IBPS PO Salary 2023, Check in-hand salary, allowance, perks, and other benefits

Safalta Expert Published by: Deepesh Mehra Updated Thu, 06 Jul 2023 11:21 PM IST

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Looking for details on IBPS PO Salary? Get to know IBPS PO Salary here with Safalta. Also check out in-hand salary, allowance, perks, and other benefits.

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Looking for IBPS PO salary? If yes, then you have reached the right page. The Institute of Banking Personnel releases the official notification for iBPS PO Exam to recruit candidates for the post of probationary officers. Candidates preparing for IBPS PO Exam should know all the details regarding the post including the salary and job profile. IBPS PO salary is a very handsome amount set as per the provisions of the 7th pay commission. The basic salary is Rs.

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36,000, There are also many allowances and benefits IBPS PO receives. Read this article to know all about IBPS PO salary and other details. Check IBPS PO Syllabus, Eligibility, Mock Test here to kick start a solid preparation.

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IBPS PO Salary Structure
IBPS PO In-hand Salary
IBPS PO Allowances and Benefits
IBPS PO Job Profile
IBPS PO Career Growth
IBPS PO Salary Slip

IBPS PO Salary Structure

The Probationary officers are recruited to Junior Management Grade Scale 1 or JMGS-I. As mentioned above the salary and allowances of bank employees is as per the Bipartite Agreement. The increments and time of increments are decided by the banks. This means the IBPS PO Salary will be Rs 36,000 with an increment of Rs 980 for the next 7 years, followed by a basic of Rs 42,860 with an annual increment of Rs. 1,145 for the next two years, and so on. The initial IBPS PO salary is enumerated below.

IBPS PO Salary	Amount
Basic Pay	Rs 36,000/-
Salary after st Increment	Rs. 32850/-
Salary after 2nd Increment	Rs. 42020/-
Special allowance	Rs. 5,904 (7.75% of the basic pay)
Dearness allowance	Rs. 8,593.20 (23.87% of the Basic Pay (Varies based on inflation rates)
City Compensatory allowance	Rs. 1,400 (3% or 4%(depending on the place of posting)
House Rent Allowance	Rs. 3,240 (7%-9% of the basic pay)
Gross with HRA	Rs 38, 703.38
Medical Aid	Rs 8000
Entertainment	Rs 500
Newspaper	Rs 300
Petrol	Rs 3000
Telephone	Rs 400
Canteen Subsidy	Rs 400
Pension Contribution	Rs 25000
Deduction	Rs. 4,659.32
Gross Annual CTC(with HRA but without leased accommodation)	Rs. 57,289.70

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The initial in-hand salary offered to an IBPS Probationary Officer is Rs. 52,000 to 53,000

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

Also Read:

SBI PO Salary	IBPS RRB PO Salary	SBI Salary	RBI Assistant Salary
ICICI Bank PO Salary	SBI CBO Salary	IBPS RRB Office Assistant Salary	SBI Clerk Salary

IBPS PO In Hand Salary

As discussed above the salary structure for IBPS PO we can see that the In-hand salary is arrived at after taking into consideration the allowances and benefits that are added to the NET salary and deductions like NPA etc. The In-hand salary for IBPS PO is Rs. 57,289.70. In-hand salary is the amount that candidates take home. One can see the salary for IBPS PO is very lucrative and attractive.

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IBPS PO Allowances and Benefits

The Probationary officers working in various banks are eligible for a number of allowances. The allowances are not fixed, they are raised from time to time as per the need. The purpose of allowances is to secure against the rising cost of living and provide security against unforeseen medical expenses. The allowances given in addition to IBPS PO Salary are mentioned below.

Dearness Allowance
House Rent Allowances
City Compensatory Allowance(CCA)
Medical Insurance
Furniture Allowance
Travelling Allowance
Miscellaneous
Shifting Allowance
Medical Benefits
Gratuity
Leave Travel Subsidy
Household Help Allowance
Personal Accident cover
Education loans with subsidized interests
Interest-free advances for the festival
City Compensation Allowance
Pension

The details of allowances are as follows:

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 as a part of IBPS PO salary are as follows:

House Rent Allowance: The 11 th Bipartite Settlement has finalized the rate of HRA that varies on the classification of cities proposed by the government. The detailed calefaction of HRA is mentioned below.
Travelling Allowance: The selected candidates for group X cities will be provided with Rs 3600 transport allowances while the other two will be given an Rs 1800 traveling allowance for compensating their traveling to cities.
Medical Allowance: The reimbursement of all medical expenses of the treatment to the government employee or their family will be done by the government.
Special Security Allowance: This allowance has been included in the last wage revision for the banks. It is about 7.75% of the basic pay. It came into effect from November 2017.

IBPS PO City Compensatory Allowance (CCA): Based on the type of city, it might be 0%, 3% or 4%.
Pension: This is the most attractive benefit of any government job because even after your retirement in your old age you will be provided with a handsome amount every month for your expenses and a part of this will be deducted from your salary every month.

IBPS PO Job Profile

The job of a PO is one of responsibility and precision. They are responsible for day to day working of balks and customer support. They are often tasked to handle complex banking situations and grant loans or address the needs of customers. The detailed job profile of the PO is covered below.

They verify various documents and proofs submitted by the customers
They are tasked with checking and approving checks.
They are responsible for the bank vault, various important documents, keys and work with core banking solutions.
They sanction the withdrawals by the customers
They give advice on financial matters, help in designing financial products etc.

IBPS PO Career Growth

They get promoted either on the basis of seniority or clearing the departmental exams held by the bank. Work performance and dedication are crucial in ensuring promotion. The POs are promoted from time to time as per banks policy, their skills are also regularly updated from time to time. The various posts available on promotion are mentioned here. Most of the public sector banks follow uniform guidelines issued by the Ministry of Finance, Government of India, regarding promotion policy matters. The public sector banks follow two channels in case of promotion i.e. the merit channel and the normal channel.

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

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To know more read here

IBPS Clerk Salary

IBPS Clerk Eligibility

Canara Bank PO Sala

IBPS PO Salary And 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.

IBPS PO Salary Slip

You can now have a look at the latest IBPS PO Salary, from an official salary slip paid out to one of the selected candidates. The IBPS PO Salary slip is attached below: