Do you want to become a Probationary Officer (PO) in a bank but are clueless about the salary structure and other associated perks?
Our today’s blog is meant for all those out there who aspire to crack the IBPS exam but have millions of questions in their head like Is this job good enough? Should I go for it? What will be my in-hand salary? Will I become eligible for a pension after clearing this exam? And many others...
Institute of Banking Personnel Selection (IBPS) annually recruits bank PO’s for various public sector banks such as State Bank of India, Reserve Bank of India, NABARD, etc. Any graduate who is between 20 to 30 years of age can appear for this national exam. The IBPS PO exam pattern is such that it is conducted in 3 stages: the preliminary exam, main exam, and then the interview. Each stage is an elimination stage and only candidates who crack the previous stage are allowed entry in the next one. The IBPS PO online applications for 2020 are out and you can get all the related information such as IBPS PO syllabus, etc on IBPS’s website itself.
Now, let’s dive deep into what the Probationary Officer job has to offer you.
Once you have aced the IBPS PO exam you will be allocated the post of a bank PO in any location across the country. The joining basic salary of a PO is Rs. 23,700 but there’s more to it. You will also get 7%-9% of the basic pay as House Rent Allowance (HRA). The HRA keeps varying depending upon your location of posting. Other allowances that you will get include:
• Dearness Allowance (DA)
: You will receive Rs.10163.63 as Dearness Allowance (DA) and it is revised quarterly based on the Consumer Price Index.
• City Compensatory Allowance (CCA)
: It is quite similar to your HRA since it is also dependent on your location of posting and generally amounts to Rs. 870.
• On top of all this you will also become eligible for Special Allowance of Rs.1,836.75
So, the in-hand salary that you will get as a Bank PO will be something between Rs. 37360 - Rs. 38700 which is not that bad for a graduate. In addition to all this, you will also receive an annual increment of Rs. 980 for 7 years from the date of your joining.
If you think that’s all you get. Wait! There’s more to it…
• Leased Accommodation
: It is the replacement of HRA. Only a few banks offer this facility wherein instead of receiving HRA as cash it is paid to the landlord against the rent receipt. Some banks even offer their own official bank accommodation or bank quarters instead of leased housing.
• Travelling Allowances
: The payment of traveling allowance varies from bank to bank. Some like to give it as a fixed sum of money while others prefer reimbursement of petrol bills.
• A bank PO also gets some fixed amount equal to the monthly cost of one newspaper.
• Another important perk of being a bank PO is that you will get Rs. 8000 per annum for your medical bills and stuff as a medical aid.
Hence, I think looking forward to a career in banks is a good choice to opt for especially when by starting as a bank PO you stand a chance of quick promotions to be the manager and then senior manager and so on. It has been observed in the banking sector that many bright, hardworking, and knowledgeable employee who started his career as a Bank PO can reach the position of the head in 14 years. Moreover, under the New Pension Scheme bank, PO’s are entitled to some other benefits as well.
With the preliminary exam for IBPS PO 2020 around the corner, I recommend you to start preparing for the exam with full zeal. For constant updates on the IBPS PO exam please visit www.Safalta.com. You can start preparing by joining the 45 days target course for IBPS PO
by Safalta that will prepare you for both the prelims and main exam.
In this course, you will get 100+ hours of LIVE study with highly experienced faculty who have 20+ years of experience in preparing students appearing for various competitive exams. To see more about what the course has to offer you visit www.Safalta.com