IBPS PO Salary 2021: As we all know, the Institute of Banking Personnel Selection releases the notification for the recruitment of Probationary Officers every year. All those students who are preparing for the IBPS PO examination 2021, must be curious to know the IBPS PO Salary 2021. So, in this article, we are going to provide you the details of IBPS PO Salary 2021 which will include all the information on In-hand Salary, allowance, perks, job profile, and promotion criteria.
The notification for IBPS PO 2021 is expected to be out soon in August 2021. IBPS recruits the candidates based on the 3 stages which are preliminary examination, followed by the mains examination and interview round. A candidate must to qualify all the stages in order to get selected for the IBPS PO 2021. The candidates who are willing to work in PSUs must be well aware of the salary structure and perks offered by the banks.
Major Banks Participating
Let’s take a look at all the banks who have participated in this year recruitment process:
- Canara Bank
- Indian Overseas Bank
- Central Bank of India
- UCO Bank
- Bank of Baroda
- Punjab National Bank
- Union Bank of India
- Bank of India
- Indian Bank
- Punjab & Sind Bank
- 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 You can check the latest salary withdrawn by Probationary Officers in 2021.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 students 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 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 a 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 city (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 the case of promotion i.e. the merit channel and the normal channel. You can learn about the complete details from the link given below:
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 loans and manage all the departments of the bank including Accounts, Finance, Loans, Marketing, etc.
Frequently Asked Questions:
Q. What is the basic pay of IBPS PO?
Ans. The basic pay for a Bank PO is Rs. 36,000.
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.