IBPS PO Salary 2021: The Institute of Banking Personnel Selection (IBPS) offers lucrative salary packages to their Probationary Officers in the 11 participating Public Sector banks of IBPS. Therefore, IBPS PO is one of the popular exams for candidates who want to join management cadre positions in the Public Sector Banks. However, many candidates find the salary revisions as per the 7th Pay Commission confusing. The bank follows a bipartite settlement system between the Indian Banks’ Association (IBA) and the United Forum of Bank Unions (UFBU) for revising the IBPS PO Salary. The current updated IBPS PO 2021 salary has been decided after the 11th Bipartite Agreement which was made in November 2020. As per this settlement, IBPS has revised the basic pay of IBPS PO to Rs. 36,000. Moreover, the revised IBPS PO Salary is considered to be effective from November 2017.
Along with the basic pay, there are also other allowances such as house rent, medical expenses, travel allowances & more offered to the employees. The candidates willing to join PSU Banks as Bank PO must be aware of the salary structure, allowances, and perks that comes with the job. We have provided detailed information on IBPS PO Salary Structure, Job Profile, Career Growth, Allowances, and Promotion Policy of an IBPS PO in this article. Read on to find out.
Note: As per the IBPS Calendar, the IBPS PO prelims exam will be conducted on October 9,10, 16, and 17, 2021 whereas, the main exam will be conducted on November 27, 2021
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Overview of IBPS PO Salary 2021 Structure
Before getting into the details of IBPS PO Salary, let us have an overview of the IBPS PO 2021 salary as per the 11th Bipartite Agreement which was released in November 2020 mentioned below:
IBPS Bank PO Salary Structure in India
|Basic Pay||Rs. 36,000|
|Special Allowance||Rs. 5,904|
|Learning Allowance||Rs. 600|
|DA Others||Rs. 1,552.50|
|Gross Salary||Rs. 57,289.70|
|Net Salary||Rs. 52,630.38|
|IBPS PO Apply Online||IBPS PO Mock Test|
|IBPS PO Preparation||IBPS PO Books|
|IBPS PO Exam Pattern||IBPS PO Study Material|
|IBPS PO Syllabus||IBPS PO Cutoff|
IBPS PO In Hand Salary 2021
An IBPS Probationary Officer is offered an initial in-hand salary package of Rs. 52,000 to 53,000 including HRA, dearness allowances, special allowances, and all perks. The IBPS PO Gross Salary will fall around Rs. 57,000. However, after all the deductions, the net in hand salary that a Probationary Officer receives is approximately Rs. 52,000.
IBPS PO Perks & Allowances
Now let us take a look at the allowances that an IBPS PO receives:
IBPS PO Allowances
|IBPS PO Basic Pay||Rs 36,000/- ( Increment in 4 stages)|
|House Rent Allowances||7%-9% of the basic pay|
|Dearness Allowance||23.87% of the Basic Pay (Varies based on inflation rates)|
|City Compensatory Allowance (CCA)||3% or 4%(depending on the place of posting)|
|Special Allowance||7.75% of the basic pay|
IBPS PO House Rent Allowance (HRA): HRA of a probationary Officer changes depending on the place of posting. It will be 9.0% or 8.0% or 7.0% of the basic salary based on whether you are employed in a metro (tier I), big cities (tier II) or other locations (tier III).
IBPS PO Dearness Allowance (DA): Employees receive Dearness Allowance (DA) as a percentage of the basic salary (In January 2016, it was around 39.8% of the basic salary. After the 11th bipartite settlement it has been reduced to 23.87% in effect from November 2017). DA is revised every three months on the basis of the All India Consumer Price Index data that the Ministry of Statistics and Program Implementation puts out.
IBPS PO City Compensatory Allowance (CCA): Depending on the type of city, CCA will be 0%, 3% or 4% for tier I, tier II and tier III cities, respectively.
IBPS PO Special Allowance (SA): SA is about 7.75% of the basic pay. It was included in the last wage revision for the banks and is calculated with effect from November 2017.
An IBPS Probationary Officer receives some other benefits and allowances such as Traveling Allowance, Learning Allowance, Medical Aid, Newspaper Reimbursement, Benefits under New Pension Scheme etc. When all these allowances are added up the salary may be Rs. 52,000+.
IBPS PO Job Profile 2021
Becoming a Probationary Officer in one of the Public Sector banks is the dream and desired job profile of many graduates. However, banking aspirants must be aware of the roles and responsibility of the PO. Therefore, we have listed the responsibilities and tasks which are a part of the Probationary Officer job profile.
- Selected candidates have to undergo a probation period where they are trained for routine banking operations such as accounting, revenue collection, finance, billing, investment, etc
- Probationary Officers must listen to their customers and resolve their issues.
- The maintenance and supervision of their respective branch activities is the responsibility of a Probationary Officer.
- Attracting new business opportunities to the branch is one of the most important duties of a Probationary Officer.
- Probationary Officers have to manage the daily transaction activities and activities related to loans.
- A PO should maintain public relations with the customers and bring issues and grievances of customers to the bank authority.
IBPS PO Career Growth 2021
Probationary Officers have a very attractive career growth path that provides vast opportunities throughout the aspirant’s professional career. Officers have to appear in exams conducted by IBPS time-to-time to secure promotions. Based on their experience, performance and skills an IBPS PO is promoted to higher posts.
The promotion from IBPS PO follows the path given below:
- 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
IBPS PO Participating Banks 2021
Candidates can go through the list of participating banks for IBPS PO Recruitment 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
- UCO Bank
- Union Bank Of India
FAQs regarding IBPS PO Salary 2021
The frequently asked questions on IBPS PO Salary are given below:
|Q. What is the basic pay of the IBPS Probationary Officer?|
A. The basic pay of the IBPS probationary officer is Rs. 23,700.
|Q. What is the selection process of IBPS PO 2021?|
A. The selection process of IBPS PO 2021 includes Prelims, Mains, and Interview.
|Q. What are the perks offered to Probationary Officer?|
A. Apart from salary, IBPS offers other benefits and perks such as Medical Aid, Newspaper Allowance, Travel Allowance, HRA, DA, Accommodation, Pension Scheme etc.
|Q. Is there any deduction of provident fund in the salary?|
A. Yes, there is the deduction of provident fund in the salary of the employees.
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 salaries and growth opportunities. It also provides the scope to learn a lot of things.
If you are appearing for IBPS PO, 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 IBPS PO Mock Tests on Embibe and make use of the Advanced Test Analysis to identify your knowledge gaps and gaps in your test-taking strategy. This will help you improve your score from test to test.
We hope this detailed article on IBPS PO Salary 2021 helps you. If you have any queries regarding IBPS PO Salary, feel free to drop a comment below. We will get back to you.41 Views