IBPS PO Salary and Allowances in Starting / After the Probation period
Job aspirants who wish to pursue their career as a banker have this question on mind what will be the salary and other benefits for ibps po post?
Check the latest information on it such as IBPS PO starting salary, facilities, allowances, grade pay, ibps po salary after probation period, salary after 10th bipartite wage revision and 7th pay commission, and other useful information on IBPS Exam 2020 etc.
Yes, Career in banking is surely the most honored and respected career. It has always been an attractive option for job aspirants.
We all are aware of that bank is considered as the backbone of the country’s economy. The banking career offers you job growth, challenges, job security, and handsome salaries. There is a well-defined IBPS PO salary structure and career.
The IBPS Bank PO is demanding post among the job aspirants as it is the first ladder to enter a bank and serve as an officer.
Candidates performance and potential will determine their career progression. In this post, I have discussed
- Benefits and perks available to IBPS Probationary officer
- PO Salary after 11th bipartite settlement
- 7th pay commission effect on ibps po salary
- Why bank PO as a career option?
- IBPS PO career and promotion
IBPS PO Salary Structure in detail
Salary is one of the topmost things which encourages the employee. So here in below table, you will find the Latest IBPS PO Salary package: Basic pay, Gross salary, Benefits, Allowances, IBPS PO Job Profile etc.
|IBPS PO Salary Details 2020
|Total (without HRA)||36570.38|
|Gross with HRA||38703.38|
|Gross Annual CTC (with HRA but without leased accommodation)||5,57,640.52|
IBPS Bank PO Salary and Allowances
Apart from the basic pay-scale. PO officers are entitled to the following
- Dearness allowances: It is revised quarterly and is based on the CPI data. The latest revised DA IS 39.80 % of the basic pay
- Special allowance: According to IBPS PO’S latest revision, a special allowance has been added to the salary structure of bank probationary officer. It is 7.75 % percent of basic pay.
- City compensatory allowances: Such allowances depend on the place of posting. It can be 3%, 4% or 0%. Hence the total salary of a probationary officer is 35700-36570.
IBPS PO Other Benefits & Perks
Added perks of IBPS PO probationary officer
- Leased accommodation: Bank provides official bank accommodation/ bank quarter as leased accommodation.
- Traveling allowance: Some of the banks provide traveling expense whereas other offer reimbursements of petrol bills.
- Medical aid: The banks deal with well being and safety of its employees. Probationary officers are entitled to medical aid. The fixed amount is paid by the bank. The revised amount is 8000 per annum.
- Special allowances: In the recently updated a special allowance has been added to the salary structure of bank PO.
- Canteen subsidy
- Conveyance allowance: Travel allowance is paid to officers to compensate for their travel expense from their residence to a respective location of the bank. Some banks provide fixed traveling allowance whereas other offer reimbursements of petrol bills.
Officers are required to own a vehicle.
30 liters of petrol for 2 wheeler and 45 liters for a four-wheeler.
- Newspaper Reimbursement: A fixed amount is given to the cost of the newspaper to the probationary officer.
- Leave allowances: The bank provides PO officer 33 days of benefits leave and 12 days of easy going every year.
- Monthly benefits: The probationary officer is entitled to daily paper stipend and other lucrative allowances such as newspaper, magazines, portfolio, remittance and repayment of phone bills.
The estimate financial estimation of perquisites in the bank is around Rs 5000/ – on a month to month premise.
Probation Period of Bank PO (Training period)
If you are appointed as PO officer, you have to go through induction training initially. The duration of training will be 10-15 days.
The officers may undergo various transfer or deputations.
Once the training period is over the officer is posted as assistant manager
IBPS PO Salary After 11th Bipartite Settlement –
As per the 11th bipartite settlement, the new salary of probationary officers will be 46000-48000. The basic new pay is tended to vary from 2.57 to 2.78 times.
|Allowance||IBPS PO Salary after wage revision|
|DA||0.07% per slab on the revised basic pay|
|HRA||7% to 12%|
|CCA||5% to 8% of the revised basic pay|
|PQP – 1||Equal to one increment in the last stage of the scale|
|PQP – 2||Equal to 2 increments in the last stage of the scale|
|Medical Aid||Up to MMGS III – Rs.12,000SMGS IV and above – Rs.15,000|
|LFC – Home Town||Frequency – Once in the sub-block of 2 years, in the main block of every 4 years.|
|Halting Allowance||Up to MMGS III –Rs.1,000/Rs.1,200/Rs.1,400/Rs.1,600
SMGS IV & SMGS V –Rs.1,200/Rs.1,400/Rs.1,600/Rs.1,800
TEGS VI & TEGS VII –Rs.1,200/Rs.1,400/Rs.1,600/Rs.2,000
|Split Duty Allowance||Rs.400 per month.|
|S No.||Rank/Grade||Revised Basic Pay(Rs.)||Annual Increment –New|
|1||Sub-staff||24000||44200||900/8 – 1100/8 – 1400/3|
|2||Clerk||30000||68900||1500/3 – 1900/8 – 2400/8|
|3||Officer – JMGS I||57000||104100||2400/7 – 2900/2 – 3500/7|
|4||Officer – MMGS II||73800||111100||2900/2 – 3500/9|
|5||Officer – MMGS III||97100||123000||3500/5 – 4200/2|
|6||Officer – SMGS IV||114600||141400||4200/4 – 5000/2|
|7||Officer – SMGS V||131400||153400||5000/2 – 6000/2|
|8||Top Executive – TEG VI||159400||185800||6000/2 – 7200/2|
|9||Top Executive – TEG VII||185800||217000||7200/2 – 8400/2|
FOLLOWING IS AFTER THE WAGE REVISION, 11TH BIPARTITE HAVE SETTLED FOR INCREASE IN 15% IN THE IBPS PO SALARY. LET’S CHECK BELOW
|Increment (Percentage) %||Basic Pay||Gross Salary|
|IBPS PO 2020 Application Form||IBPS PO Syllabus 2020|
|IBPS PO 2020 Exam Centers||IBPS PO Preparation Tips|
|IBPS PO Cut Off 2020||IBPS PO 2020 Result|
7th Pay Commission Effect on IBPS PO Salary
IBPS PO exams are around the corner. One of the frequently asked question on the minds of job aspirants who are preparing for IBPS PO examination 2020 is what will the 7th pay commission effect on bank po salary.
Millions of employees are waiting for 7th pay commission because it will increment their allowances, pay-scale and benefits.
It is believed there will be an increment in the salary of the PO.
Highlights of the recommendations of the 7th pay commission
- Recommended minimum pay for government employee
- Recommended maximum pay for employees
- Pay matrix
- New pay structure
- Annual Increment
- House rent allowances
The 7th pay commission recommends changes in salary structure.
As per the announcement by the chairman, there will be not any effect on IBPS PO salary after 7th pay commission.
|IBPS RRB Salary 2020||IBPS Clerk Salary 2020|
IBPS PO Career and Promotions
Why IBPS PO As A CAREER OPTION? – The job of PO officer is considered to be the best career option and it is also called white collar job. Every year lakhs of job aspirants residents of different state and city apply for bank PO post.
The job offers high career growth and potential to candidates.
Following is the Career progression for PO Officers in the Banking Sector
- Junior Management Grade – Scale I: Officer i.e. PO.
- Middle Management Grade – Scale-II: Assistant Manager.
- Middle Management Grade – Scale III: Branch Manager.
- Senior Management Grade – Scale IV: Chief Manager.
- Senior Management Grade Scale V: Assistant General Manager.
While on the job there are some key responsibilities of PO in banks. The bank probationary officer involved in
- Bringing new business
- Insurance policies
- Payment clearance
- Loading the ATM Machines
- Mutual funds and credit cards
- Fixed deposits
- Official communication
The probationary officers are entitled to various perks and benefits. The IBPS PO basic salary in hand per month is rupees 35000. Following are some of the benefits enjoyed by bank probationary officer. Let’s have a look
- Dearness allowance
The revised dearness allowance is 33.7% of the basic pay. As per the current rate, the dearness allowance will be rupees 8000.
- City compensatory allowance
It is a kind of allowance which is given to the employee by banks in order to compensate for the high cost of living.
There is a lot of growth opportunity if you join as a PO in the bank you can reach to higher post as per your expertise and experience.
In the duration of 14 years, you can be a general manager. The bank has revised the promotional policy schemes which give the deserving candidates a chance to reach the top.
Yes, many public sector banks have a network of foreign branches. Thus joining a public sector bank will offer you an opportunity of working abroad.
SBI PO Salary Package 2020 in India
|SBI PO Basic Pay||Rs. 27620/- (4 Increments also applicable)|
|Dearness Allowance (DA)||46.9% of the Basic Pay (Revised Quarterly)|
|(CCA)||This varies with the place of posting at 4% or 3%.|
|HRA||9%, 8% or 7% (Depends on the place of posting)|
|Furniture Allowance||Rs. 120000/-|
|Medical Insurance||100% medical coverage for SBI employees and 75% for their family members|
|Travelling Allowance||For official travels, reimbursement of AC 2-tier fare is provided|
|Petrol||Approx. Rs. 1100-1250|
Given below is the table regarding po salary after 1, 3, 5 and 10 years as per post.
Bank PO Career and Promotions in Banking Sector with Salary
|एसबीआई पीओ सैलरी 2020|
|Scale I: Officer i.e. PO||23700 – 980 – 30560 – 1145 – 32850 – 1310- 42020|
|Scale II: Manager||31705 -1145 -32850 -1310 -45950|
|Scale III: Senior Manager||42020 -1310 -48570 -1460 -51490|
|Scale IV: Chief Manager||50030 -1460 -55870 -1650 -59170|
|Scale V: Assistant General Manager||59170 -1650 -62470 -1800 -66070|
|Scale VI: Deputy General Manager||68680 -1960 -76520|
|Scale VII: General Manager||76520 -2120 -85000|
|Executive Director (ED)||Approx 1.5|
Note: – Pay scale of IBPS PO may be changed according to the location and bank-wise. Salary in Metro and Rural Cities may differ.
The salary of IBPS PO is same in India in cities such as Hyderabad, Jaipur, Kolkata, Assam, Madhya Pradesh, Odisha, Punjab, Rajasthan, Tamil Nadu, Uttar Pradesh etc.
I hope you like the above information regarding IBPS PO salary and allowances. The perks and benefits are numerous in pursuing a job in a bank as the PO officer.
If you have any queries you can reach us through the below comment box. If I missed something you could mention your views in the below box. Your suggestions are valuable to us. We will try our best to respond to you as early as possible.
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