Bank Po Salary 2022, Check in-hand salary, allowance, perks, and other benefits

Safalta Expert Published by: Deepesh Mehra Updated Fri, 28 Oct 2022 08:07 PM IST

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Looking for details on Bank PO salary? Know the in-hand salary, allowances, benefits and perks of being a Bank PO at Safalta.com.

Bank PO Salary 2022: Probationary Officers in Banks are paid a handsome salary and receive various allowances and benefits which make Bank PO exams one of the most sought after exams in the country. Banking aspirants must be aware of the salary offered to POs in different banks and accordignly prioritise their choice of banks they want to work at. Here we have provided complete details regarding Bank PO salary and other information related to it. 



 
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Bank PO Salary Structure

Probationary Officers or Bank Po is one of the most sought-after jobs in the banking sector. There are various exams conducted to recruit POs in different public and private sector banks which are- SBI PO, IBPS PO, IBPS RRB PO etc.  After the selection, Probationary Officer has to go through an intensive training program at the Institute of Banking Management followed by a probation period of  2 years. After the completion of the probation period, the candidates are eligible to draw the salary as Bank PO. The salary structure through various Bank PO Salay's through examinations like SBI PO, IBPS PO, and RRB PO is covered here.

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They all are guided by the recommendation of 7 th CPC. Allowances across the sector are almost the same but the amount may vary from bank to bank.

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 basic pay of SBI PO is Rs 27,620. The pay scale is 23700-980 (7) – 30560 – 1145 (2) – 32850 – 1310 (7) – 42020. This means the PO will get a basic of Rs 23700 with an increment of Rs 980 for the next 7 years, followed by a basic of Rs 30560 with an annual increment of Rs 1145 for the next two years and so on. The per month Bank PO Salary in SBI is in the range of Rs. 45,000 to 50,000.

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 PO's - 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 Detail on Salary In SBI.
 

Bank PO Salary: IBPS 

Nex in Bank PO Salary is IBPS PO. The pay scale for IBPS PO Salary is 23700-980 (7) – 30560 – 1145 (2) – 32850 – 1310 (7) – 42020. This means the PO will get a basic of Rs 23700 with an increment of Rs 980 for the next 7 years, followed by a basic of Rs 30560 with an annual increment of Rs 1145 for the next two years, and so on. 
 
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 on 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 its 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
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Bank PO Salary: IBPS RRB

The salary structure of  Rs. 23700 – 980/7 – 30560 – 1145/2 – 32850 – 1310/7 – 42021. We have broken down the salary structure for you. The initial in-hand Bank PO salary in Regional rural banks is  Rs. 29,000  to Rs. 33,000.
  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

There is generally a probation period of 2 years. After that, the PO become regular officers in Banks. The role and responsibility are the same across the banks, but the workload and area of work vary. The RRB officers cater to the financial need of rural and tier 2 towns more as compared to other banks. The brief job profile of Bank PO is covered here,
  • 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 Bank.
  • Preparing the audit reports and NPA recovery also forms a major job task.

 

Bank PO Career Growth 

They are either promoted based on seniority or passing the bank's departmental tests. Promotion is dependent on job performance and commitment. In accordance with bank policy, the POs occasionally receive promotions, and they also have their abilities updated on a regular basis. Here, many promotion-related posts are mentioned. The majority of public sector banks adhere to the uniform rules for promotion policy issues provided by the Ministry of Finance, Government of India. The public sector banks follow both the merit route and the conventional method for promotions.
  • 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:

  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)

 



 

What are the exams for Bank PO?

The exams for Bank PO are SBI PO, IBPS PO, RRB PO.

What is the basic salary of Bank PO?

The basic salary of Bank PO is Rs 23,000.

What is the salary structure of Bank PO?

The salary structure of Bank Po is Rs. 23700 – 980/7 – 30560 – 1145/2 – 32850 – 1310/7 – 42021.

What is the probation period of Bank PO?

The probation period of Bank PO is 2 years.

What is the basic allowances as part of Bank Po salary?

The basic allowances as a part of Bank PO salary are dearness allowances, HRA, Travelling Allowances.

What is the pay scale for SBI PO Salary?

The pay scale for SBI PO Salary is 23700-980 (7) – 30560 – 1145 (2) – 32850 – 1310 (7) – 42020.

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