IBPS PO Salary: While checking on the Institute of Banking Personnel Selection (IBPS) PO Notification after checking out the number of vacancies, students will go for the IBPS PO Salary. They are eager to know the salary as per the post they want to apply for.
IBPS is responsible for hiring clerks in multiple national public sector banks. The recruiting test, which is held every year, is used to ease the selection process. IBPS expected to announce over 3517 vacancies for the 2021 IBPS PO this year. It is a fantastic platform for one, who wants to work in the banking and finance industry.
So, if you are aiming for the IBPS PO 2021 Exam and want to know the IBPS PO Salary structure, job profile, and so on, read this article to the end.
IBPS PO Salary 2021
The banks that give their name to the Institute of Banking Personnel Selection – IBPS, are generally responsible to decide the exact IBPS PO salary and increment to be done into it as the candidate gets on payroll and gets the promotions.
All the banks which are conducting the recruitment process with the help of this IBPS PO Exam, have a similar kind of payment structure only. If there is a difference with respect to the different banks, then it will be very negligible. It is very important for all the candidate who applies for the post of the IBPS Probationary Officer to know about the IBPS PO Salary.
He/she must also understand his job profile, he/she should have a sound knowledge of what exactly he/she will be doing in the bank if he/she clears the IBPS PO exam and gets hired by the public sector banks. The IBPS recruiting body generally pays a good and attractive amount to all the candidates it takes inside.
The candidates who clear all the rounds also get the benefit of the perks, and other special allowances. Stay connected with us and read till the end to understand the IBPS PO Salary, Job Profile, and Career Growth, and many other important related details to it.
IBPS PO 2021 Participating Bank
The participating banks for the IBPS PO 2021 will be updated with the IBPS PO 2021 Recruitment notification. Check out the list of participating banks from the table below:
|Banks Participating In IBPS PO|
|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|
IBPS PO Salary | Salary Structure 2021
The below table represents the salary structure of the IBPS PO selected candidates –
|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 mentioned below:
|Increment Percentage||Basic Pay||Gross Salary|
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IBPS PO Salary | Income In India After Bipartite Settlement
Every five years, wage revisions at public sector banks take place. From November 1, 2017, the 11th bipartite agreement is due. Salary modifications for bank POs are made based on a bipartite agreement.
Therefore, the salary for IBPS PO 2021 will be decided based on the 11th Bipartite Agreement.
IBPS PO Salary Slip
The payslip of an employee for the IBPS PO Post is shown below for your reference.
IBPS PO | Perks And Allowances
The following are the benefits that an IBPS PO employee receives:
- Leased Accommodation – This benefit is dependent upon the place of posting and is available to the bank officers. Some banks provide official bank accommodation/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 Salary | Promotions 2021
- The career path that is being followed in the public sector bank is extremely remarkable.
- The quarterly or yearly based performances of the candidates and the exact fruits given by the candidates play a vital role in this. This entire data decides that whether he shall be promoted or not.
- There is a great potential of reaching and acquiring the position of General Manager. It might take a time span of 14 years to acquire that position based on the output and the KRA’s fulfilled by the candidates respectively.
- The candidates can further admire to get to the level of the chairman of the respective bank or its executive director. This sounds exciting, doesn’t it? All of these positions are of extremely higher level. The nomination for the same is not done by the banks themselves but it is done by the government itself.
- The candidate can also get the chance to have a foreign tour. He might get the opportunity to completely settle there. Henceforth, if you perform well, then you can get to experience foreign life as well. This set pattern of transferability makes the public sector bank jobs highly loved by the candidates.
IBPS PO Salary | Job Profile 2021
The IBPS Probationary Officer’s Job profile is one of the most prestigious profiles you will ever come across. We have mentioned some of the most important details regarding this below, so have a look into it and get an idea of what you shall be going if you get hired at the IBPS Probationary Officer position –
- One of your IBPS PO Job profiles 2021 would be to work as the Public Relations Officer. So, indeed it requires good interpersonal skills and overall personality that will help to maintain good and long-term relations with your clients.
- Apart from the above, the candidate will also be responsible to perform the rectification process that is related to all the charges which are not due anymore. This set of responsibility requires a huge presence of mind and attentiveness as any error by your end would not be entertained by the Bank Officials by any means.
- The candidate will also be working directly into the department that utilizes the knowledge with regards to the investments, accounting, billing structures, financial calculations, and market trends too.
- As a part of the candidate’s daily routine, he or she will be required to prepare and maintain the accounts, do the scrolling and posting as well.
- As a part of the profile – IBPS Probationary Officer, the candidates will also be indulged into having the responsibility of directly communicating with the customers or clients – where their main job role would be to answer all the customer-related complaints with peace of mind and patiently. They will also be responsible to take care of all the discrepancies that might occur in the accounts.
- If the candidate manages to achieve the post of the IBPS Probationary Officer, then his job profile will also include the role of managerial tasks – He will be required to supervise all the clerks, assign them to task daily, monitoring their work, proper Maintainance of the cash balances and will also be involved in the important decision-making process.
All of these responsibilities are subject to vary once the candidate completes his probation period of the 2 years as the Management Trainee – post this, he will be promoted to the higher-level position namely Assistant – Bank Manager. This particular profile involves the handling of the day-to-day transactions done by the customers and managing the cash-related entries, issuing the demand drafts, ATM Cards, checkbooks, and clearing the cheque further.
IBPS PO Salary | Career Growth 2021
In the below section, we are going to discuss the life cycle of the IBPS Probationary Officer Job Profile, you will get to know here which will be your immediate levels of promotional profiles. We have mentioned the name of those profiles just beneath this line –
- SCALE 1st – Probationary Officer, PO ( Junior Management Grade )
- SCALE 2nd – Manager ( Middle Management Grade )
- SCALE 3rd – Senior Manager ( Middle Management Grade )
- SCALE 4th – Chief Manager ( Senior Management Grade )
- SCALE 5th – Assistant General Manager ( Senior Management Grade )
- SCALE 6th – Deputy General Manager ( Top Management Grade )
- SCALE 7th – General Manager ( Top Management Grade )
- SCALE 8th – Executive Director, ED
- SCALE 9th – Chairman and Managing Director, CMD
So, above is the hierarchy of the Probationary Officer’s career growth. You can check more about their profile by deeply searching for them.
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Also, note that with each level of the hierarchy you pass or get promoted to, that your salary will be getting increased as well. So, performing well with intelligence will play a major role and skill set here to get the promotion and growth in your career.
Frequently Asked Questions Related To IBPS PO Salary
1. What is the exact probation time period for the IBPS Probationary Officer Post?
The candidate has to work as the IBPS probationary officer for at least two years in a row.
2. What is the starting salary range that goes for the IBPS Probationary Officer post?
The candidate will be getting IBPS PO Salary somewhere between 23,700/- Indian Rupees to 42,020/- Indian Rupees at the starting stage of the recruitment.
3. Can we call the IBPS Probationary Officer job the permanent one?
Yes, you can call the IBPS Probationary Officer job the permanent one. But this shall be applicable only after successfully completing the probation time period of 2 years.
4. Are there any allowances provided to the candidates when they get hired at the post of the IBPS Probationary Officer?
Yes, there are a lot of allowances provided to the candidates when they get hired at the post of the IBPS Probationary Officer. Read out the complete article to find IBPS PO Salary allowances details.
5. In how many years, can the candidate acquire the position of executive director from PO in the bank?
As per the promotional hierarchy in the banks, the candidate will take almost 14 years from PO post to reach that level.
6. How much medical aid allowance is paid in IBPS to the candidates in the public sector banks?
The medical aid allowance that is being paid to the IBPS candidates in the public sector banks is approximately 8000/- Indian Rupees per annum. This amount remains fixed by all the banks.
7. What is the full form of the IBPS PO?
The full form of the IBPS PO is Institute of Banking Personnel Selection Probationary Officer.
We have covered a detailed guide on the IBPS PO Salary. If you have any queries related to IBPS Exam, feel free to ask us in the comment section below.