IBPS PO Salary 2023, Check in-hand salary, allowance, perks, and other benefits - Banking Exams PDF Download

Introduction

The Institute of Banking Personnel Selection (IBPS) conducts the IBPS PO Exam to recruit candidates for the esteemed position of Probationary Officer. Aspiring candidates must familiarize themselves with essential details such as eligibility criteria, exam pattern, syllabus, and most importantly, the salary structure. The IBPS PO salary, determined in accordance with the provisions of the 7th Pay Commission, offers an attractive package. In this article, we delve into the in-hand salary, allowances, perks, job profile, and career growth opportunities associated with the IBPS PO position.

IBPS PO Salary Structure

Probationary Officers are recruited at the Junior Management Grade Scale 1 (JMGS-I) level, and their salary and allowances are determined by the Bipartite Agreement. The salary increments and their frequency are decided by the banks. The initial IBPS PO salary structure is as follows:

IBPS PO In-Hand Salary

The in-hand salary of an IBPS Probationary Officer, after considering various allowances and deductions, amounts to Rs. 57,289.70. This in-hand salary reflects the amount received by candidates on a monthly basis, making the IBPS PO position financially lucrative and appealing.

IBPS PO Allowances and Benefits

Probationary Officers are entitled to several allowances that aim to provide financial security and assist in managing the cost of living. The allowances are subject to periodic revisions to cater to the changing needs. Some of the allowances provided in addition to the IBPS PO salary include:

• Dearness Allowance
• House Rent Allowance
• City Compensatory Allowance (CCA)
• Special Allowance
• Medical Insurance
• Furniture Allowance
• Travelling Allowance
• Miscellaneous Shifting Allowance
• Medical Benefits
• Gratuity
• Leave Travel Subsidy
• Household Help Allowance
• Personal Accident Cover
• Education Loans with Subsidized Interests
• Interest-free Advances for Festivals
• City Compensation Allowance
• Pension

The details of allowances are as follows:

The allowances as a part of IBPS PO salary are as follows:

• House Rent Allowance: The 11 th Bipartite Settlement has finalized the rate of HRA that varies on the classification of cities proposed by the government. The detailed calefaction of HRA is mentioned below.
• Travelling Allowance: The selected candidates for group X cities will be provided with Rs 3600 transport allowances while the other two will be given an Rs 1800 traveling allowance for compensating their traveling to cities.
• Medical Allowance: The reimbursement of all medical expenses of the treatment to the government employee or their family will be done by the government.
• Special Security Allowance: This allowance has been included in the last wage revision for the banks. It is about 7.75% of the basic pay. It came into effect from November 2017.
• IBPS PO City Compensatory Allowance (CCA): Based on the type of city, it might be 0%, 3% or 4%.
• Pension: This is the most attractive benefit of any government job because even after your retirement in your old age you will be provided with a handsome amount every month for your expenses and a part of this will be deducted from your salary every month.

IBPS PO Job Profile

The role of a Probationary Officer entails immense responsibility and demands precision in daily tasks. POs are entrusted with various responsibilities, including:

• Verification of documents and proofs submitted by customers.
• Approval of checks and other financial transactions.
• Custodianship of the bank vault, important documents, and keys.
• Sanctioning customer withdrawals.
• Providing financial advice and designing financial products.

IBPS PO Career Growth

Promotions in the banking sector are based on seniority or successful clearance of departmental exams conducted by the respective banks. Excellent work performance and dedication are vital for career advancement. The following are the various posts available for promotion:

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

IBPS PO Salary And Responsibilities

Bank PO status carries a very attractive salary. But there are a lot of work-related obligations to attend to.

The following list includes the many duties of an IBPS PO:

• Participating in all banking activities is the main task.
• They occasionally have to assume control over several areas, including finance, accounting, marketing, loans, etc.
• Another important aspect of their business is the processing of loans and document verification.
• Additionally, government tests offer significant employment opportunities, salaries, and designations as well.

IBPS PO Salary Slip

To provide a glimpse of the salary details, we present an official salary slip of an IBPS PO candidate:

Frequently Asked Questions on IBPS PO Salary 2023

What is the starting salary of a Bank Probationary Officer (PO)?

The starting salary of a Bank Probationary Officer (PO) is Rs 36,000 per month.

How long is the probation period for Bank PO?

The probation period for Bank PO is typically 2 years.

What are the primary allowances included in the salary of a Bank PO?

The primary allowances included in the salary of a Bank PO are dearness allowances, House Rent Allowance (HRA), and Travelling Allowances (TA).

When was the exam conducted for IBPS PO?

The IBPS PO exam was conducted on October 15th, 16th, and 22nd in 2022 for the 2022 exam cycle.