IBPS PO Salary 2020
IBPS PO Salary : An IBPS PO gets a handsome salary along with a dozen of perks and benefits which in turn tempts the govt. job aspirants to apply for this job. All the information provided here is given as per the latest IBPS PO 2020 Notification. Here we are discussing the IBPS PO Salary, Job Profile, Career Growth, and Promotion Policy of an IBPS PO.
IBPS PO Salary 2020
The IBPS PO Notification 2020 has been released. The appointed candidates for the IBPS PO post will be placed in the Junior Management Grade Scale 1or JMGS-I. The JMGS 1 term is generally used to refer to the officers who have just entered the Officer Cadre after promotion from the Clerical Cadre.
The IBPS PO Pay Scale will be Rs. 23700-980/7-30560-1145/2-32850-1310/7-42020.
|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|
IBPS PO Salary: Increment
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.
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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 Salary Slip
Here we have shown the salary slip of an employee for the IBPS PO Post.
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
Participating Bank For IBPS PO 2020
The participating banks for the IBPS PO 2020 are given below.
|Banks Participating In IBPS PO 2020|
|1.Bank of Baroda|
|2.Bank of India|
|3.Bank of Maharashtra|
|4 Canara Bank|
|5. Central Bank of India|
|6. Indian Bank|
|7. Indian Overseas Bank|
|8. Punjab National Bank|
|9. Punjab & Sind Bank|
|10. UCO Bank|
|11. Union Bank of India|
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.