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Every year, the Institute of Banking Personnel Selection (IBPS) conducts an IBPS PO to recruit possible candidates for probationary officer roles in more than 20 participating public sector banks.
Every year, the Institute of Banking Personnel Selection (IBPS) conducts an IBPS PO to recruit possible candidates for probationary officer roles in more than 20 participating public sector banks. Thousands of candidates studying for the exam would have a lot of concerns about what life would be like if they apply for the exam and, most importantly, what would be the IBPS PO salary.
We want to give you a peek at the IBPS PO salary, work benefits, allowances and promotions in this article to help you make a decision.
IBPS PO SALARY IN HAND
A bank PO’s basic salary upon joining the bank is Rs. 23,700. The Probationary Officer, however, receives additional allowances exclusive of the basic pay. There is also the provision of an annual increase for the person working on the Bank PO post.
IBPS PO ALLOWANCES
The most appealing thing about working in an IBPS PO job is the allowances that you get on top of the basic wage. It is also important to remember that allowances can differ from bank to bank and the location of the bank, unlike basic pay that stays the same regardless of bank and location. After including allowances, the average IBPS PO salary in hand reaches Rs 37360 to Rs 38700.
Dearness Allowance (DA)
The allowance is updated on a quarterly basis on the basis of the current CPI and, according to time and CPI value, may increase or decrease. Around 40 per cent of the overall basic pay is created by the DA.
House Rent Allowance (HRA)
This is based on the area of posting of probationary officers. The HRA could be 9 per cent, 8 per cent or 7 per cent of the basic pay, given whether they are posted in metropolitan or large cities, rural areas, or different areas.
Special Allowance
The Special Allowance is 7.75 per cent of the Basic Pay.
City Compensatory Allowance
The CCA is in the nature of the HRA, depending on the location of the posting. It can be 4 per cent, 3 per cent or 0 per cent based on the location of the job.
Bank PO Perks and Benefits
The handling of such an important PO position in the bank makes use of other salary benefits that include some additional allowances and benefits which are called IBPS PO salary in hand, such as those mentioned below:
- Accommodation Lease: In a few areas, the bank gives POs accommodation and quarters. In such cases, where the accommodation is provided by the bank, the HRA shall not be given to the employee. The sum goes directly to the owner of the apartment or the apartment.
- Travel Allowance: In addition, the bank grants Travel Allowances to POs, or they may opt for a refund on petrol or vehicle.
- Self and Family Medical Aid
- Newspaper Reimbursement
- Government’s New Pension Schemes
Bank PO Promotions
A person who has been selected for the position of IBPS PO and IBPS PO salary in hand has ample chances of growth both at a career level and at a personal level. A Candidate receives promotions that are entirely based on their performance, and anyone will become General Manager in just 14 years. The level of promotion shall include:
Middle Manager – Scale 2
Senior Manager – Scale 3
Chief Manager – Scale 4
Assistant General Manager – Scale 5
Deputy General Manager – Scale 6
General Manager – Scale 7
Executive Director
Chairman and Managing Director