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

Safalta Expert Published by: Deepesh Mehra Updated Wed, 25 Jan 2023 06:48 PM IST

Highlights

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.

IBPS PO Salary 2023: The Institute of Banking Personnel Selection conducts IBPS PO Exam to recruit candidates for the post of Probationary Officer. Candidates who are aspiring to appear for this exam should know all the details related to the post such as eligibility criteria, exam pattern, syllabus, salary and so on. IBPS PO salary is a handsosme amount set as per the provisions of the 7th pay commission. IBPS PO basic pay is  Rs. 36,000.

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


 

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Table of Contents

  1. IBPS PO Salary Structure
  2. IBPS PO In-hand Salary
  3. IBPS PO Allowances and Benefits
  4. IBPS PO Job Profile
  5. IBPS PO Career Growth
  6. 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.
  1. Dearness Allowance 
  2. House Rent Allowances 
  3. City Compensatory Allowance(CCA)
  4. Medical Insurance 
  5. Furniture Allowance
  6. Travelling Allowance 
  7. Miscellaneous
  8. Shifting Allowance

  9. Medical Benefits

  10. Gratuity

  11. Leave Travel Subsidy

  12. Household Help Allowance

  13. Personal Accident cover

  14. Education loans with subsidized interests

  15. Interest-free advances for the festival

  16. City Compensation Allowance

  17. 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:
  1. 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.

  2. 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.

  3. Medical Allowance: The reimbursement of all medical expenses of the treatment to the government employee or their family will be done by the government.

  4. 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%.

  5. 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.
  

 

Read More

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:

What is the basic salary of Bank PO?

The basic salary of Bank PO is Rs 36,000.

What is the probation period of Bank PO?

The probation period of Bank PO is 2 years.

What are 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 exam date for IBPS PO Exam?

The exam for date for IBPS PO was 15th, 16th, 22nd October 2022 for 2022 exam cycle.
 

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