Bank Po Salary 2023, Check in-hand salary, allowance, perks, and other benefits

Table Of Contents 

Bank PO Salary Structure

IBPS PO Salary After Bipartite Settlement

In public sector banks, wage revisions are conducted every five years. Since November 1, 2017, the 11th bipartite settlement has been in effect. Based on the changes made to the bipartite settlement, the IBPS PO Salary has been updated. As a result, the 11th Bipartite Agreement has been used to determine the salary for IBPS PO 2022.

Bank PO Salary: SBI 

The allowances paid to Bank PO in SBI  are as follows:

1. Dearness Allowance is 46.9% of basic pay- Increases with time.
2. City Compensatory Allowance(CCA)- 3% / 4%(depends upon the place of posting).
3. Leased House Accommodation- Minimum- Rs 8000/-(Rural)/ Maximum- Rs 29500/-(Urban)
4. Medical Insurance - 100% for employees/75% for family members
5. Furniture Allowance- Rs 120000/-
6. Travelling Allowance is also provided to POs - A reimbursement will be offered for AC-2Tier travels (Exclusively for official travels)
7. Miscellaneous -Rs 4000/-
8. Total Compensation -7.5 lakhs to 12.9 lakhs annually

Get to know  SBI CBO Eligibility here along with Complete Details on Salary In SBI.
 

Bank PO Salary: IBPS 

 

Basic Pay	Rs. 23700
DA	Rs. 8,593.20
Learning Allowance	Rs. 600
DA Others	Rs. 1,552.50
HRA	Rs. 3,240
Gross Salary	Rs. 57,289.70
Net Salary	Rs. 52,630.38

Bipartite settlement is used as the foundation for revising Bank PO pay. The salary for IBPS POs in 2021 will be determined through the Bipartite Settlement.

According to the 2021–22 notice, the IBPS PO remuneration is as follows:

IBPS PO Salary Structure in India
IBPS PO Salary in India- Basic Pay	Rs 23700/- ( Increment in 4 stages-   Salary after 1st Increment- Rs. 30560/- Salary after 2nd Increment-Rs. 32850/- Salary after 3rd Increment- Rs. 42020/-
Dearness Allowance	40% of the basic pay(Varies based on inflation rates)
City Compensatory Allowance(CCA)	3% or 4%(depending on the place of posting)
House Rent Allowances	7%-9% of the basic pay
Special Allowance	7.75% of the basic pay

The allowances paid to Bank PO after the  IBPS Exam  are as follows:

1. Dearness Allowance- Employees receive Dearness Allowance (DA) as a portion of their basic income (In January 2016, it was around 39.8 percent of the basic salary, which has been reduced to 23.87 percent as of November 2017) Based on the All India Consumer Price Index Data released by the Ministry of Statistics and Program Implementation, Government of India, this is updated every three months. In the upcoming wage settlement, the Bank unions are determined to make it a monthly revision.
2. Trip reimbursements - You can choose between receiving a complete travel reimbursement or getting your diesel or gasoline costs covered.
3. Leased Accommodation - Banks typically provide their employees the option of renting a home, with the bank bearing the cost of the rent, or a bank quarter to live in.
4. Pay its employees a fixed amount in most cases as reimbursement for medical expenses.
5. City Compensatory Allowance(CCA)- Based on the type of city, it might be 0%, 3%, or 4%.
6. Pension Scheme
7. Furniture Allowance
8. Miscellaneous

Other benefits for IBPS Probationary Officers include a learning allowance, travel expenses reimbursement, newspaper reimbursement, medical assistance, and benefits under the new pension plan, among others. The total remuneration might be more than Rs. 52,000.

The participating banks for the IBPS PO posts are given below:

• Allahabad Bank
• Canara Bank
• Indian Overseas Bank
• Syndicate Bank
• Andhra Bank
• Central Bank of India
• Oriental Bank of Commerce
• UCO Bank
• Bank of Baroda
• Corporation Bank
• Punjab National Bank
• Union Bank of India
• Bank of India
• Indian Bank
• Punjab & Sind Bank
• United Bank of India
• Bank of Maharashtra

Bank PO Salary: IBPS RRB

	Basic salary	Annual increment	Number of Years
On joining	Rs. 23700	Rs.980	7
After 7 years	Rs. 30560	Rs.1145	2
After 9 years	Rs. 32850	Rs.1310	7
Final grade pay	Rs. 42021

 

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Bank PO Salary and Job Profile

• Branch work - related to banking and finance.
• Sector-specific work - promoting schemes and financial products for agriculture.
• Managing single-window operating system.
• Manage day-to-day operations at the Bank.
• Preparing the audit reports and NPA recovery also forms a major job task.

Read More: General Knowledge for Kids

Bank PO Career Growth 

• Middle Manager – Middle Management Grade Scale 2 
• Senior Manager – Middle Management Grade Scale 3 
• Chief Manager – Senior Management Grade Scale 4 
• Assistant General Manager – Senior Management Grade Scale 5 
• Deputy General Manager – Top Management Grade Scale 6 
• General Manager – Top Management Grade Scale 7 
• Executive Director 
• Chairman and Managing Director

 

Bank PO Responsibilities

Bank PO status carries a very attractive salary. But there are a lot of work-related obligations to attend to.

The following list includes the many duties of an IBPS PO:

• Participating in all banking activities is the main task.
• They occasionally have to assume control over several areas, including finance, accounting, marketing, loans, etc.
• Another important aspect of their business is the processing of loans and document verification.
• Additionally, government tests offer significant employment opportunities, salaries, and designations as well.

Promotional Channels for PO in Public Sector Banks

Career Development of IBPS PO Officers JMGS I (Junior Management Grade Scale I), often known as probationary officers, are paid between Rs. 52,000 and Rs. 55,000 per month.

For other Scale officers:

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1. MMGS II (Middle Management Grade Scale II)
2. MMGS II (Middle Management Grade Scale III)
3. SMGS IV (Senior Management Grade Scale IV)
4. SMGS V (Senior Management Grade Scale V)

List Of Banks Under IBPS

Following banks are participating banks under IBPS:

• Indian Overseas Bank
• UCO Bank
• Bank of Maharashtra
• Punjab and Sind Bank
• Punjab National Bank
• Canara Bank
• Union Bank of India
• Indian Bank
• Bank of India
• Bank of Baroda
• Central Bank of India

To know more read here.

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