc.
6. LTC/LFC: Allowances for leave travel and family care expenses.
7. Other Allowances: Funds for newspaper subscription, fuel expenses, domestic helper and internet usage.

In addition to the healthy pay package, these benefits make the PSU bank manager role lucrative and highly sought-after. The perks enable a comfortable lifestyle and peace of mind.

Private Sector Banks in India: Perks & Benefits

Private bank managers enjoy attractive incentives like:

1. Employee Stock Options: Opportunities to own shares and benefit from the bank’s growth and profitability.
2. Incentive Schemes: Additional performance-linked payouts for customer acquisition, revenue and portfolio expansion goals.
3. Hi-Tech Work Environment: Access to the latest technologies and infrastructure facilities to enable productivity.
4. International Trips: All expenses paid for international business trips, conferences and training programs offered to top performers.

The high-energy work culture, ownership mindset and focus on innovation provide fast-track growth. Leading private banks invest heavily in upskilling programs to develop well-rounded managers. The significant financial upside through stock gains and variable pay makes these roles lucrative.

Bank Manager 2024: Roles & Responsibilities

A Bank Manager oversees the daily operations and performance of their branch. They lead teams across customer service, transactions, compliance and business growth.

• Maintain seamless branch functioning providing quality customer and employee experiences. Implement policies, processes, technology and infrastructure to enable efficiency, service standards and risk management.
• Manage financials through planning, target setting, budgeting, forecasting and performance tracking. Monitor daily reports and transactions while analysing profitability. Ensure regulatory and audit compliance.
• Chart business growth roadmaps and marketing campaigns to drive customer and account expansion through data-based opportunities. Forge partnerships, local networks and community engagement.
• Build a collaborative branch culture via hiring, training, evaluating and motivating staff. Enable cohesive teams through dispute resolution, performance management and succession planning.
• Stay updated on industry policies, products, technologies and best practices to steer the branch on innovation and competition. Assess risk across loans, fraud, investments and operations to safeguard portfolio health.

Eligibility Criteria for Bank Manager 2024

To become a Bank Manager in India in 2024, the key requirements are as follows:

• Age – Minimum 21 years
• Education – Graduate degrees like BA, BCom, BSc or BTech with Maths, Statistics, Finance or Economics. Postgraduate qualifications preferred.
• Computer Literacy – Must be adept with essential software and applications
• Language Skills – Proficiency in regional language based on recruitment location
• Experience – Minimum 2-3 years in entry-level bank positions like PO, Clerk, Assistant etc. Managers are promoted internally.

How to Become a Bank Manager In India?

Here are the various ways by which you can make your career in bank management:

Level	Courses
Bachelor’s Degrees	BCom in Banking & Finance
	BBA in Banking & Finance
	BSc in Finance & Banking
	BA in Banking & Insurance
	B.Economics
Master’s Degrees	MBA in Finance/Banking
	Master of Financial Management
	MCom in Banking & Finance
	MA Economics focused on Banking/Finance
	Master of International Business with Banking
Certification Courses	Certified Bank Manager
	Financial Risk Manager
	Chartered Banker Certification
	Certified Credit Professional
	Certificate in Banking and Financial Services

Bank Manager In India: Exams Required

Unlike other countries, India has a unique bank manager hiring process centred around qualifying for bank exams. These national-level tests assess aptitude, quantitative skills, communication abilities and domain knowledge required for banking careers. Key exams include:

1. IBPS (Institute of Banking Personnel Selection) conducts probationary officer recruitment for public sector banks through prelims and mains testing.
2. NABARD (National Bank for Agriculture and Rural Development) offers managerial roles in rural banking, cooperatives and RRBs via an all-India exam.
3. RBI recruits Grade B officers through a three-phase process involving prelims, mains and interviews. Selected candidates support vital central banking functions.
4. SBI administers separate probationary officer and clerical cadre exams for appointments across its nationwide branches.

Based on exam scores and interview performance, candidates get placed as POs, clerks or assistants. Further promotions after 2-3 years of experience lead to the branch manager position.

Bank Manager Salary in India – FAQs

What is the average monthly salary for a bank manager in India?

The average per month salary for a bank manager in India is between ₹6.0 Lakhs to ₹18.0 Lakhs per year.

What is the salary of SBI Bank Manager?

The average salary for SBI Bank Managers in some major cities in India:

City	Average Salary
Mumbai	₹15.0 Lakhs – ₹25.0 Lakhs
Delhi	₹13.0 Lakhs – ₹23.0 Lakhs
Bangalore	₹11.0 Lakhs – ₹21.0 Lakhs
Chennai	₹10.0 Lakhs – ₹20.0 Lakhs
Hyderabad	₹9.0 Lakhs – ₹19.0 Lakhs

What are the factors that affect a bank manager’s salary?

The salary of a bank manager is affected by several factors, including:

• Experience: The more experience a bank manager has, the higher their salary will be.
• Location: Bank managers in major cities typically earn higher salaries than those in smaller cities.
• Type of bank: Bank managers at public sector banks typically earn higher salaries than those at private sector banks.
• Designation: The designation of the bank manager also plays a role in their salary. For example, a senior bank manager will earn more than a junior bank manager.