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Monthly Salary of Bank PO
Every year millions of candidates appear for the banking examinations for the post of Probationary Officers. Aside from the fact that it’s one of the most prestigious occupations in India, the Probationary Officers notice is released annually by SBI and IBPS. The Bank PO pay scale and benefits for 2024 must be of interest to all students who plan to take the banking examination in 2024. Thus, the IBPS and SBI Bank PO Salary 2024 are provided in this article, which will be beneficial for the students taking the test this year.
One of the most prominent positions in the banking industry is Bank PO. In addition to having the highest pay of any government position, bank officers also enjoy several benefits, which we will go over in this section. To fully grasp what they will receive after putting in a great deal of effort, it is crucial that everyone interested in banking or preparing for the banking exam read this article. Get an idea of the monthly compensation of a bank PO by reading the article below to see the salary of SBI and IBPS probationary officers.
Which Bank PO Salary is Highest?
This is one of the frequently asked questions. You’ll find below comprehensive details on the salaries of some of the top banking institutions, which will be very helpful in providing you with all the knowledge related to this question.
Salary of SBI PO?
One of the most common queries among candidates is the in-hand salaries of a probationary officer in SBI. Candidates pick SBI PO since they are aware of its high salary and benefits. You may learn everything you need about your job description, benefits, and income after passing the SBI PO Recruitment in this article.
An SBI PO is initially paid a basic pay of Rs 41,960 (with four advanced increments). A probationary officer’s pay scale is 36000-1490/7-46430-1740/2-49910-1990/7-63840, with four advance increments. Accordingly, the PO will start with a base pay of Rs 36000 and receive annual increments of Rs 1490 for the next seven years. After that, their base pay will be Rs 46430, with yearly increments of Rs 1740 for the next two years, and so on. The highest base pay of Rs 63840 will be offered.
|Rs 41960/- ( Increment in 4 stages-1st Increment- Rs. 41960-980/7)(2nd Increment-Rs. 48820-1145/2)(3rd Increment- Rs. 51110-1310/7)(4th Increment- Rs. 60280-4202)
|Dearness Allowance (DA)
|26% of the Basic Pay (Revised Quarterly)
|City Compensatory Allowance(CCA)
|3 to 4% of the Basic Pay
|House Rent Allowance(HRA)
|7 to 9% (Depending on the place of posting)
|100% medical coverage for SBI employees and 75% for their family members
|For official travels, reimbursement of AC 2-tier fare is provided
|Allowances for books, entertainment, newspapers, etc.
|Varies as per cadre
SBI PO Salary 2024: Perks
SBI PO Benefits as a Bank employee include the advantage of a stable career, employment stability, regular allowances, and raises. Thus, a large number of candidates find this position to be attractive.
The following are some additional perks along with salary:
- Medical insurance
- Cashless treatment in selected medical facilities around the country
- Newspaper allowance
- Books and magazines allowance
- Petrol allowance
- House maintenance allowance
- Telephone bill reimbursement
- Entertainment allowance
- Concessionary interest rates for House Loan, Car Loans, and Personal Loan
- New pension scheme contribution
- Leave Travel Concessions (LTC)
Salary of IBPS PO 2024?
The 11th Bipartite Agreement which was concluded in November 2020- has served as the foundation for the IBPS PO Salary structure. An IBPS PO base pay upon joining is roughly Rs. 36,000. A new IBPS PO can expect to receive an overall in-hand salary of between Rs. 52,000 and Rs. 55,000. Candidates must become familiar with the IBPS PO Salary 2024. The IBPS PO test is one of the most anticipated exams, bringing in millions of applicants each year. We have provided all the information regarding IBPS PO Salary 2024 below.
|IBPS PO Salary Structure 2024
|House Rent Allowance
|Gross salary with HRA
In-Hand Salary of IBPS PO 2024
An IBPS PO will receive an initial in-hand salary package of around Rs. 52,000 to Rs. 55,000. For your convenience, IBPS PO Salary 2024 will also provide a wide choice of extra benefits, allowances, and HRA. It is anticipated that the gross pay for an IBPS PO is Rs. 57,000. The candidate’s take-home pay following the deduction procedure will be between Rs. 52,000 and Rs. 55,000.
IBPS PO Salary 2024: Perks and Allowances
IBPS PO House Rent Allowance (HRA): House Rent allowance varies according to the place of posting and usually is in the range of 9.0%, 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 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.
IBPS PO Special Allowance (SA): This allowance was introduced on 01.01.2016 and is about 7.75% of the basic pay.
IBPS PO City Compensatory allowance: The City Compensatory Allowance varies based on the city type and can 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 the New Pension Scheme, etc.
Salary of IBPS RRB PO
The official notification for the IBPS RRB PO Examination includes the IBPS RRB PO Salary. Based on the facts at hand, the base pay for an IBPS RRB PO is Rs. 36,000. When allowances and benefits are taken into account, the pay scale for probationary officers at regional rural banks becomes more alluring. The entire IBPS RRB PO Salary 2024 information is available in the space below.
|IBPS RRB PO Salary Structure 2024
In-Hand Salary of IBPS RRB PO
In the Table given below, we have provided the Net In-hand Salary of IBPS RRB PO after all deductions please go through it.
IBPS RRB PO: Perks and Allowances
In addition to basic compensation, the probationary officer receives a variety of benefits and allowances from the regional rural banks. The detailed list of benefits and allowances is provided in tabular form below.
|IBPS RRB PO Perks & Allowances
|46.5% of the basic pay.
|House Rent Allowance
|For Rural Areas: 5% of the basic pay for Semi-urban Areas: 7.5% of the basic pay
For Urban Areas: 10% of the basic pay
|7.75% of the basic pay.
Apart from these perks and allowances given above, there are some more allowances that are provided to IBPS RRB PO.
- City Compensatory Allowance(CCA)
- Travel Allowance
- House Rent Allowance
- Pension scheme
- Medical Allowance
- Newspaper Allowance
- Overtime Allowance
What is the Monthly Salary of a PO in a Private Bank?
While the pay structures for different private banks vary, HDFC is now the best private bank in the banking sector with the highest market cap. When compared to public sector banks, the HDFC Bank’s compensation structure is far lower. A probationary officer at a public sector bank like HDFC typically makes 34,561 rupees a month.
Bank PO allowance of HDFC bank:
- House Rent Allowance
- Conveyance Allowance
- Superannuation Allowance
- Leave Travel Allowance
- Additional HRA Allowance
- PF & Gratuity
- Performance Pay
|IBPS PO Salary 2024: Full Details
|IBPS RRB PO Salary 2024: Full Details