Open In App
Related Articles

IBPS PO Salary 2024: In-Hand Salary, Job Profile and Perks

Improve
Improve
Improve
Like Article
Like
Save Article
Save
Report issue
Report

IBPS PO Salary 2024: IBPS offers one of the most handsome salaries to IBPS PO. The main reason for aspirants seeking employment in banking sector is the lucrative salaries offered to IBPS PO. Every year, a significant number of aspiring candidates appear in the exam of IBPS PO for these attractive job opportunities. Check the IBPS PO Salary per month in 2024 from below table.

IBPS-PO-Salary-2024

The updated IBPS PO 2024 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 Rs. 36,000.

IBPS PO Salary 2024

The below table is the salary structure of IBPS PO as per the 11th Bipartite Agreement which was released in November 2020.

Type of Pay

Amount (in INR)

Basic Pay

Rs. 36,000/-

Special Allowances

Rs. 5,904

Dearness Allowance

Rs. 8,593.20

City Compensatory Allowance

Rs. 1,400

House Rent Allowance

Rs. 3,240

Learning Allowance

Rs. 600

Other Allowances

Rs. 1,552.50

Gross Salary (with HRA)

Rs. 57,289.70

Deduction (Tax & NPS)Rs. 4,659.32
Net SalaryRs. 52,630.38

The Institute of Banking Personnel Selection (IBPS) conducts recruitment for Probationary Officers (POs) annually and the IBPS PO 2024 Notification is expected to be released soon on the official website ibps. in. While the IBPS PO Syllabus 2024 is already updated. Successful candidates appointed to the IBPS PO post will be designated as Junior Management Grade Scale 1 (JMGS-I). JMGS 1 denotes officers who have recently been promoted from the Clerical Cadre to the Officer Cadre.

IBPS PO Salary Structure

The IBPS Probationary Officer is offered a competitive salary package, comprising various components, which are as follows:

  • Basic Pay: The basic pay for IBPS PO is set at Rs. 36,000/-.
  • Special Allowances: An additional amount of Rs. 5,904 is provided as special allowances.
  • Dearness Allowance (DA): IBPS PO receive a Dearness Allowance of Rs. 8,593.20.
  • City Compensatory Allowance (CCA): To compensate for the differences in living costs between cities, a City Compensatory Allowance of Rs. 1,400 is provided.
  • House Rent Allowance (HRA): IBPS POs are eligible for House Rent Allowance, which amounts to Rs. 3,240.
  • Learning Allowance: A learning allowance of Rs. 600 is provided to facilitate continuous learning and skill development.
  • Other Allowances: Additional allowances of Rs. 1,552.50 are also included in the overall salary package.

IBPS PO In-hand Salary

The in-hand salary of IBPS PO is 52,000 to 55,000 with other allowances, special allowances, HRA, and other perks. The IBPS PO Gross Salary is around Rs. 57,000 and after tax deductions, the net salary will remain 52,000 to 55,000 INR.

IBPS PO Pay Scale

The IBPS PO salary is one of the major reasons why candidates aspire to join the banking domain, in addition to security, lucrative perks, and allowances. The IBPS PO basic pay is Rs. 36,000, while the in-hand salary is Rs. 57,289. Candidates who are preparing for the IBPS PO 2024 must be curious about the IBPS PO Salary. Check below the salary of IBPS PO after Bipartite Settlement.

IBPS PO Salary in India after the Bipartite Settlement

The wage revision for bank employees, as part of the 11th bipartite settlement, has been granted approval and is in effect from November 2017. The revised salary will be in effect till the span of 5 years i.e till 2024 or until revised by IBPS. With the approval of Bipartite Settlement, nearly 8.8 lakh employees has been benefiting. According to Bipartite Settlement, the provision is of timely increment of the pay of the IBPS PO officer.

Read More

IBPS PO Allowances and Perks

The Institute of Banking Personnel Selection (IBPS) offers an attractive salary package along with various allowances to Probationary Officers (POs) appointed in participating banks. Here is the details of IBPS PO allowances and perks.

IBPS PO Allowances
IBPS PO Basic PayRs 36,000/- ( Increment in 4 stages)
House Rent Allowances7%-9% of the basic pay
Dearness Allowance23.87% of the Basic Pay (Varies based on inflation rates)
City Compensatory Allowance (CCA)3% or 4%(depending on the place of posting)
Special Allowance7.75% of the basic pay

IBPS PO Basic Pay

The IBPS PO’s basic pay is set at Rs. 36,000/-, with increments occurring in four stages.

IBPS PO House Rent Allowance (HRA)

The House Rent Allowance is a percentage of the basic pay and varies depending on the place of posting. It ranges from 7% to 9% of the basic pay depending upon the cities(metros, big cities or other locations) where the IBPS Probationary Officers are posted.

IBPS PO Dearness Allowance (DA)

The Dearness Allowance is an element of the wage that is modified This is revised every three months based on the All India Consumer Price Index Data compiled by the Government of India’s Ministry of Statistics and Programme Implementation. It is now 23.87% of the basic wage.

IBPS PO City Compensatory Allowance (CCA)

The City Compensatory Allowance is calculated based on where the location of the posting is and can range from three to four per cent of the basic pay.

IBPS PO Special Allowance (SA)

The Special Allowance for IBPS PO introduced during the last wage revision, amounts to 7.75% of the basic pay. It came into effect from November 2017.

Additional Perks and Allowances

Apart from the mentioned allowances, an IBPS Probationary Officer also receives various other benefits, such as:

  1. Learning Allowance: Provided to facilitate continuous learning and skill development.
  2. Traveling Allowance: Reimbursement for travel expenses incurred during official duties.
  3. Newspaper Reimbursement: Compensation for newspaper expenses.
  4. Medical Aid: Provision for medical expenses.
  5. Benefits under New Pension Scheme: Retirement benefits as per the New Pension Scheme guidelines.

IBPS PO Promotion

In the public sector banks, the promotion policy for IBPS Probationary Officers (POs) follows uniform guidelines that are issued by the Ministry of Finance(Govt. Of India). The different stages of promotion for an IBPS PO are:

IBPS PO Promotion Structure

Stage

Designation

1.

Middle Management Grade Scale 2 – Middle Manager

2.

Middle Management Grade Scale 3 – Senior Manager

3.

Senior Management Grade Scale 4 – Chief Manager

4.

Senior Management Grade Scale 5 – Assistant General Manager

5.

Top Management Grade Scale 6 – Deputy General Manager

6.

Top Management Grade Scale 7 – General Manager

7.

Executive Director

8.

Chairman and Managing Director

*The public sector banks in India follow two channels for the promotion of IBPS PO i.e the merit channel and the normal channel.

Career Growth of an IBPS PO: The salary of probationary Officers or Officer JMGS I (Junior Management Grade Scale I) in banks are vary from 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)

IBPS PO Job Profile

The job profile of an IBPS Probationary Officer (PO) in the banking sector is highly regarded and comes with various attractive benefits. During the probation period, Probationary Officers undergo comprehensive training to handle multiple banking operations, including finance, accounting, billing, investment and revenue collection. Some key responsibilities and tasks associated with the IBPS PO job profile are:

No.

Job Responsibilities

1.

Resolving customer queries at the branch.

2.

Maintaining and supervising regular branch activities.

3.

Handling public relations and addressing customer issues and grievances.

4.

Directing and overseeing daily transactions of customers.

5.

Processing loan details for customers.

6.

Introducing and acquiring new businesses for the bank branch.

IBPS PO Salary Slip 2024

Here is the IBPS PO Salary pay slip mentioned below. One can get the detailed overview of the salary and deductions from here.

ibps-po-salary-slip

IBPS PO Salary Slip

IBPS PO Career Growth

The career growth of IBPS Probationary Officer is very attractive and have the large career opportunities even after getting the job. Below are the position based on the performances, experiences, and knowledge of an IBPS PO followed in terms of career growth.


1. Middle Manager – Middle Management Grade Scale 2 
2. Senior Manager – Middle Management Grade Scale 3 
3. Chief Manager – Senior Management Grade Scale 4 
4. Assistant General Manager – Senior Management Grade Scale 5 
5. Deputy General Manager – Top Management Grade Scale 6 
6. General Manager – Top Management Grade Scale 7 
7. Executive Director 
8. Chairman and Managing Director

Participating Banks in IBPS PO 2024

Given below is a list of the prominent banks participating in IBPS PO Posts 2024:

No.

Bank Name

1.

Canara Bank

2.

Allahabad Bank

3.

Syndicate Bank

4.

Indian Overseas Bank

5.

Andhra Bank

6.

Oriental Bank of Commerce

7.

Central Bank of India

8.

UCO Bank

9.

Corporation Bank

10.

Bank of Baroda

11.

Punjab National Bank

12.

Bank of India

13.

Union Bank of India

14.

United Bank of India

15.

Punjab and Sind Bank

16.

Bank of Maharashtra

IBPS PO Salary 2024 – FAQs

What is the basic pay of IBPS PO?

The basic pay for IBPS POs is set at Rs. 36,000/-. This forms the foundation of the overall salary package and serves as the starting point for various allowances and benefits.

Are there any special allowances provided to IBPS POs?

Yes, IBPS POs receive a special allowance of Rs. 5,904 in addition to their basic pay. This allowance is designed to provide extra financial support to the employees.

What is the ibps rrb po salary?

The initial salary of IBPS RRB PO vary between Rs. 29,000 to 33000 along with DA, HRA, and special allowances. 

What is the ibps po starting salary?

The initial in-hand salary offered to an IBPS PO is Rs. 52,000 to 55,000 with some allowances, special allowances, HRA, and other benefits.

What will be the ibps po salary after 2 years?

The IBPS PO salary will Rs 42,860 with an annual increment of Rs. 1,145 for the next two years, and so on.

What will be the ibps po salary after 10 years?

The IBPS PO basic salary after 10 years will be vary around 55815/- ₹.




Last Updated : 25 Jan, 2024
Like Article
Save Article
Previous
Next
Share your thoughts in the comments
Similar Reads