IBPS PO SALARY

The Institute of Banking Personnel Selection (IBPS) conducts an examination to recruit Probationary Officers (PO). The selection test is divided into three stages: the preliminary exam, the main exam, and the interview round. The minimum qualification to apply for IBPS PO 2022 exam is graduation. 

Banks Participating in the Recruitment Process in 2023

The banks participating in the recruitment process are given below-

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

This exam attracts a lot of graduates to it every year because of the salary and other perks. The bank PO is one of the most preferred jobs among the youth in India, and the amount of salary is one reason for this. This article gives a detailed account of the IBPS PO salary, in hand salary, promotion basis, and other perks. After reading this article you will be clear about the details of the salary of IBPS PO.

The updated IBPS PO 2023 salary structure has been decided based on the 11th Bipartite Agreement that was signed in November 2020. As part of this agreement, the basic pay for IBPS PO has been revised to INR 36,000. Bank follows a bipartite settlement for revising the IBPS PO Salary and not the 7th pay commission.

IBPS PO SALARY 2023

The salary structure as per the 11th Bipartite Agreement which was released in November 2020 is given below-

In Hand Salary of IBPS PO

The IBPS PO basic pay is Rs. 36,000, while the in-hand salary is Rs. 57,289. The initial in-hand salary offered to an IBPS Probationary Officer is Rs. 52,000 to 55,000 with dearness allowances, special allowances and other perks. The Gross Salary is around Rs. 57,000 and after a deduction, the net in hand salary remains around Rs. 52,000 to 55,000 (approx.). Salary varies depending on the bank and location of posting. 

IBPS PO Salary after the Bipartite Settlement-

The revision of wages for bank employees, as part of the 11th bipartite settlement, has been granted approval is in effect from November 2017. The revised salary will be in effect till the span of 5 years (till 2023) or until revised by IBPS. According to Bipartite Settlement, the provision is of timely increment of the pay of the IBPS PO officer. Many employs are getting benefited from this.

Perks and Allowances-

The officers along with their salary get a lot of facilities and additional allowances which brings an increment in the final salary.

IBPS PO House Rent Allowance (HRA)-

The House Rent Allowance varies depending on the place of posting. It ranges from 7% to 9% of the basic pay. 

IBPS PO Dearness Allowance (DA)-

Dearness Allowance is given to the employees as a percentage of the basic salary. This is revised every three months based on the All India Consumer Price Index Data published by the Ministry of Statistics and Program Implementation, Government of India. 

IBPS PO Special Allowance (SA)-

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):

It is based on the type of city in which the official is posted and it might be 0%, 3% or 4% on the basis of the area.

Some other perks of an IBPS Probationary Officer are as follows-

➢ Learning Allowance- Facilitates the official to complete their studies and learn new things or develop new skills.

➢ Traveling Allowance- It is provided which official tours.

➢ Medical Facilities.

➢ Benefits under New Pension Scheme.

➢ Money for Newspaper expenses.

These all allowances give an increment in the final salary making it more than INR 50k (approx).

IBPS PO Promotion-

The promotion guidelines are laid by the Ministry of Finance.  The stages of promotion are as follows-

1. Junior Management Grade – Scale I: Officer

2. Middle Management Grade – Scale II: Manager

3. Middle Management Grade – Scale III: Senior Manager

4. Senior Management Grade – Scale IV: Chief Manager

5. Senior Management Grade – Scale V: Assistant General Manager

6. Top Management Grade – Scale VI: Deputy General Manager

7. Top Management Grade – Scale VII: General Manager

8. Executive Director (ED)

9. Chairman and Managing Director (CMD)

Career Growth of an IBPS PO 

The salary of Officer JMGS I (Junior Management Grade Scale I) or probationary officers in banks ranges from Rs. 52,000 to Rs. 55,000.

For other Scale officers:

➢ MMGS II (Middle Management Grade Scale II)

➢ MMGS II (Middle Management Grade Scale III)

➢ SMGS IV (Senior Management Grade Scale IV)

➢ SMGS V (Senior Management Grade Scale V)

The public sector banks follow two channels in case of promotion i.e. the merit channel and the normal channel.

IBPS PO JOB PROFILE-

It is one of the most desired jobs among the graduates in India. It is a very reputed profession.   A Probationary Officer is trained for tasks like finance, billing, accounting, investment, etc. during their probation period. Candidates need to serve a two-year probation period during which they get trained for all future responsibilities. They develop the skill to work efficiently.

During probation, an employee is eligible for pay increment. A candidate beginsworking as Probationary Officer after completing the probation periods specified by the bank. Employees get promoted to higher ranks based on their better performance. 

Some other duties they may be asked to complete are-

• To resolve customer queries

• Maintaining and supervising branch activities

• Public relations

• Addressing issues, and complaints of customers

• Direct the daily transactions details of customers

• Processing loans

• To acquire new businesses opportunities to the bank branch

IBPS PO 2023 SALARY SLIP

The below given is the salary slip which gives a basic idea about the salary of IBPS PO-

Frequently Asked Questions FAQs

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