IBPS PO Salary 2020: In-hand Salary Slip, Allowance, Jobs profile & Perks

IBPS PO 2020- IBPS PO is the most desirable and lucrative job profile in the town and out of 10 persons there would be 1 person who had thought to get a job as a Bank Prohibitory Office once in a lifetime. Every year IBPS conducts a recruitment exam inviting candidates to grab the opportunity of bank PO posts in public sector banks. Recently IBPS has announced the increased vacancies to 2557 for the post and lakhs of candidates are going to appear in the re-examination of the Prelims exam that is to be held on 5th/6th January 2021, for which IBPS has re-opened the online application window till 11th November 2020. This will help many IBPS PO aspirants who could not apply earlier because their respective universities postponed the declaration of their graduation results. Now they have a chance to appear for the IBPS PO prelims.

This banking sector post not only gives a reputed job profile but many candidates are also attracted due to the handsome salary package offered. Look out the detailed salary package of a Bank PO after 7th Pay Commission, perks, allowances & job Profile in the article below. 

Also Check,

IBPS Clerk Vacancies Increased: Check Updated IBPS Clerk Vacancy 2020 State wise
IBPS PO Apply Online 2020 Link Re-opened: Online Application Last Date 11th November
IBPS PO Vacancy 2020 Increased: Check Additional IBPS PO Vacancies

 

IBPS PO Selection Process 2020: Check PO Prelims, Mains & GD/Interview Process

Major Banks Participating

Let’s take a look at all the banks who have participated in this year recruitment process:

  1. Canara Bank
  2. Indian Overseas Bank
  3. Central Bank of India
  4. UCO Bank
  5. Bank of Baroda
  6. Punjab National Bank
  7. Union Bank of India
  8. Bank of India
  9. Indian Bank
  10. Punjab & Sind Bank
  11. Bank of Maharashtra

 IBPS PO Salary-in hand 

IBPS PO Salary 2020: The revised basic IBPS PO salary structure (as per 10th Bipartite settlement) is rupees 23700 – (980 x 7) – 30560 – (1145 x 2) – 32850 – (1310 x 7) – 42020. It means Basic Salary of IBPS PO after 7 Years – Rs 30,560, Basic Salary after 7 + 2 Years – Rs 32,850, and Basic Salary after 7 + 2 + 7 Years – Rs 42,020

The Salary structure breakdown for IBPS PO 2020 is mentioned in the table below.

IBPS PO Salary Structure 2020
Basic Pay RS. 23,700
Special Allowance Rs. 1,836.75
Dearness Allowance  Rs. 10,163.63
CCA Rs. 870
Total pay (without HRA) Rs. 36,570.38
House Rent Allowance Rs. 2,133.00
Gross salary with HRA Rs. 38,703.38

IBPS PO Increment policy
The IBPS PO follows a timely increment in the pay of the IBPS PO officer as given below:

Increment Percentage Basic Pay Gross Salary
15 % Rs.26,706/- Rs.37,068/-
20 % Rs.27,866/- Rs.38678/-
25 % Rs.29,026/- Rs.40,288/-
30 % Rs.30,187/- Rs.41,899/-

IBPS PO Salary Slip

Read out the details that are mentioned in the IBPS Probationary Officer Salary Slip . You can  go through this Pay slip for your reference to get an idea about the salary which is credited in the account of an IBPS PO.

IBPS PO Salary

IBPS PO Preparation Tips 2020: Best Preparation Strategy For IBPS PO Exam 2020

IBPS PO 2020 Perks

A candidate selected as an IBPS PO gets many attractive allowances along with the handsome salary and some of them are mentioned below with explanation:

IBPS PO Basic Pay Rs 23700/- ( There are Increment that are done  in 4 stages)Salary after 1st Increment- Rs. 30560/-

 

Salary after 2nd Increment-Rs. 32850/-

Salary after 3rd Increment- Rs. 42020/-

House Rent Allowances( H.R.A) 7%-9% of the basic pay
Dearness Allowance (D.A) 39.8% of the Basic Pay
City Compensatory Allowance (CCA) 3% or 4%(depending on the place of posting)
Special Allowance (S.A) 7.75% of the basic pay

IBPS PO House Rent Allowance (HRA): House Rent allowance varies  according to place of posting and usually is in the range of  9.0% or 8.0% or 7.0% of the basic salary depending upon type of cities (i.e., metros, big cities or other locations).

IBPS PO Dearness Allowance (DA): IBPS PO offers Dearness Allowance (DA) to its officers and is given to the employees as a percentage of the basic salary (In January 2016, it was around 39.8% of the basic salary). This dearness allowance  is revised every three months based on the All India Consumer Price Index Data published by the Ministry of Statistics and Program Implementation, Government of India.

IBPS PO Special Allowance (SA):This allowance is recently added in the wage and  It is about 7.75% of the basic pay. It came into effect from 01.01.2016.

IBPS PO City Compensatory allowance: It varies from city to city and based on the type of city, it might be 0%, 3% or 4%.

There are some other perks of an IBPS Probationary Officer such as: Traveling Allowance, Newspaper Reimbursement, Medical Aid, Benefits under New Pension Scheme etc. Overall If we sum up then the salary may be 35,000+ rupees.

Also Check; IBPS PO Syllabus 2020: Subject-Wise Prelims+ Mains Syllabus And Exam Pattern

IBPS PO Career Growth 2020

It offers a great career growth for young and bright students. The banks  follow uniform guidelines issued by the Ministry of Finance, Government of India, regarding promotion policy matters. There are two two channels in case of promotion i.e. the merit channel and the normal channel. You can learn about the complete details from the link given below:

Promotional Channels

The salary of Officer appointed in JMGS I (Junior Management Grade Scale I) or probationary officers in banks ranges from Rs. 23700 to Rs 42020.

As the career of the probationary officer grows the scale and salary of the person increase.

MMGS II (Middle Management Grade Scale II): The salary ranges from 31705 to 45950.

MMGS II (Middle Management Grade Scale III): The salary usually ranges from 42020 to 51490.

SMGS IV (Senior Management Grade Scale IV): The salary usually  ranges from 50030 to 59170.

SMGS V (Senior Management Grade Scale V): The salary usually ranges from 59170 to 66070.

Job Profile of a Bank PO:

The role of a Bank PO in public sector banks is to oversee all the banking activities happening in his branch. A bank PO is also responsible for processing of loan and manage all the departments of the bank including Accounts, Finance, Loans, Marketing, etc. 

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Frequently Asked Questions:

Q. What is the basic pay of IBPS PO?

Ans. The basic pay for a Bank PO is 23700/-.

Q. What is selection process of IBPS PO?

Ans. The selection process of IBPS PO consists of Prelims Exam, followed by Mains Exam and a final Interview Round.

Q. What are the allowances that a PO avail?

Ans. Various allowances like House Rent Allowance, Dearness Allowance, City Compensatory Allowance, and many other special allowances are provided to the Prohibitory officer during their service period.