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

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Ahana Bhaduri

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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.

Master of Business Administration [MBA] (Banking and Finance) : 21 answered questions

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Ques. What is the difference between PGDM BFSI and PGDM Finance at IMT Ghaziabad ?

● Top Answer By Sreetoma Gupta on 04 Jun 23

Ans. The emphasis of the curriculum distinguishes the IMT Ghaziabad PGDM Finance programme from the full-time PGDM program. A general management education, including instruction in marketing, finance, operations, and strategy, is provided via the full-time PGDM programme. The program's participants will enroll in a range of business-related courses. On the other side, the PGDM Finance programme specialises in finance and related fields. With the option to specialise in fields including corporate finance, investment banking, and financial analysis, students in this programme will take courses that are highly focused on accounting and finance.Read more
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Ques. What should be preference order of IMT Ghaziabad courses- PGDM, PGDM marketing, PGDM finance, PGDM DCP, PGDM banking, insurance and financial services?

● Top Answer By Dhruv Chatterjee on 25 Jan 23

Ans. 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.Read more
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Ques. Which course in TAPMI is better, the core PGDM, the HRM, or BKFS?

● Top Answer By Divya Kaur on 02 May 23

Ans. What's most important is that you enjoy it. The BKFS program is highly specialized and designed to equip students with the tools necessary to succeed in any financial-related field. The PGDM's first year emphasizes variety over specialization. Two years into the program, you'll have the option to focus on either Marketing, Operations, or Finance. It's up to you to determine the kind of career you want to have. Everything in the new system will be up to the individual, replacing both the major and minor systems. Although the HR course is brand new, it will be just as rigorous and cover the same ground as other courses.Read more
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Ques. How good is the TAPMI Bkfs course?

● Top Answer By Divya Kaur on 27 Apr 23

Ans. The infrastructure, faculties, and other facilities are similar in all TAPMI courses. So, it boils down to the placements of BFSI. With an average package of 15.7 lakhs per year, the Manipal-based TA Pai Management Institute (TAPMI) boasts 100% placement in the PGDM-BKFS (Post Graduation Diploma in Management - Banking and Financial Services) program for the class of 2021–23. The highest package awarded this year was Rs 22.3 lakh; the top 10 students received average CTCs of Rs 21.7 lakh. The highest package awarded this year was Rs 22.3 lakh; the top 10 students received average CTCs of Rs 21.7 lakh. All 59 of the students who qualified for placements were distributed among 21 different companies. Of these, pre-placement through summer internships was offered to 17 students, with an average compensation of 15.7 lakhs.Read more
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Ques. What's the difference between TAPMI core pgdm and bkfs?

● Top Answer By Vihan Manjunath on 28 Aug 20

Ans. 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.Read more
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Ques. Which school is better, MDI Gurgaon or IIM K, if I want to be an equity research analyst?

● Top Answer By Yash Gupta on 22 Feb 23

Ans. 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 learningRead more
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Ques. Which is better, a PGDM in banking and financial services at IMI, Delhi or a PGDM general in LBSIM, Delhi?

● Top Answer By Rajan Patel on 03 Mar 23

Ans. 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.Read more
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Ques. Which one to choose between TAPMI PGDM and IMI Delhi PGDM (Banking & Finance)? Give reasons for the choice.

● Top Answer By Aditya Kwatra on 03 Mar 23

Ans. 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.Read more
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Ques. Which is better LBSIM, Delhi PGDM (general) or IMI, Delhi PGDM (B&FS)?

● Top Answer By Amay Singh on 03 Mar 23

Ans. 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.Read more
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Ques. What should be the preference order of IMI Delhi courses - PGDM, PGDM-HRM, and PGDM-BFS?

● Top Answer By Churni Sengupta on 31 Oct 20

Ans. IMI Delhi is among the top B schools of Delhi NCR. It holds a distinct reputation for the establishment of centers of excellence in different streams of management. The faculty is experienced and well qualified. Pre-placement offers are also a dominant feature of the institute. Apart from placements it has attractive internship statistics also relating to better career growth. It offers streams in three major areas which are General, Human resources, and Banking & Financial Services. All these streams are linked to a single program which is PGDM but the decision underlining preference depends on factors like fees and placements, etc which are discussed below. Academics: The eligibility stays the same for all streams which are graduation with CAT/GMAT Score. Fees also stand common for all streams at INR 17.5 Lakhs. Placements: PGDM holds a batch strength of 224 students and generally ends up providing the highest package of INR 22 LPA. The average package is also quite decent with a range of INR 13.07 LPA PGDM HR has 45 students and managed to provide a salary range of INR 12 – 14.5 LPA. PGDM had 48 students with a 100% placement criterion and the highest package of INR 20.75 LPA and an average of INR 12.88 LPA. Sector-wise Placements: The recruitment details can clearly specify the sector & domain which turns out to be favorable with respect to the investment made. The details are as follows. PGDM Banking is a preferable sector as it attracts 29% of the placements. HR is looked upon for the IT/ITES / Media / TELECOM sector. The top recruiters for the BFSI sector are American Express, ICICI Bank, HDFC Bank, Tata Capital, and SBI Capital The top recruiters for the HR sector are Accenture, Infosys, Genpact, Capgemini. Going for PGDM General can give an opportunity to focus on manufacturing / real estate and the FMCG sector. The general preference of courses looked upon by potential students and alumni are PGDM Marketing then Banking and at last Human Resources.Read more
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