Syndicate Bank PO - SPLessons

Syndicate Bank PO Salary and Perks

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Syndicate Bank PO Salary and Perks

Syndicate Bank PO Salary and Perks

Syndicate Bank PO is considered a very lucrative post, given, it is, the first step in the ladder to serve the tenure as an officer in the Banking Industry. The Basic Salary of an SYND PO Salary is Rs. 14,500/- and the final Syndicate Bank PO Salary and Perks including HRA, DA, etc. may go up to Rs. 32,237 – 37,072/-. A Syndicate Bank PO also receives an annual increment of 15%.

shape Salary

In addition to the Basic Pay, PO’s are eligible for the following allowances:

  • Dearness Allowance (DA): DA in banks is revised on a quarterly basis (i.e. in the months of February, May, August and November) based on the Consumer Price Index (CPI) as declared by Government of India. The new revised current DA is 110.10 % of Basic Pay. DA can go up with higher inflation and also come down if the inflation rate is in negative.

  • HRA (House Rent Allowance): This depends on the place of posting and it can be either 8.5% or 7.5% or 6.5% depending on the place of posting.

  • CCA (City Compensatory Allowance): This also depends on the place of posting and can be either 4% (maximum Rs.540/-).

  • Pay scale Major A
    class cities
    :Metro Cities
    Other places
    in Area
    I(State Capitals etc)
    Other places
    (District level
    and Rural Places)
    Basic Salary Rs. 14500.00 Rs. 14500.00 Rs. 14500.00
    Dearness Allowance (110.10%) Rs. 15964.50 Rs. 15964.50 Rs. 15964.50
    CCA(4% max Rs.540=) Rs. 540.00 Rs. 375.00 nil
    HRA (Major A class cities – 8.5%,
    Other places in Area I -7.5%,
    Other places – 6.5%)
    Rs. 1232.50 Rs. 1087.50 Rs. 942.50
    Total Rs. 32237.00 Rs. 31927.00 Rs. 31407.00
    Add 15 % increase in pay slip as per the
    settlement implemented from June 2015
    (w.e.f. Nov 2012)
    Rs. 4835.00 Rs. 4789.00 Rs. 4711.00
    Grand Total Rs. 37,072.00 Rs. 36,716.00 Rs. 36,118.00

    1. Leased Accommodation: Some banks provide Official Bank Accommodation/Bank Quarters as leased accommodation. This is a replacement of HRA.

    2. Traveling Allowance: Certain provide fixed Traveling Allowances while others allow reimbursement of petrol bills i.e. Bank officer must own scooter/car at the place of posting.

    3. Newspaper Reimbursement: A fixed monthly amount is paid towards the cost of one newspaper to the Bank PO.

    4. Medical Aid: A fixed annual amount is paid by most of the banks (Revised amount is Rs8000/- p.a.).

    5. Benefits under New Pension Scheme.