IBPS PO Salary 2024, In Hand Salary, Perks & Allowances

IBPS PO Salary

The role of Probationary Officer (PO) has immense significance, representing the gateway to a rewarding and fulfilling career in the banking sector. Aspiring individuals who embark on the journey of becoming an IBPS Probationary Officer find themselves at the intersection of opportunity and responsibility, entrusted with the task of driving innovation, fostering financial inclusion, and shaping the future of banking. The initial basic pay of IBPS PO is ₹ 36,000 and in addition the employees receive various perks and allowances. The given article provides complete details regarding IBPS PO Salary.

IBPS PO Salary 2024

Every year the Institute of Banking Personnel Selection selects candidates for the position of Probationary Officers to work in the various public sector banks all across the country. The basic pay of Probationary Officers is Rs.36,000 and they receive an overall in-hand salary between Rs. 52,000-Rs.55,000. The IBPS PO Salary includes the Dearness Allowance(DA), House Rent Allowance(HRA), City Compensatory Allowance (CCA), Special Allowances, etc. which makes the overall salary lucrative. The job profile of a Probationary Officer is also diverse and they get ample opportunities to advance their career.

IBPS PO Salary Structure

The IBPS PO Salary Structure is important for the candidates. The convenience of special allowances, perks, and HRA are also included in the IBPS PO Salary. The Gross IBPS PO Salary is estimated to be around Rs. 57,000. After deduction practice the candidate’s in-hand salary will be approximately Rs.52,000-Rs. 55,000. IBPS PO Salary 2024 Structure is given below.

IBPS PO Salary Slip

Here for the reference of candidates, we have added the IBPS PO Salary Slip. This payslip provides an overview of the salary structure and components. Please note that the actual payslip may vary depending on various factors such as allowances, deductions, and other applicable rules and regulations.

IBPS PO Salary 2024: Deductions

There are certain statutory deductions as per the rules, banks has to deduct amount before monthly salary payments. The deductions are also required for the calculations of individual’s income tax. The deductions are mentioned in the table below

IBPS PO Salary: Perks & Allowances

The detailed allowances and benefits that are offered as a part of IBPS PO Salary 2024 are mentioned below.

1. House Rent Allowance (HRA): The HRA for IBPS PO is calculated based on the place of posting and can range from 9.0%, 8.0%, or 7.0% of the basic salary, depending on whether the posting is in metros, big cities, or other locations.
2. Dearness Allowance (DA): IBPS PO officers receive DA, which is a percentage of the basic salary. Currently, it is approximately 36.8% of the basic salary. The DA is revised every three months based on the All India Consumer Price Index data.
3. Special Allowance (SA): This allowance was introduced on 01.01.2016 and is about 7.75% of the basic pay.
4. City Compensatory Allowance: The City Compensatory Allowance varies based on the city type and can be 0%, 3%, or 4%.

In addition to these allowances, there are other perks and benefits for IBPS Probationary Officers, including Traveling Allowance, Newspaper Reimbursement, Medical Aid, and benefits under the New Pension Scheme.

IBPS PO Salary: Job Profile & Promotion

IBPS PO is a highly regarded job in the banking sector and offers numerous attractive benefits to its employees. Here is the detailed job profile for IBPS PO.

1. Assisting customers in resolving their queries at the branch level.
2. Overseeing and managing day-to-day operations and activities of the branch.
3. Handling public relations and addressing customer issues and concerns.
4. Managing and processing customer transactions, including loan applications.
5. Actively contributing to business development by attracting new customers and promoting bank services and products.

IBPS PO provides excellent career opportunities for talented and ambitious individuals. The banks adhere to standardized guidelines set by the Ministry of Finance, Government of India, for promotion policies. Promotion in IBPS PO can be achieved through two channels: the merit channel and the normal channel.  Here is the career growth of IBPS PO 2024.

1. Middle Manager – Middle Management Grade Scale 2
2. Senior Manager – Middle Management Grade Scale 3
3. Chief Manager – Senior Management Grade Scale 4
4. Assistant General Manager – Senior Management Grade Scale 5
5. Deputy General Manager – Top Management Grade Scale 6
6. General Manager – Top Management Grade Scale 7
7. Executive Director
8. Chairman and Managing Director

IBPS PO Promotional Channels

As the career of the probationary officer grows the scale and salary of the person increase. Here are the details on the Promotion of IBPS PO.

1. MMGS II (Middle Management Grade Scale-II): The Basic salary ranges from 31705 to 45950.
2. MMGS III (Middle Management Grade Scale III): The Basic salary usually ranges from 42020 to 51490.
3. SMGS IV (Senior Management Grade Scale IV): The Basic salary usually ranges from 50030 to 59170.
4. SMGS V (Senior Management Grade Scale V): The Basic salary usually ranges from 59170 to 66070.

IBPS PO Promotion Policy

When it comes to the Promotion Policy terms, a major number of public sector accesses the guidelines regulated by the Ministry of Finance. The public sector banking systems channel two promotion terms i.e. normal channel and merit channel. IBPS PO Salary 2024 structure has been also regulated through some terms that you can read in this article.

IBPS PO Salary: Know the Annual Pacakage

The participating banks offers a competitive annual salary package to POs recruited through IBPS PO examination. The annual package comprises basic pay along with various perks and allowances, which shall be accumulated to be around ₹6.5 lakhs. Additionally, IBPS POs may qualify for performance-based incentives and bonuses, augmenting their overall earnings. Understanding the annual salary package is crucial for individuals aspiring to join the banking sector as a Probationary Officer through the IBPS recruitment process.

IBPS PO Participating Banks

Along with the IBPS PO Notification PDF, IBPS also notifies the list of participating banks taking part in the recruitment process. As per the previous year’s PDF, we have listed down the IBPS PO Participating Banks.

• Canara Bank
• Allahabad Bank
• Syndicate Bank
• Indian Overseas Bank
• Andhra Bank
• Oriental Bank of Commerce
• Central Bank of India
• UCO Bank
• Corporation Bank
• Bank of Baroda
• Punjab National Bank
• Bank of India
• Union Bank of India
• United Bank of India
• Punjab and Sind Bank
• Bank of Maharashtra