IBPS PO Salary 2020: The Institute of Banking Personnel Selection (IBPS) recruits eligible candidates for the post of Probationary Officer (PO). Lakhs of candidates apply to become an IBPS PO. The reason is very obvious. IBPS PO gets a handsome salary that tempts the govt. job aspirants. It’s not just the salary that drives them to be appointed as an IBPS PO but it is the other perks and allowances as well.
This article will enlighten you more on the IBPS PO Salary, Job Profile, Career Growth and Promotion Policy of an IBPS PO.
IBPS PO Salary
The IBPS PO Notification 2020 will be out in the month of August. If we compare the SBI PO Salary to an IBPS PO Salary, we can observe slight similarities. The IBPS PO Salary Structure is given below.
|Type of Pay||Amount|
|Special Allowances||Rs 18, 36.75|
|Dearness Allowances||40% of the basic pay(Varies based on inflation rates)|
|City Compensatory Allowances||Rs 870|
|House Rent Allowance||Rs 2133|
|Gross with HRA||Rs 38, 703.38|
|Medical Aid||Rs 8000|
|Canteen Subsidy||Rs 400|
|Pension Contribution||Rs 25000|
|Gross Annual CTC(with HRA but without leased accommodation)||Rs 5, 57, 640|
There is a provision of timely increment of the pay of the IBPS PO officer as given below:
|Increment Percentage||Basic Pay||Gross Salary|
As mentioned, a basic salary of Rs 23,700 is paid. Additionally, other allowances such as Dearness Allowance(DA), House Rent Allowance(HRA), City Compensatory Allowance (CCA), and Special Allowances are also there. An annual increment of Rs 980 for 7 years is paid.
IBPS PO Salary In India After Bipartite Settlement
Wage revision in public sector banks is held place every five years. The 11th bipartite settlement is due from November 1, 2017.
Bank PO salaries revision takes place on the basis of bipartite settlement. Therefore, for IBPS PO 2020 the salary will be decided on the basis of the 11th Bipartite Agreement.
IBPS PO Perks And Allowances
As said earlier, it is not just the salary that is the tempting force, but it is also the Perks and Allowances that one receives as an IBPS PO. The following are the perks that is enjoyed by an IBPS PO:
- Leased Accommodation – This benefit is dependent upon the place of posting and is available to the bank officers. Some banks provide official bank accomodation/bank quarters instead of leased housing.
- Travelling Allowance – Most banks provide a fixed Traveling Allowance and reimbursement of petrol bills.
- Medical Aid – Revised price is Rs 8000/- p.a. This is the amount for the medical needs of the employee.
- Newspaper Reimbursement: A fixed monthly amount for newspaper service.
- Coverage under New Pension Scheme
IBPS PO Job Profile
IBPS PO is one of the reputed jobs in the banking sector and provides many lucrative offers to the employees. Probationary Officer is trained for multiple operations such as finance, accounting, billing, investment, revenue collection, etc. during his/ her probation period to acquaint them with the banking procedure.
1. Resolving customer queries of the branch
2. Maintaining and supervising regular branch activities
3. Public relations and addressing issues and grievances of customers
4. Directing daily transactions of customers and processing loan(s) detail
5. Bringing new businesses to the bank branch
IBPS PO Salary- IBPS PO Promotion
The stages of promotion for an IBPS PO is 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
The participating banks for the IBPS PO posts are given below:
- Allahabad Bank
- Canara Bank
- Indian Overseas Bank
- Syndicate Bank
- Andhra Bank
- Central Bank of India
- Oriental Bank of Commerce
- UCO Bank
- Bank of Baroda
- Corporation Bank
- Punjab National Bank
- Union Bank of India
- Bank of India
- Indian Bank
- Punjab & Sind Bank
- United Bank of India
- Bank of Maharashtra
You can apply for other Bank Jobs that offer a handsome salary.
IBPS PO Salary 2020: FAQ’s
What is the basic pay for an IBPS PO?
Ans. The basic pay of a Probationary Officer is Rs.23,700.
What are the perks of an IBPS PO?
Ans. As an IBPS PO, the employee is entitled to get medical facility, newspaper allowance, Travel Allowances, HRA, DA, and other allowances.
What is the highest post at which a person becomes as an IBPS PO?
As an IBPS PO, the employee may get promoted to the rank of Chairman and Managing Director.
How many times does the IBPS PO Exam take place?
Ans. IBPS PO Exam is held annually.