IBPS PO Salary 2024: Job Profile, Pay Scale, Allowances
Table of Contents
Table of Contents
Are you a Banking aspirant? Willing to know about IBPS PO salary? Then, this article is for you!
Indian Banking Personnel Selection (IBPS) is a central recruitment board instituted by the Indian Ministry of Finance. The primary goal is to recruit and select Graduate, Post Graduate, and Doctorate candidates for Nationalised Banks.
The IBPS has been recruiting candidates through the CRP (Common Recruiting Process) for its member institutions since 2011. The twelfth edition of the IBPS CRP for Probationary Officers and Management Trainees was announced by the IBPS. The 12th edition of the exam is scheduled on the 15th, 16th, and 22nd of October, 2022.
IBPS has announced the dates for the exams to be held in 2022 to fill vacancies for 2023. The number of vacancies and the positions can be found on the IBPS PO 2022 Notification. It has information about the participating banks, exam schedules, deadlines, eligibility criteria, and Rules & regulations.
IBPS PO Salary 2024
The IBPS PO pay scale, allowances, and other benefits are based on the Bipartite Settlement. The salary revisions are also done based on that agreement. The IBPS PO Pay scale has been revised based on the 11th Bipartite Agreement, November 2020.
This article discusses the Job profile, pay scale, allowances, and other benefits of the IBPS PO (Probationary Officer) post. The topics discussed elaborately in this article are listed below for reference.
- IBPS PO In-Hand Salary
- IBPS PO Salary – Perks and Allowances
- Promotion Policy of an IBPS PO
- IBPS PO Job Profile
- 2022 IBPS PO Salary Slip
- IBPS PO Career Growth
Let us discuss each aspect of the IBPS PO Salary in detail.
Salary Structure
The Basic pay and the other allowances for IBPS PO are tabulated below for reference.
| Basic Pay | INR 36,000 |
| Special Allowances | INR 5,904 |
| Dearness Allowance | INR 8,593.20 |
| City Compensatory Allowance | INR 1,400 |
| Learning Allowance | INR 600 |
| House Rent Allowance (HRA) | INR 3,240 |
| Other Allowances | INR 1,552.50 |
| Gross Salary | INR 57, 289.70 |
| Tax and NPS (Deduction) | INR 4,659.32 |
| Net Salary | INR 52,630.38 |
Thus, the IBPS PO Salary In-Hand is INR 52,630.38 (which might vary within the range).
IBPS PO In-Hand Salary
After deductions, the initial IBPS PO Salary In-Hand is INR 52,000 to INR 55,000. This includes Dearness Allowances, Special Allowances, House Rent Allowance, and other Perks. This pay is revised every five years and regulated based on the 11th Bipartite Agreement. It was last modified in November 2017 and will next be changed in 2022. The agreement also has a provision for periodical increment for an IBPS Probationary Officer.
Perks and Allowances
Every IBPS Probationary Officers enjoy lucrative salaries and additional perks and allowances. In this section, the article elaborates on the IBPS PO Perks and Allowances. These allowances are calculated based on their basic pay. While some are taxable, some allowances are partially taxable, and others are tax-free.
The below table shows the details of all the perks and allowances of an IBPS PO.
| IBPS PO Basic Pay | INR 36,000 (Increment in 4 stages) |
| House Rent Allowances (HRA) | 7% to 9% of the Basic pay |
| Dearness Allowance | 23.87% of the Basic pay (Varies based on Inflation rate) |
| City Compensatory Allowances (CCA) | 3% to 4% of the Basic Pay (depending on the posting location) |
| Special Allowances | 7.75% of Basic pay |
Read on to know more about each allowance.
- House Rent Allowance (HRA)
Based on the Posting location (metro city, big city, and other locations), HRA will be 9%, 8%, or 7%.
- Dearness Allowance (DA)
The DA is open to variations based on the change in the inflation rate. In January 2016, DA was 39.8% of the Basic pay and reduced to 23.87% in November 2017. DA is revised every three months, but the Bank unions want the revisions made monthly.
- Special Allowances (SA)
These special Allowances were included in the pay structure during the last pay revision in November 2017. It is 7.75% of the Basic pay.
- City Compensatory Allowances (CCA)
It varies based on the type of city, and it can be 3% or 4% of the Basic pay.
Other Allowance and Perks for an IBPS PO may be
- Learning Allowances
- Travelling Allowance
- Newspaper Reimbursement
- Medical Aid
- Benefits under New Pension Scheme, etc.
Promotion Policy for IBPS PO
The Ministry of Finance under the Government of India has issued guidelines regarding the Promotion Policies in Public Sector Banks. All the Public Sector Banks, therefore, follow similar Promotional Policies. The employees are usually promoted in two channels:
- Merit Channel
- Normal Channel
The selected candidates get posted as Probationary Officers and will undergo training, and they are up for promotions after that. The employees joining at Grade Scale 1 can be promoted and move gradually to Grade Scale 7 and more. The grade scales are discussed in detail in the Career Path section of this article.
Job Profile of IBPS PO
Besides lucrative salaries and attractive benefits, IBPS jobs offer challenging job profiles. This section describes the job profile and the responsibilities of an IBPS Probationary Officer. They are trained on various day-to-day banking activities such as
- Finance
- Accounting
- Billing
- Investment
- Revenue Collection, etc.
The day-to-day responsibilities of an IBPS PO will include the following:
- Resolving the Customer queries
- Maintenance and supervision of branch activities
- Bringing new business activities to the branch
- Direct daily transaction and loan-related activities
- Maintain Public Relations with customers
- Bring the Customer issues and grievances to the notice of the Bank Authorities
Understanding these responsibilities will give a clear picture to the candidates aspiring to join the public sector banks.
Salary Slip of IBPS PO 2024
The IBPS PO Salary Slip includes the following information:
| Salary/ Allowance | Rs. | Deductions / Recoveries | Rs. |
| Basic Pay | 36,000.00 | Prof. Tax | 200 |
| D.A | 8,593.20 | Mem, | 4,459.32 |
| H.R.A | 3,240.00 | Cont. to NPS | – |
| C.C.A/ Loc. A | 1,400.00 | – | – |
| Spl. Allow. | 5,904.00 | – | – |
| DA Others | 1,552.50 | – | – |
| Learning Allowance | 600 | – | – |
| Gross Salary | 57,289.70 | Total Deductions | 4,659.32 |
| Payee Branch: | Net Salary | 52, 630.38 | – |
IBPS PO Career Growth
The candidates joining as IBPS PO will have rapid career growth. The IBPS PO joins as a Junior Management Grade Scale 1. After the training period, the PO will be promoted to Management Grade Scale 2. The Career Path of the IBPS PO is mentioned below:
| Position | Management Level | Grade Scale |
| Probationary Officer (PO) | Junior Management | 1 |
| Middle Manager | Middle Management | 2 |
| Senior Manager | Middle Management | 3 |
| Chief Manager | Senior Management | 4 |
| Assistant General Management | Senior Management | 5 |
| Deputy General Manager | Top Management | 6 |
| General Manager | Top Management | 7 |
| Executive Director | – | – |
| Chairman & Managing director | – | – |
IBPS POs can move up the corporate ladder to the position of Chairman & Director. This is the most attractive aspect of this job. Apart from the attractive salary and benefits, this rapid career growth is why so many candidates strive for this job.
I hope this article has all the information needed to clarify candidates’ doubts regarding the IBPS PO Salary, Allowances, Benefits, and other Pay-related queries. For more information on the exam and its deadlines, look at the IBPS PO Calendar.
IBPS PO Selection Process 2024
The IBPS PO (Probationary Officer) selection process is a multi-stage recruitment drive organized by the Institute of Banking Personnel Selection (IBPS) to fill Probationary Officer positions at several public sector banks in India. Here is a thorough breakdown of the predicted IBPS PO selection process in 2024:
- Preliminary Examination
- Main Examination
- Interview Round
- Document Verification
- Medical Examination
- Final Selection and Allocation
- Joining and Training
IBPS PO 2024 Participating Banks
The following is a list of important banks participating in IBPS PO Posts 2024:
- Canara Bank
- Allahabad Bank
- Syndicate Bank
- Indian Overseas Bank
- Andhra Bank
- Oriental Bank of Commerce
- Central Bank of India
- UCO Bank
- Corporation Bank
- Bank of Baroda
- Punjab National Bank
- Bank of India
- Union Bank of India
- United Bank of India
- Punjab and Sind Bank
- Bank of Maharashtra
Which is better: IBPS PO or SBI PO?
Ans. Various factors, like IBPS PO vs SBIO PO salary, workload, work pressure, transfers, etc., decide which option is better. The comparison is made for your convenience.
| Determining Factor | IBPS PO | SBI PO |
| Salary | Lesser than SBI PO | More |
| Job Profile | Same | |
| Workload | Less | More |
| Promotions and Career growth | Slower | Faster |
| Exam difficulty | Moderate – Difficult | Difficult |
| Transfers | Less Frequent | More Frequent |
With all this information, deciding between the two is an individual choice.
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Frequently Asked Questions (FAQs)
What is the Salary of IBPS PO per month?
The IBPS PO job including all the allowances and deductions is between INR 52,000 to INR 55,000. This pay includes Basic pay, Special Allowances, Dearness Allowances, House Rent Allowance, City Compensatory Allowance, and Other benefits. From this gross salary, tax is deducted.
Which IBPS PO has the highest salary?
Of all the Banks listed under IBPS, SBI pays the highest salary for its Probationary Officers.The basic pay for SBI PO Rs. 27,620/- with 4 advance increments.
Is IBPS PO a government job?
No, the IBPS PO is not a government job. The banks under IBPS are Public Sector Banks, but their employees will not come under the control of the Government. They are employees of their respective banks.