IBPS PO Salary 2020 – Interested in knowing the salary of one of the most coveted jobs in India PO in a Public Sector Bank. Get all the small print about the salary offered to an IBPS PO and also all the relevant information associated with the perks and benefits.
IBPS PO Salary 2020 – In-hand Salary after 7th CPC, Pay Scale, Job Profile, Promotion
IBPS PO Salary 2020: The Institute of Banking Personnel Selection (IBPS), recruits candidates for the post of Probationary Officer every year. Applicants aspiring to crack IBPS PO 2020 exam are usually curious to know the salary structure, allowances, and other benefits. Know that IBPS PO House Rent Allowance HRA varies consistent with the place of posting and ranges from 7.0% to 9.0% of the essential salary depending upon the town type. The lucrative salary structure, career growth opportunities and job security offered are some of the explanations making IBPS PO one among the foremost sort-after jobs in India.
The basic pay for an IBPS Probationary Officer starts with Rs. 23700/-. Along with the basic pay, there also are other allowances like house rent, medical expenses, travel allowances & more.
In this article, we’ve provided complete details on IBPS Bank PO In-hand Salary Slip & Gross Salary Structure, Allowances, Benefits/ Perks, Job Profile, Career Growth & more.
IBPS PO Notification 2020 – Important Highlight
|Eligibility||Age – 20 to 30 Years, Education- Graduate|
|Recruitment Process||Prelims + Main + Interview|
|Medium of Exam||English and Hindi|
|Online Application Process||5 Aug to 26 Aug 2020|
|Subjects||Quantitative Aptitude, English Language, Reasoning Ability & Computer and General Awareness|
|Prelims Exam Date||3rd, 10th and 11th October 2020|
|Main Exam Date||28th Nov 2020|
IBPS PO Salary: Basic Pay
The Basic IBPS PO Salary is 23700-(980×7)-30560-(1145×2)-32850-(1310×7)-42020
This means upon joining, the Probationary Officers will get a Basic Salary of Rs 23700. In addition to that, there will be other allowances. The POs will also get an annual increment of Rs 980 for 7 years. Check the table below for details:
|Initial IBPS PO Basic Pay||Rs. 23700/-|
|Basic Pay after 7 years (1st Increment)||Rs. 30560/-|
|Basic Pay after 2 more years (2nd Increment)||Rs. 32850/-|
|Basic Pay after 7 more years (3rd Increment)||Rs. 42020/-|
IBPS PO Salary: Allowances
Let us now look into the other allowances included in the IBPS PO Salary that is calculated on the Basic Pay:
- Dearness Allowance (DA) – Dearness Allowance is revised quarterly supported the CPI (Consumer Price Index). DA forms around 40% of the Basic Pay. It is to be noted that since DA depends upon CPI, it can increase or decrease supported the inflation rates.
- House Rent Allowance (HRA) – HRA depends upon the Town/City of posting of the Probationary Officers. Based on whether or not they are posted in metropolitan cities, big cities or other locations, the HRA is often 9%, 8% or 7% of the essential Pay.
- Special Allowance – The Special Allowance is 7.75 you look after the essential Pay.
- City Compensatory Allowance (CCA) – The CCA too, is just like the HRA, which depends upon the Town/City of posting. It is often 4%, 3% or 0% based on the work location.
The total In-hand IBPS PO Salary including of these allowances is thus around Rs 37360 to Rs 38700/-
|IBPS PO Salary Allowances|
|Dearness Allowance (DA)||75.9% of the basic pay. It has been increased by 1.4. DA is revised every 3 months.|
|House Rent Allowance (HRA)||
|Special Allowances (SA)||7.75% of the basic pay.|
|Other Allowances (Depends on Bank to the bank)||
IBPS PO Perks
1. Leased Accommodation: this facility is available to PO in place of HRA. At some places, banks provide Official Bank Accommodation/Bank Quarter as leased accommodation. This amount is not available as a cash component and will directly go to the house owner – you have got leased.
2. Travelling Allowance: Few banks provide fixed Traveling Allowance whereas others allow reimbursement of petrol bills i.e. Bank officers must own a scooter/car at the place of posting.
3. Newspaper Reimbursement: a hard and fast monthly amount is paid towards the value of 1 newspaper to the Probationary Officer.
4. Medical Aid: A fixed annual amount is paid by most of the banks (The revised amount is Rs8000/- p.a.).
5. Benefits under NPS (10% of basic pay+DA is deducted)
IBPS PO In-Hand Salary 2020
For new recruits, the probationary officer draws in-hand salary of Rs 42000/-44000/(approx) (depends on bank to bank and place of posting)
- Officers in IBPS PO draw salary almost equal to other probationary officers
- After selection as a probationary officer, the candidate has to serve a minimum of 2 years of probation. An employee is eligible for increments during his/her probation.
- After completing of Probation periods as mentioned by the bank, candidates start working as Probationary Officer.
- Employees based on their performance can grow in the organization for the upper posts.
IBPS PO Promotion
There is a well-defined career path in each public sector bank. Performance and potential are vital elements that determine career progression in the banking sector. Most senior officials publicly sector banks started their career as a scale-I officer only.
In tune with the time banks have reviewed their promotion policy and now for bright, hardworking and knowledgeable employees, it takes less time to maneuver to higher scales.
In many banks, an individual who joined as an IBPS PO may reach to the position of the head in 14 years. After that one can aspire for the position of an executive or chairman of a bank. These are very high positions, nomination to which is set by the govt and not by the individual banks.
Most public sector banks have a network of foreign branches. Thus, joining a public sector bank gives you the chance of working abroad also. Transferability during a bank job provides you the prospect of seeing different parts of the country. Hence, IBPS PO Promotion is very lucrative.
IBPS PO Career Growth
- Junior Management Grade – Scale I: Officer i.e. PO
- Middle Management Grade – Scale II: Manager
- Middle Management Grade – Scale III: Senior Manager
- Senior Management Grade – Scale IV: Chief Manager
- Senior Management Grade Scale V: Assistant General Manager
- Top Management Grade Scale VI: Deputy General Manager
- Top Management Grade Scale VII: General Manager
- Executive Director (ED)
- Chairman and Managing Director (CMD)
This was all about IBPS PO in-hand salary and gross salary details with other benefits, career growth, and job profile. We hope this article will help you resolve all your queries regarding IBPS PO. In case you have any issues, you can let us know below in the comment section.