Salary of a Bank Manager: Per Month, In India, Highest Salary, Average Salary 2024

Entering the banking sector offers a prestigious career path, with the role of a Bank Manager being highly desirable. In India’s dynamic financial environment, a bank manager’s salary reflects their expertise and responsibilities and indicates the broader economic health. Let’s explore the Bank Manager Salary in 2024, from high-level positions to the national average.

Average Bank Manager Salary Per Month in India

The average Bank Manager salary per month in India is ₹2,09,000, with an additional cash compensation of ₹1,00,000 on average. Another source reports an annual average of ₹9.4 lakhs, equal to ₹78,500 per month. Public banks follow a government-fixed salary structure, and the overall average for Bank Managers is ₹7.59 LPA.

Private Bank Manager Salary Per Month

The salary of a Private Bank Manager depends on the bank’s policies, experience, skills, and job location. Private banks offer competitive compensation to attract and retain talent. Here’s a breakdown:

1. Mid-Level Manager (2-5 years of experience):
   Monthly Salary: ₹80,000 to ₹1,20,000
2. Senior-Level Manager (5-10 years of experience):
   Monthly Salary: ₹1,20,000 to ₹2,00,000
3. Top-Level Manager (10+ years of experience):
   Monthly Salary: ₹2,00,000 and above

Additional Considerations:

• Bonuses & Incentives: Private banks may offer performance-based bonuses that increase monthly income.
• Location: Salaries vary based on living costs in different cities.
• Benefits: Health insurance, retirement plans, and other perks may also be included.

Key Insights:

• Private banks offer competitive salaries to retain talent.
• Experience is a key factor in determining salary levels.

Bank Manager Salary – Specialization Wise

A Bank Manager’s salary can also differ based on specialization:

1. Retail Banking Manager:
   Average Annual Salary: ₹8.20 Lakhs
   Insight: Focused on customer service, managing branch-level operations.
2. Corporate Banking Manager:
   Average Annual Salary: ₹9.50 Lakhs
   Insight: Handles business clients, often earning more due to higher responsibilities.
3. Risk Management Manager:
   Average Annual Salary: ₹10.00 Lakhs
   Insight: Responsible for identifying risks and ensuring financial stability.
4. Investment Banking Manager:
   Average Annual Salary: ₹12.50 Lakhs
   Insight: Deals with strategic transactions and investments, earning significantly more.

Bank Manager Salary – Experience Wise

The Bank Manager salary increases with experience. Here’s a look at salaries based on experience:

1. Entry-Level (0-2 years):
   Average Annual Salary: ₹6.50 Lakhs
   Insight: Entry-level managers start with a foundation salary.
2. Mid-Level (2-5 years):
   Average Annual Salary: ₹8.00 Lakhs
   Insight: Salary rises with experience in managing operations.
3. Experienced (5-10 years):
   Average Annual Salary: ₹9.50 Lakhs
   Insight: More experienced managers command higher salaries.
4. Senior-Level (10+ years):
   Average Annual Salary: ₹11.50 Lakhs
   Insight: Senior managers earn the highest salaries due to their leadership roles.

Bank Manager Salary – Company Wise

Salaries vary by the bank. Here’s an overview:

1. Yes Bank: ₹8.06 Lakhs
2. ICICI Bank: ₹8.52 Lakhs
3. UBS Bank: ₹13.42 Lakhs
4. Deutsche Bank: ₹10.62 Lakhs
5. Federal Bank: ₹7.56 Lakhs
6. Canara Bank: ₹7.20 Lakhs

Key Insight: International banks like UBS offer higher salaries, while public sector banks like Canara Bank provide competitive pay.

Bank Manager Salary – City Wise

City-wise salary breakdown:

1. Delhi: ₹8.73 Lakhs
2. Mumbai: ₹9.58 Lakhs
3. Kolkata: ₹8.14 Lakhs
4. Bangalore: ₹8.00 Lakhs
5. Hyderabad: ₹8.24 Lakhs
6. Lucknow: ₹7.50 Lakhs
7. Chennai: ₹9.00 Lakhs

Key Insight: Metropolitan cities offer higher salaries, reflecting their economic activity and cost of living.

Bank Manager Salary – Sector Wise

Salaries also vary by sector:

• Public Sector:
  1. SBI: ₹9.27 Lakhs
  2. Syndicate Bank: ₹7.20 Lakhs
  3. Canara Bank: ₹8.12 Lakhs
• Private Sector:
  1. Yes Bank: ₹8.73 Lakhs
  2. HDFC Bank: ₹8.60 Lakhs

Key Insight: Public sector banks often offer retirement benefits, while private sector banks provide performance bonuses.

Skills Needed to Become a Bank Manager

Key skills include:

1. Financial Knowledge
2. Leadership and Management
3. Customer Service
4. Analytical Skills
5. Ethical Conduct
6. Risk Management

Top Recruiters for Bank Managers

Private banks are major recruiters. Some of the top recruiters include:

1. ICICI Bank
2. HDFC Bank
3. Axis Bank
4. Kotak Mahindra Bank
5. Yes Bank