How Much Do Bank Managers Make? (Salaries And Benefits)

Indeed Editorial Team

Updated 29 November 2022

The Indeed Editorial Team comprises a diverse and talented team of writers, researchers and subject matter experts equipped with Indeed's data and insights to deliver useful tips to help guide your career journey.

A robust banking system creates a healthy economy and a strong bank needs a good bank manager. This position comes with great pay, fixed working hours and the essential responsibility of running a bank efficiently. If you are a professional in finance or accounting and a student with a passion for leadership and banking operations, you might be interested in the bank manager role. In this article, we explain how much bank managers make and how you can gain the skills and qualifications to apply for this role.

How much does a bank manager make?

Many factors influence how much you get paid as a bank manager. One of these is the way you get hired for the position. You may get into bank management roles through paths like:

  • Institute of Banking Personnel Selection's (IBPS) common entrance exams for Probationary Officer (PO), clerk and Specialist Officer (SO) positions at various banks

  • IBPS exams conducted according to the requirements of specific banks

  • IBPS' Regional Rural Banks (RRB) exam

  • SBI's (State Bank of India) entrance exams for PO, clerk and SO roles

  • Direct recruitment by some private and public sector banks

The specific role influences how much a bank manager makes, including perks and other benefits. You are likely to earn different salaries working as a bank's branch manager or in another equivalent job profile, like customer service manager. Here is a brief look at how much a bank manager makes in different roles:

1. Branch manager

National average salary: ₹78,394 per month

Primary duties: As the branch manager of a bank, you handle all administrative duties. This includes managing staff, overseeing hiring efforts and taking charge of financial reports and audits. You may also interact with customers and handle their queries, maintaining good relationships with current customers and meeting potential clients to encourage them to sign up with your branch. On a typical day, you can head staff meetings, supervise operations at your branch, motivate staff and track inventory.

2. Retail banker

National average salary: ₹40,258 per month

Primary duties: Acting as a representative of a bank, you provide high-quality customer service to its clients. To succeed in this role, you need patience and communication skills. You help customers set up savings accounts, advise on financial services offered by your bank, cross-sell these services and handle customer complaints.

3. Investment banker

National average salary: ₹80,083 per month

Primary duties: Your principal goal as an investment banker is to help companies, organisations and government agencies raise capital. By analysing a company's financial status, you can consult on business strategies that help them achieve this goal. Financial modelling is an important skill to develop, as your work often involves this technique.

4. Financial advisor

National average salary: ₹37,500 per month

Primary duties: Customers come to you for help with money management. You advise them on decisions in matters related to investment, taxes, the stock market, insurance and retirement planning. Strong interpersonal skills help you develop successful professional relationships and trust with clients.

5. Loan advisor

National average salary: ₹23,250 per month

Primary duties: As a bank's loan advisor, you are an expert on all the different loans the bank offers. Your job is to understand client requirements and help them choose the loan type for their needs. Daily responsibilities include analysing applicants' documentation advising clients on the risks, benefits and consequences of their loan choices.

6. Customer service manager

National average salary: ₹51,250 per month

Primary duties: Working in an office setting at a bank or financial services company, you manage a team of customer service professionals. You oversee the resolution of customer complaints and develop strong relationships with customers. Daily tasks include interacting with clients, maintaining financial and legal documents, conducting customer satisfaction team meetings and using insights from customer surveys to improve customer satisfaction and loyalty.

7. Wealth manager

National average salary: ₹77,666 per month

Primary duties: You develop financial plans for high-net-worth clients based on their income, expenses, tax status, financial goals, insurance coverage and tolerance for risk. As a wealth manager, you need confidence, negotiation skills and the ability to present complex financial information in an easy-to-understand manner. Your primary responsibility is to manage clients' investment portfolios and advise them on investment opportunities like stock, mutual funds and insurance.

Related: How Much Does A Bank PO Make In Public Sector Banks?

How to become a bank manager

To apply for a bank manager's position, you need to qualify through one of the exams conducted by SBI or IBPS. These may be for posts like a probationary officer, specialist officer or clerk. Some of the more popular exams include:

1. Writing SBI exams

The State Bank of India conducts exams to hire people in roles such as:

  • Probationary officer (PO)

  • Junior associate (JA)

  • Specialist officer (SO)

  • Management trainee (MT)

You are eligible to write the SBI clerk and PO exams if you are 21-30 or 20-28 years old, respectively. SBI's SO exam has different requirements based on job vacancies. SBI's PO exam comprises multiple stages, namely preliminary, mains, group exercises and interview. The SBI Clerk exam has all these stages except for the interview round. The SO exam stages change according to the post you are applying for through this test. To become a bank manager through this route, work towards promotions from an entry-level clerk or assistant manager position.

2. Writing IBPS exams

Most banks in both the public and private sectors can hire you based on your performance in the four exams the IBPS conducts. The list of tests this organisation conducts includes:

  • IBPS PO (Probationary Officer/Management Trainee)

  • IBPS Clerk

  • IBPS RRB (Officer Scale I, II & III) and Office Assistant (Multipurpose)

  • IBPS Specialist Officer

The IBPS conducts all four types once a year in English and Hindi. Similar to the SBI's PO and clerk exams, IBPS Clerk has elements similar to IBPS PO without the interview stage. IBPS conducts the RRB exam to hire office assistants and for three levels of ‘officer' roles. Stages include:

  • Officer scale I: prelims, mains and interview

  • Officer scale II and III: single-level exam and interview

  • Office assistant (multipurpose): Prelims and mains

The IBPS conducts its SO exam in three stages, namely prelims, mains and personal interview. You can write this test to apply for scale I positions like:

  • IT officer

  • Agricultural field officer

  • Rajbhasha Adhikari

  • Law officer

  • HR/personnel officer

  • Marketing officer

First, attempt to get hired in a suitable position at a private bank based on your exam results. Once you join a bank, you can work on promotions to make it to the bank manager level.

Related: How To Prepare For An IBPS Exam In 4 Steps (With Tips)

3. Participating in placement drives at universities

Many private banks, including some of the biggest names in the industry, hire students from universities. To take this route, sign up for a degree like an MBA in banking or a PG diploma in banking or finance. This is where you are likely to see recruitment drives from leading private sector banks.

4. Applying to banks

Some private banks, especially emerging organisations, have a more direct recruitment process. This means they put up notices online about available positions. Based on your qualification, skills and experience, you can apply to the roles that suit you best.

Related: How To Get A Bank Job: A Complete Guide

Career path of a bank manager

In entry-level jobs as a clerk or a PO, you understand how various departments work inside a bank. When your probation training period ends, most banks conduct a pre-confirmation exam. This helps them evaluate your knowledge of various banking operations and how capable you are of handling a higher responsibility.

Based on the results, the bank may promote you to a scale II position in junior management. Once you reach a position like assistant manager, the bank gives you the responsibility of overseeing an entire department's operations. If you are at the relevant scale, the bank may choose to appoint you as bank manager based on your score.

The benefits of being a bank manager

Apart from how much bank managers make, people choose to apply to this position for the various perks involved. Here are a few notable benefits of this role:

  • Banks provide excellent working conditions.

  • Hours are predictable most of the time.

  • You get the credit for your bank's smooth and efficient operation.

  • Many career progression paths are available.

  • Often, banks can give you lower interest rates on loans as an employee.

  • Banks often offer their bank managers good medical coverage plans and pension benefits.

Salary figures show data listed on Indeed Salaries at the time of writing the article. Salaries may vary depending on the hiring organisation and a candidate's experience, academic background and location.

Please note that none of the companies mentioned in this article are affiliated with Indeed.

Explore more articles