The State Bank of India, commonly known as SBI, is one of the largest banks in India with a widespread network of branches across the country. With assets worth US$30 billion, SBI is a leading financial services company and a government-based organization. The SBI branch manager is a crucial position in the bank’s hierarchy responsible for overseeing the daily operations of a branch and managing its employees. One of the factors that make this position desirable is the SBI branch manager’s salary. As an SBI branch manager, you can expect an average base salary of INR 11,60,785 per annum, along with various monetary and non-monetary incentives. Read on to know more about it.
SBI Branch Manager Salary: Average Annual Salary
The pay of an SBI branch manager may go up or down depending on the specific branch and its needs. Since the manager has more responsibilities and qualifications compared to other employees, they generally receive higher pay.
A Chief Manager in SBI typically earns an average annual salary of INR 12.8 LPA. It’s important to note that an SBI manager reports to the Chief Manager. Below is a breakdown of the average annual salary for an SBI manager:
| Type of Pay | Salary Amount (In INR) |
| Base Pay | 11,60,785 |
| Additional Pay | 1,16,968 |
| Cash Bonus via Extra Income | 96,010 |
| Commission Sharing via Additional Pay | 62,460 |
| Yearly Salary | 9,65,209 |
SBI Branch Manager Salary: Factors Affecting Salary
The exact salary of an SBI manager depends on several factors. Some of these factors are:
- Location: The location of the branch where the manager is posted can impact their salary. For example, the salary of an SBI manager in the Agra branch (Dayal Bagh) may differ from that of a manager posted at the SBI branch in Delhi (Kashmiri Gate).
- Net profit: The net profit of the bank can also impact the salary of the manager. If the bank is doing well financially, the manager may receive a higher salary.
- Provisions: The provisions made by the bank can have a severe impact on the compensation received by both the manager and the chief manager.
- Net Interest Income (NII): The Net Interest Income (NII) is another factor that can influence the salary of an SBI manager. A higher NII can result in an increase in the manager’s salary.
- Perks: The perks available at a particular branch can also affect the salary of the manager posted there. The availability of perks may vary from branch to branch and can impact the salary of the manager accordingly.
SBI Branch Manager Salary: Incentives & Benefits
Apart from their monthly salary, SBI Branch Managers are offered a variety of incentives. These include:
- Petrol allowances ranging from 50 to 100 liters
- Leased accommodation rent
- Furniture purchases of up to INR 1 lakh
- An annual incentive of INR 20,000 if performance is as per the performance grading structure
- Reimbursements for telephone bills
- Purchase of briefcases and mobile phones
- Maid or cleaning services
- A contributory provident fund worth INR 1,641
- 100% self-treatment or cashless medical treatment reimbursements at partnered hospitals.
SBI Branch Manager Salary: Manager’s Responsibilities
The role of a bank manager is to oversee the daily operations of a retail bank branch. They have a broad range of responsibilities that go beyond just managing staff and overseeing banking services. Their primary focus is on ensuring customer satisfaction, and they are held accountable for the administrative operations of the branch. Failure to achieve customer satisfaction can lead to strict actions against them.
Bank managers work closely with the staff and customers to meet performance targets and increase sales. Other responsibilities of a bank manager include:
- Hiring the right candidates for staff positions and ensuring that they are trained properly.
- Conducting service provision training for tellers, specialists, counter staff members, and loan officers.
- Providing training to staff on new products or services offered by the bank.
SBI Branch Manager Salary: Eligibility Criteria
Bank managers are required to operate in various fields and often rely on the expertise of others. As a result, a bank manager should have a generalist perspective and be familiar with all the necessary skills and requirements.
To become an SBI bank manager, candidates must possess a range of skills, including:
- Strong interpersonal skills to interact with staff and customers effectively.
- Analytical skills to evaluate data and make informed decisions.
- Knowledge of accounting to ensure accurate financial management.
- Good understanding of banking products and markets to offer suitable services to customers.
- Proficiency in sales and negotiation to drive business growth.
- Excellent communication and presentation skills to communicate with staff and customers.
- Ability to remain composed and make quick decisions in high-pressure situations.
- Good time management skills to manage workloads effectively.
- Decisiveness in making crucial business decisions.
- Adaptability to changing situations and work environments.
Educational Qualifications
There are two ways to become a bank manager. The first way is through a graduate scheme and having a 2:2 degree in finance-related fields such as business, commerce, and accounting.
The second way involves fulfilling some requirements and following some steps:
- Obtain a degree in finance, accounting, or business administration.
- Complete extra coursework through professional banking associations like the Banking Administration Institution, Mortgage Bankers Association, or Americans Bankers Association.
- Gain at least two years of work experience in any bank and start with part-time jobs during your final year of college. Working as a loan officer or in accounting is recommended.
- Acquire the necessary skills, detailed knowledge of the banking sector, and stay updated with the rules and laws governing the industry.
- Work your way up the ranks by starting in any position in a bank to gain an understanding of its operations. Being a leader in loan generation can be advantageous.
- Participate in any manager-training program offered by banks to learn about the process.
- Network with other bankers to increase your chances of getting hired.
SBI Branch Manager Salary: FAQs
SBI bank managers are responsible for administrative operations, customer satisfaction, meeting performance targets, and hiring/training staff.
A degree in finance, accounting, or business administration, banking experience, and essential skills are required.
The average annual salary of an SBI manager is INR 12.8 LPA.
The incentives offered to an SBI bank manager include petrol allowance, leased accommodation rent, furniture worth up to INR 1 lakh, an annual incentive of INR 20,000, reimbursement of telephone bills, purchase of briefcase, purchase of mobile phone, maid or cleaning services, a contributory provident fund, and cashless medical treatment reimbursements.
Factors that affect the salary of an SBI manager include location, net profit of the bank, provisions, net interest income, and perks available based on the branch.