IBPS PO Salary: The Institute of Banking Personnel Selection (IBPS) has released the official IBPS PO notification. This year, as per the notification, there are more than 4336 vacancies for the post of Probationary Officers in the 17 public sector participating banks. Interested candidates can start filling out the IBPS PO Application Form from 7th August 2019 and the last date to fill out IBPS PO Application Form is 28th August 2019.
There is a huge competition for IBPS PO Bank Exam since this is a centralized exam with several benefits. So the candidates who are interested in applying for IBPS PO Exam must be aware of IBPS PO Salary Structure, Job Profile, Benefits etc. Read on to find more about IBPS PO Salary.
IBPS PO Salary – Major Banks Participating
Before getting into the details of IBPS PO Salary Structure, Work Profile and Promotions, let’s have an overview of the list of major banks participating under IBPS PO:
- State Bank of India
- Allahabad Bank
- Bank of Baroda
- Bank of Maharashtra
- Punjab National bank
- Oriental Bank of Commerce
- ICICI Bank
- Cooperative Bank
- Cooperation Bank
- Syndicate Bank
- HDFC Bank
IBPS PO Salary – Basic Pay
The Basic IBPS PO Salary is 23700-(980×7)-30560-(1145×2)-32850-(1310×7)-42020
This means upon joining, the Probationary Officers will get a Basic Salary of Rs 23700. In addition to that, there will be other allowances. The POs will also get an annual increment of Rs 980 for 7 years.
Basic Pay after 7 years – Rs 30560
Basic Pay after 2 more years – Rs 32850
Basic Pay after 7 more years – Rs 42020
IBPS PO Salary – Allowances
Let us now look into the other allowances included in the IBPS PO Salary that is calculated on the Basic Pay:
- Dearness Allowance (DA) – Revised quarterly based on the CPI, the DA forms around 40 percent of the Basic Pay. It is to be noted that since DA depends upon CPI, it can increase or decrease based on the inflation rates.
- House Rent Allowance (HRA) – This depends upon the location of posting of the Probationary Officers. Based on whether they are posted in metropolitan cities, big cities or other locations, the HRA can be 9 percent, 8 percent or 7 percent of the Basic Pay.
- Special Allowance – The Special Allowance is 7.75 percent of the Basic Pay.
- City Compensatory Allowance (CCA) – The CCA too, like the HRA, depends upon the location of posting. It can be 4 percent, 3 percent or 0 percent based on the job location. The total in-hand IBPS PO Salary including all these allowances is thus around Rs 35700-Rs 36570. With the HRA, it becomes Rs 37360-Rs 38700.
IBPS PO Salary – Other Benefits And Perks
In addition to the IBPS PO Salary, there are other advantages and benefits of this job:
- Leased Accommodation: In some locations, the bank provides accommodation/quarters to the POs. In such cases, the HRA is not provided. The amount goes directly to the owner of the accommodation.
- Travelling Allowance: The bank also provides Travelling Allowances to the POs. Otherwise, the expenses on petrol are reimbursed.
- Medical Aid
- Newspaper Reimbursement
- New Pension Scheme
IBPS PO Salary: IBPS PO Job Profile, Roles & Responsibilities
The Probationary Officers in various banks have the following roles and responsibilities:
IBPS PO Salary: IBPS PO Roles And Responsibilities
|1. POs have to multi-task and work in all the departments of the bank, which involves working in the various banking activities.|
|2. They have to acquire practical knowledge of how to work in and manage different departments of the bank, like Finance, Accounts, Marketing, Loans, etc.|
|3. They also act as supervisors to bank clerks in various departments.|
|4. One of the biggest responsibilities of IBPS Probationary Officers is to verify documents, do the necessary formalities and process loans.|
|5. Customer support and services is another important responsibility of POs. They handle the customer queries related to issuing cheque books, opening bank accounts, , Demand Drafts (DD), ATM, etc.|
IBPS PO Salary: IBPS PO Promotions And Career Growth
The IBPS PO is a very promising entry-level job in the banking sector. There are ample opportunities for growth, both personally and professionally, in this job. Your growth and promotions from the post of Probationary Officer depend upon your performance and potential; in fact, you can even be promoted to the post of General Manager within a span of 14 years. And promotions from IBPS PO can take you not just to the different parts of India but also to foreign countries as many of these public sector banks have branches in other countries.
The subsequent posts after promotion from IBPS PO are:
IBPS PO Salary: IBPS PO Promotions
|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|
As you can see, IBPS PO is one of the best white-collar jobs in the country. It is one of the best government jobs in India that provides great salary and growth opportunities. It also provides the scope to learn a lot of things.
If you are appearing for IBPS PO 2019-20, you must give your best shot. Be thorough with the IBPS PO exam pattern and IBPS PO syllabus and create a proper study plan. Make sure your IBPS PO preparation plan looks after all the aspects of a successful test-taking process.
Finish all the topics and solve questions until you master them. Take IBPS PO mock tests once you have finished the whole syllabus and then rectify the mistakes you make. You can take free IBPS PO mock tests on Embibe and make use of the Advanced Test Analysis to identify your knowledge gaps and gaps in test-taking strategy. This will help you improve your score from test to test.
We hope this detailed article on IBPS PO Salary helps you. If you have any query regarding IBPS PO Salary, feel free to drop a comment below. We will get back to you.