IBPS PO Salary Structure 2021| Components & Added Allowance in IBPS PO.

The IBPS PO official notification has already been released by IBPS. Probationary Officer (PO) is the most sought-after job as it provides the assistant bank manager position in public sector banks. The PO position is not only very reputed but it also has its own perks and allowances. To become an IBPS PO the aspiring candidate must apply and succeed in achieving all the IBPS PO Cut Off Marks in the IBPS PO Exams and Interview. The aspirants of the IBPS PO exam must be very curious to know about the IBPS PO Salary Structure and allowances provided to them. Here it is also mentioned about the salary structure in the upcoming 2 to 6 years. Bank employees’ salaries revision occurs based on bipartite settlement.

Click here to view the IBPS PO Official Notification

IBPS PO Salary Structure 2021:

The basic pay of an IBPS PO is the most attractive part of the IBPS PO position. Apart from the basic pay an IBPS PO also gets benefits like leased accommodation, travel allowances, medical aid, newspaper reimbursements, etc.

• Basic Pay of IBPS PO: The revised IBPS PO basic pay salary according to the bipartite settlement is Rs.23700.
• IBPS PO Special Allowances: According to the updated IBPS PO salary structure, IBPS PO Special Allowances is included and it is 7.75 % of the basic pay.
• DA (Dearness Allowance) of IBPS PO: IBPS PO Dearness Allowance is almost 39.80% of the basic pay. In the last wage revision of the bank, the IBPS PO Dearness Allowance has been included. IBPS PO Dearness Allowance is revised every 3 months based on All India Consumer Price Index Data.
• CCA (City Compensatory Allowance) IBPS PO: IBPS PO CCA is based on the type of city, this allowance is set: Rs.870. it may vary from 0%, 3%, or 4%.

Other allowances include the following: –

• HRA (Home Rent Allowance): Rs.2133
• Gross with HRA: Rs.38703.38
• Medical Aid: Rs.8000
• Entertainment: Rs.500
• Petrol: Rs.3000
• Canteen Subsidy: Rs.400
• Newspaper: Rs.300
• Telephone: Rs.400
• Pension Contribution: Rs.2500
• Gross Annual CTC (with HRA but without leased accommodation): Rs.557640

Furthermore, the POs will get an annual increment of Rs.980 for 7 years which will lead to the following:

• Basic pay after 7 years: Rs.30560
• The basic pay after 2 more years: Rs.32850
• Basic pay after 7 more years: Rs.42021

Click here to check the IBPS PO Exam Pattern

IBPS PO Salary Structure: Major participating banks: –

1. State Bank of India
2. Allahabad Bank
3. Bank of Baroda
4. Bank of Maharashtra
5. Punjab National Bank
6. ICICI Bank
7. Oriental Bank of Commerce
8. Cooperative Bank
9. Cooperation Bank
10. Syndicate Bank
11. HDFC Bank

To view, the IBPS PO Cut off marks click here

IBPS PO Career Growth and Promotion Structure:

• Junior Mgmt Grade: – Scale I: Officer (PO) – The salary of a JMGS I ranges from Rs.23700 to Rs.42021.

Other higher rank officer’s promotion is listed below:

• Middle Mgmt Grade: – Scale-II: Manager – The salary of an MMGS II ranges from Rs.31705 to Rs.45950.
• Middle Mgmt Grade: – Scale III: Senior Manager – The salary of an MMGS III ranges from Rs.42021 to Rs.51490.
• Senior Mgmt Grade: – Scale IV: Chief Manager – The salary of an SMGS IV ranges from Rs.50030 to Rs.59170.
• Senior Mgmt Grade: – Scale V: Assistant General Manager – The salary of an SMGS V ranges from Rs.59170 to Rs.66070.
• Top Mgmt Grade: – Scale VI: Deputy General Manager
• Top Mgmt Grade: – Scale VII: General Manager
• Executive Director (ED)
• Chairman and Managing Director (CMD)

IBPS PO Perks:

The IBPS PO position has its perks which are as follows: –

1. Leased Accommodation: In place of HRA this facility is available to PO. Banks provide Official Bank Accommodation/ Bank Quarter as leased accommodation at some places.
2. Travelling Allowance: Some banks provide a fixed travelling allowance. Others allow reimbursements of petrol bills if bank PO owns a scooter or car.
3. Newspaper Reimbursement: A fixed amount for the cost of a newspaper is paid to the Probationary Officer.
4. Medical Aid: A fixed amount for medical aid is provided by all the banks.
5.  Benefits under New Pension Scheme.

See the IBPS PO Eligibility Criteria

IBPS PO Salary after 11th Bipartite Settlement:

According to the wage revision, 11th Bipartite has settled a 15% increase in the basic pay of an IBPS PO Salary. Expected hike in wages after the permission of the Indian Bank’s Association (IBA):

Click here to view the IBPS PO Syllabus

IBPS PO Promotion:

Well defined career options are provided by the various banks for all officers. Performance plays a crucial role in getting a promotion. Hard-working and knowledgeable employees will be posted in higher ranks in a very short period. In the public sector banks, also have the opportunity of growing abroad. Many banks also have their branches out of India. In 14 years, the General Manager’s post is reached by most of the bank’s officers. Preceding that is the post of the executive director or chairman of a bank which is the topmost post decided by the govt.

IBPS PO Salary Structure: IBPS PO Roles and Responsibilities:

In various banks the IBPS PO Roles and Responsibilities are as follows:

• Multi-tasking: POs work in all departments of the bank which involves various banking activities.
• Supervising: They have to supervise bank clerks in their departments.
• One of the biggest responsibilities of an IBPS PO is to verify documents, do the necessary formalities and process loans.
• Practical knowledge has to be earned to work efficiently in all the departments of the bank: finance, accounts, marketing, loans, etc.
• Another important responsibility of an IBPS PO is Customer Support and Services. Handling customer queries is an imp. job of an IBPS PO. Queries relating to the issue of a cheque book, opening bank a/c, demand draft, etc.

One of the best white-collar jobs in the country is the position of an IBPS PO. It has huge competition as it is a govt. job and provides great salary and growth opportunities along with reputation. It provides a scope to learn a huge variety of things. So, the entrants must be well prepared for the IBPS PO exams and interview. They should also be aware of the cut off marks which will help them to secure their aim.

IBPS PO Salary FAQs

Author: Silpi Ghosh

A passionate writer and education enthusiast. Looking forward to the digitization of education and helping students in achieving their goals.

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