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.
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.
Let us discuss each aspect of the IBPS PO Salary in detail.
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).
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.
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.
Based on the Posting location (metro city, big city, and other locations), HRA will be 9%, 8%, or 7%.
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.
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.
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
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:
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.
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
The day-to-day responsibilities of an IBPS PO will include the following:
Understanding these responsibilities will give a clear picture to the candidates aspiring to join the public sector banks.
The IBPS PO Salary Slip includes the following information:
|Salary/ Allowance||Rs.||Deductions / Recoveries||Rs.|
|Basic Pay||36,000.00||Prof. Tax||200|
|H.R.A||3,240.00||Cont. to NPS||–|
|C.C.A/ Loc. A||1,400.00||–||–|
|Gross Salary||57,289.70||Total Deductions||4,659.32|
|Payee Branch:||Net Salary||52, 630.38||–|
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|
|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.
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|
|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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