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Salary of a Bank Manager: Per Month, In India, Highest Salary, Average Salary 2023

Bank Managers are qualified and skilled professionals who oversee the day-to-day operations of their branches as well as supervise the designated staff of the banks on their duties and responsibilities. The average salary of a Bank Manager in India is INR 7.59 LPA. Although the salary structure in public banks is fixed by the government, various factors such as qualifications, years of experience, location and skill sets determine the salary of a Bank Manager. Bank Managers are also entitled to several other benefits such as house rent allowance, dearness allowance, provident fund etc. 

Read More: Role of a Bank Manager 

In order to become a Bank Manager, aspiring candidates must pursue undergraduate and postgraduate Banking courses from any of the top Banking colleges across the country. Apart from banking courses, candidates can also pursue Management courses or MBA from any of the top MBA Colleges across the country. Admissions to any of the top MBA Colleges are done on the basis of Management Entrance Exams such as CAT, MAT, XAT, and SNAP. Also Check: Qualifications of a Bank Manager

Average Salary of a Bank Manager

One of the main duties of a Bank Manager is to work on sales and attract customers to their bank. In order to be a successful Bank Manager, one needs to possess leadership and interpersonal skills to interact with the customers and lead their team towards better performance of the bank. The average salary of a Bank Manager in India is INR 7.59 LPA. According to Glassdoor, the average monthly salary of a Bank Manager is INR 53,914. The salary of a Bank Manager with less than one year of experience is approximately INR 3.60 LPA. 

Some of the top recruiting companies for Bank Managers in India are SBI, HDFC Bank, IDBI Bank, Yes Bank and many more. The highest-paying bank in India is State Bank of India, which offers a salary package of INR 10.17 LPA. Punjab National Bank offers a package of INR 8.95 LPA. 

Salary of a Bank Manager: Specialization Wise 

There are various departments that need efficient professionals to manage their daily activities. Candidates with specialised attributes are best suited for each department. Tabulated below is the salary of a Bank Manager on the basis of their specialization,

Specialization Average Annual Salary (INR)
Banking and Finance 6.25 L
Risk management 7.23 L
Marketing 5.79 L
Human resource Management 5.07 L
Information Technology 7.90 L
Operation Management 8.40 L

Salary of a Bank Manager: Experience Wise

Experience plays a very important role in determining the salary of a Bank Manager. The salary of a Bank manager based on years of experience is tabulated below for your reference, 

Experience Average Annual Salary (INR)
0 - 5 years 6.00 L
6 - 10 years 8.23 L
11 - 15 years 9.33 L
16 - 20 years 12.79 L
20 years & above 14.00 L

Salary of a Bank Manager: Company Wise 

India is home to several top banks in both private and public sectors. The average salary of a Bank Manager on the basis of the banks that they are working in is provided below for your reference.

Name of the Company Average Annual Salary (INR)
State Bank of India 10.93 L
Punjab National Bank 8.62 L
Yes Bank 8.06 L
ICICI Bank 8.52 L
UBS Bank 13.42 L
Deutsche Bank 10.62 L
Federal Bank 7.56 L
Canara Bank 7.20 L

Salary of a Bank Manager: City Wise 

The average salary of a Bank Manager depends on the region in which he is posted. Candidates residing in rural areas will be compensated comparatively less than those residing in urban areas across various cities is provided below for your reference.

Name of the Cities Average Annual Salary (INR)
Delhi 8.73 L
Mumbai 9.58 L
Kolkata 8.14 L
Bangalore 8.00 L
Hyderabad 8.24 L
Lucknow 7.50 L
Chennai 9.00 L

Salary of a Bank Manager: Country Wise 

The requirements of bank Managers are not only in India but also abroad. There are vast scopes for bank managers abroad. The average salary of a Bank Manager across various countries is tabulated below,

Name of the Countries Average Annual Salary (INR)
Russia 56.25 L
USA 76.88 L
Canada 48.37 L
Europe 79.67 L
China 46.06 L
Australia 54.12 L
Germany 61.77 L
France 64.00 L

Salary of a Bank Manager: Sector Wise

A Bank Manager's salary also depends on the sectors in which they work. The ones working in public or government banks earn more as compared to private banks. They are also entitled to get other benefits which private banks might or might not offer including retirement benefits. The sector-wise salary of a bank manager is provided below for your reference, 

Public Sector

Name of the Banks Average Annual Salary (INR)
State bank of India 9.27 L
Syndicate Bank 7.20 L
Canara Bank 8.12 L

Private Sector

Name of the Banks Average Annual Salary (INR)
Yes Bank 8.73 L
Corporate Bank 7.50 L
HDFC bank 8.60 L

Skills Required to become a Bank Manager

A Bank Manager should possess the following set of soft skills or technical skills in order to excel in the profession provided below for your reference,

Adaptability Computer Knowledge Business- Management skills
Branch Management Financial Analysis Risk Management
Business Development Operations Management Time Management

Top Recruiters for Bank Managers

Although all banks require a Bank Manager who manages the functionality of a Bank. Some of the top recruiters of Bank Managers are listed below, 

State Bank of India HDFC Bank Karur Vysya Bank
IDFC Bank Punjab National Bank Axis Bank
Federal Bank Canara Bank Union Bank of India
HDB Bank J & K Bank Indusind Bank

Salary of a Bank Manager: FAQs

Ques. What does a Bank Manager do?

Ans. Bank Managers perform various roles. Some of them are:

  • Create campaigns for the company to achieve their objectives 
  • Promote business, product or service
  • Managing budget, product and clients
  • Create prospective customers and retain the existing ones

Ques. Which course should I pursue to become a Bank Manager?

Ans. In order to be a Bank Manager, the candidate for a bachelor’s can pursue B.COM (Hons), BBA, B.Sc or any other course in any discipline and for post-graduation, they can pursue either MBA in Marketing or PGDM in Marketing.

Ques: What is the highest salary of a Bank Manager?

Ans. According to Glassdoor, the highest salary of a Bank Manager is around INR 20 LPA.

Ques: What is the average course fees of a Bank Manager?

Ans.  The average course fee of a Bank Manager in India is around INR 30,000 - 60,000.

Ques. What are the top skills required to become a Bank Manager?

Ans. The top skills required to become a Bank Manager are

  • Risk management
  • Computer knowledge
  • Time management
  • Analytical skills
  • Skill Development 

Ques. What are the types of Bank Managers? 

Ans. There are several types of managers as this a vast career option such as:

  • Business Development Manager 
  • Branch Manager
  • Probationary Officer
  • Digital Bank Manager 

Ques. What are the benefits of being a Bank Manager?

Ans. The benefits of being a Bank Manager are:

  • High-paying job
  • Job security
  • Promotional benefits 
  • Help in improving the name of the brand

Ques. Which company offers the highest salary to a Bank Manager?

Ans. According to Payscale, the company which offers the highest salary to a Bank Manager is UBS Bank and India. It offers around INR 9.27 LPA.

Ques. Do I need prior experience to become a Bank Manager?

Ans. No, candidates don’t need any prior experience to be a Bank Manager. However, the prior experience will help them get a higher position and even higher salary. 

Ques. What is the lowest salary of a Bank Manager?

Ans. According to Glassdoor, the lowest salary of a Bank Manager is INR 6.60 LPA. This is an entry-level position offered to the candidates.

Post Graduate Diploma in Banking and Finance [PGDBF] : 15 answered questions

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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 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. Which college is better for Finance among IMT Ghaziabad (PGDM) & TAPMI BKFS?

● Top Answer By Manmeet Singh on 27 Jan 23

Ans. IMT is a well-established college and comparing it to a mediocre college like TAPMI is not justifiable. Of the two, IMT Ghaziabad is clearly a better choice. To explain further I have compared both these institutes on the basis of some parameters like Establishment: Both these institutes were established in 1980 so they carry an equal legacy. Alumni: Despite a similar legacy, IMT Ghaziabad alumni are placed in higher positions and top firms today. The extensive alumni network has opened gates for corporate and industry exposure. IMT Ghaziabad’s alumni comprise more than 300 CXOs. Location: IMT Ghaziabad enjoys a better location advantage over TAPMI Pedagogy: Both the Institutes are AACSB accredited and follow similar curriculums yet there is a stark difference in the quality of education. This is because of the better pedagogy at IMT Ghaziabad than at TAPMI. Faculty: IMT Ghaziabad's teaching methodology is way ahead of that of TAPMI and the credit goes to its excellent faculty with amazing profiles. They have great industry exposure and help the students grasp the concepts practically. Placements: IMT Ghaziabad has an upper hand in this aspect also. This can be explained further through the table below Particulars  IMT Ghaziabad  TAPMI Number of recruiters 130+ 21 Highest CTC INR 62 LPA INR 22.3 LPA Average CTC INR 15.28 LPA INR 15.7 LPA Top Recruiters  Morgan Stanley, BCG, Accenture Consulting, Goldman Sachs, Google, Infosys Consulting, Emami International, TATA Consumer Product  EY, HDFC Bank, HSBC Bank, Tata Capital From the table you can easily infer that the placement scenario is far better at IMT Ghaziabad than TAPMI. In fact in almost all aspects IMT Ghaziabad is way ahead so it’s definitely a better choice than TAPMI.Read more
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Ques. How good is MBA from IGNOU in banking and finance?

● Top Answer By Avinash Kalyan on 10 Nov 20

Ans. The Indira Gandhi National Open University is a well-established distance learning institute that offers degrees to students in various fields. It is AICTE and NCTE approved. The MBA in Banking and Finance program has been established by the school of Management Studies at IGNOU after an MoU between the college and the Indian Institute of Banking and Finance. The following points highlight a few important aspects of the program. Fee Structure, and Eligibility: The course duration ranges from 2.5 years to 8 years depending on the time the candidate has to complete the degree. A total course fee of INR 37,800 is charged for the degree. In order to be eligible for the program, the candidate must pass the CAIIB exam with the required qualifications. The applicant must also be working in the banking and finance sector for a period of two years at least and a graduate from a recognized university. Course Structure and Curriculum: The course has a total of 21 courses of which include basic, specialization as well as integrative, and project courses. In order to obtain the certificate of completion, all 21 courses must be completed by the student. Subjects taught include strategic management, ethics, and corporate governance, research methodology, managerial economics, etc. Evaluations are carried out in a continuous manner which constitutes 30% of the degree and the other 70% is determined by the term-end examination. Job Prospects: Since the course is a distance learning opportunity, with effective time management, students can study as well as look for courses on the job market. This degree from IGNOU will help in gaining promotion as well as provide a job in the public and private sectors. Jobs like factory supervision, operation management as well as managerial positions are available for students. Other career options include roles in forecasting, purchasing, inventory management, production planning, etc. Obtaining an MBA in Banking and Finance will open up a lot of new opportunities and definitely provide a career boost with the convenience of completing the degree at the desired pace.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 is better, IMI Delhi BF&S or Great Lakes Chennai PGDM, considering I have no particular inclination towards finance but IMI is the bigger brand?

● Top Answer By Nikhil Chaturvedi on 16 Mar 23

Ans.  If you have the option of dropping a year and preparing for CAT, XAT, or other entrance exams, it may be worth considering. You can use the extra time to study and improve your scores, which could lead to better opportunities in the future. However, if you have decided to pursue an MBA this year, there are several factors to consider before choosing between IMI and GLIM. You should look at the return on investment (ROI), fees, faculty, location, and placement records of both institutions to determine which one is a better fit for you. It is important to note that neither the Business Forensic & Fraud Management (BF&S) program at IMI nor the Post Graduate Diploma in Management (PGDM) program at GLIM are the flagship programs of their respective institutions. You may want to research the other programs offered by each school to see if they align with your career goals. Personally, I would recommend GLIM over IMI. However, you should make your decision based on your own research and preferences, taking into account factors such as the curriculum, faculty, industry connections, and career prospects. It is important to choose a program that aligns with your career aspirations and provides the best value for your investment in terms of education, skills, and networking opportunities.Read more
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Ques. IMT Ghaziabad Dual Country Programme or IMI Delhi Banking & Finance. Where should I go?

● Top Answer By Shahanara Ahmed on 31 Oct 20

Ans. IMT Ghaziabad and IMI Delhi both are premiere institutes catering to the domain of management. To get a clear view we need to understand both the options comprehensively. IMT offers a long intense international experience for the Dual Country Program and the opportunities to experience international waters and work with dynamic organizations. IMI Delhi Banking & Finance gives a comprehensive program for high-quality banking acumen development. The important details to be focused upon are as follows. Admission: Both IMT Ghaziabad & Delhi provide an affordable range of fees in sync with the facilities offered. IMT Ghaziabad fees are INR 22 Lakh while it stands at INR 18 Lakh for IMI Delhi. IMT Ghaziabad provides 120 seats in comparison to 50 seats in IMI Delhi. For both the institutes, the eligibility criterion stands at graduation with a valid CAT/ MAT/ GMAT score. Course Details: IMT Ghaziabad offers the Dual Country Program in two countries,i.e. first year in Dubai and second in Ghaziabad. IMI Delhi Banking & Finance provides you the needed professional exposure in order to cater to the banking requirements of the market. Internships: In IMT Ghaziabad, after finishing 1 year, students are given opportunities to intern in UAE & Middle East countries. The stipend details are as follows. Highest Average Median 3650 AED/Month 1873 AED/Month 1800 AED/Month IMI Banking & Finance gives internship opportunities with leading banks in the market for 3 to 6 months. Placements: The major companies involved in offering job opportunities are Pidilite, Genpact, RSA Global, SAIL, Mahindra Holidays, ITC Hotels in the case of IMI Ghaziabad. The average package is around INR 12-14 LPA while the highest stands at INR 34 LPA All candidates of recent batches of IMI Delhi Banking & Finance were placed at good companies like HCL, EY INDIA, ICICI BANK, Deloitte, Grail Insights. The choice between two depends on whether you prioritize domain-specific or location-specific learning. Greater exposure requirements can be catered by IMT while IMI Delhi offers sector-specific exposure and opportunities.Read more
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