IBPS PO Salary 2021: In-hand Salary Slip, Allowance, Jobs profile & Perks

IBPS PO 2021- 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 Probation 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 the 7th Pay Commission, perks, allowances & job Profile in the article below. 

Also Check,

Study Plan for SBI IBPS Upcoming Exams 2021
RBI Office Attendant 10 Days Study Plan

 

IBPS PO Selection Process 2021: 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 2021: After a series of strikes in various banking institutions, employees got a raise last year. This actually benefitted the lives of the Bankers who were not paid as per the industry standards. You can check the latest salary withdrawn by Probationary Officers in 2021. We have also attached the Salary Slip of one of our student so that you can get an idea of perks and allowances in Banks. 

The Salary structure breakdown for IBPS PO 2021 is mentioned in the table below.

IBPS PO Salary Structure 2021
Basic Pay RS. 36,000
Special Allowance Rs. 5904
Dearness Allowance  Rs. 9424
Other DA Rs. 1702.75
Learning Allowance Rs. 600
House Rent Allowance Rs. 3200
CCA/LOC A Rs. 1400
Gross salary with HRA Rs. 58,271.55

IBPS PO Salary Slip

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

 

IBPS PO 2021 Perks

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

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 the 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 to 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.

IBPS PO Career Growth 2021

It offers 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 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 Basic salary ranges from 31705 to 45950.

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

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

SMGS V (Senior Management Grade Scale V): The Basic 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 loans 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 the 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. 

 

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