IBPS PO Salary 2023: IBPS offers lucrative salaries to their Probationary Officers which is the main reason that every year graduates rush for grabbing this job opportunity. Many of the banking aspirants are confused about the bank providing salary as per the 7th pay commission. However, the bank follows a bipartite settlement for revising the IBPS PO Salary. In this article, we have discussed the salary and everything a bank aspirant looks forward to before joining as a Probationary Officer in 11 participating banks of IBPS.
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IBPS PO Salary 2024
According to the latest settlement, employees will get a 15% hike in the payslip component. This has to be followed by public sector banks till the time a new settlement is released. Check the below-tabulated statistics for the updated IBPS PO Salary 2024 compensation structure as per the 11th Bipartite Agreement, which was announced in November 2020.
| IBPS Bank PO Salary Structure in India | |
| Basic pay | INR 36,000 |
| DA | 23.87% of the Basic Pay (Varies based on inflation rates) (INR 8593 for basic pay of INR 36,000) |
| HRA | 7%-9% of the basic pay (For Eg: 3240 for the basic pay of INR 36,000) |
| City Compensatory Allowance (CCA)/LOC A | 3% or 4%(depending on the place of posting) (For Eg: INR 1400) |
| Special Allowance | 7.75% of the basic pay (INR 5904 for the basic pay of INR 36,000) |
| DA others | Rs. 1552 |
| Learning Allowance | Rs. 600 |
| Prof Tax | Rs. 200 |
| Cont to NPS | Rs. 4459 |
| Gross Salary | Rs. 57,289 |
| NET Salary after deduction of INR 4659 | Rs. 52,630 |
IBPS PO Salary In-hand
When you get hired as an IBPS Probationary Officer, your starting IBPS PO Salary 2024 package is between Rs. 52,000 to 55,000. This includes various components like dearness allowances, special allowances, house rent allowance (HRA), and other additional benefits. Your gross salary before any deductions is around Rs. 57,000. After taking out the necessary deductions, your actual in-hand salary will be around Rs. 52,000 to 55,000, which is the amount you’ll receive in your bank account.
IBPS PO Salary 2024 in India after the Bipartite Settlement
The salaries of bank employees have been increased through a process called “wage revision.” This revision was approved and became effective in November 2017 under an agreement called the “11th bipartite settlement.” The revised salary structure will be in place for a period of five years until 2024 or until it is revised again by IBPS (Institute of Banking Personnel Selection).
Around 8.8 lakh bank employees have benefited from this approval of the 11th bipartite settlement, which means they will receive higher salaries during this period. Additionally, there is a provision for regular increments in the pay of IBPS Probationary Officers, ensuring their salaries increase over time.
IBPS PO Salary 2024 Perks & Allowances
Check the below table for quick overview of IBPS PO Salary 2024 Perks & Allowances:
| IBPS PO Allowances | |
| IBPS PO Basic Pay | Rs 36,000/- ( Increment in 4 stages) |
| House Rent Allowances | 7%-9% of the basic pay |
| Dearness Allowance | 23.87% of the Basic Pay (Varies based on inflation rates) |
| City Compensatory Allowance (CCA) | 3% or 4%(depending on the place of posting) |
| Special Allowance | 7.75% of the basic pay |
IBPS PO House Rent Allowance (HRA): The HRA is a part of the IBPS PO Salary 2024 that varies depending on the city where the PO is posted. It can be 9.0%, 8.0%, or 7.0% of the basic salary, depending on whether it’s a metro city, a big city, or another location.
IBPS PO Dearness Allowance (DA): DA is an allowance given as a percentage of the basic salary. It is revised every three months based on the inflation rate, which is measured by the All India Consumer Price Index Data published by the Government of India.
IBPS PO Special Allowance (SA): Approximately 7.75% of the base pay is made up by this allowance, which was increased during the most recent wage adjustment. It became active in November 2017.
IBPS PO City Compensatory Allowance (CCA): CCA varies based on the type of city. It can be 0%, 3%, or 4% of the basic salary.
In addition to these allowances, an IBPS PO also enjoys other benefits like Learning Allowance, Travelling Allowance, Newspaper Reimbursement, Medical Aid, and benefits under the New Pension Scheme. When we add all these together, the total IBPS PO Salary 2024 may amount to around Rs. 52,000 or more.
IBPS PO Promotion Policy
The majority of public sector banks follow uniform guidelines supplied by the Ministry of Finance, Government of India, when it comes to promotion policy. Public sector banks have two alternatives for promotions: the standard channel and the merit channel. The following link will take you to the whole details:
Promotional Channels for PO in Public Sector Banks
An IBPS PO’s Professional Development Officer JMGS I (Junior Management Grade Scale I) or probationary officers in banks earn between Rs. 52,000 and Rs. 55,000.
For other Scale officers:
- MMGS II (Middle Management Grade Scale II)
- MMGS II (Middle Management Grade Scale III)
- SMGS IV (Senior Management Grade Scale IV)
- SMGS V (Senior Management Grade Scale V)
IBPS PO Salary 2024 Job Profile
Probationary Officer in the banking sector has a good reputation and is the most wanted position among graduates. Many banking aspirants are curious about the functions and responsibilities of the PO employee. We have defined the work profile, responsibilities, and tasks that a Probationary Officer must handle after being selected in this section.
- During their probation period, newly selected candidates undergo training to handle various day-to-day banking tasks like finance, accounting, billing, investments, and revenue collection.
- A PO is responsible for assisting and resolving customer queries.
- The PO is in charge of overseeing and managing activities at their assigned branch.
- As a PO, they need to identify and explore new business opportunities for the branch.
- POs handle the supervision of daily transactions and loan-related activities.
- Maintaining good public relations with customers is a crucial part of their role, and they also need to report customer issues and grievances to higher bank authorities.
This sums up the key responsibilities of a Probationary Officer in the banking sector.
IBPS PO Salary Slip 2023
Here, we are providing you with the details of the IBPS PO 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 Probationary Officer (PO).
IBPS PO Career Growth
The career growth offered to Probationary Officer is very attractive providing vast opportunities even after the aspirant grab the job. On the basis of their performances, experiences, and knowledge below are the options that follow after owning the post of IBPS PO. The candidate have to appear in exams conducted by IBPS time-to-time to grab the promotion.
1. Middle Manager – Middle Management Grade Scale 2
2. Senior Manager – Middle Management Grade Scale 3
3. Chief Manager – Senior Management Grade Scale 4
4. Assistant General Manager – Senior Management Grade Scale 5
5. Deputy General Manager – Top Management Grade Scale 6
6. General Manager – Top Management Grade Scale 7
7. Executive Director
8. Chairman and Managing Director
Check IBPS PO Related Links
| IBPS PO Notification 2023 | IBPS PO Syllabus | IBPS PO Exam Date |
| IBPS PO Admit Card | IBPS PO Cut-offs | IBPS PO Study Material |
| IBPS PO Previous Year Papers | IBPS PO Salary | IBPS PO Result |
FAQs
Q1. What is the basic pay of IBPS PO?
Ans: Rs. 36,000 is the revised basic pay of Bank PO as applicable from November 2017.
Q2. Is Dearness Allowance revised under 11th Bipartite Agreement?
Ans: Yes, the dearness allowance has been reduced to 23.87%
Q3. What is the HRA provided to a IBPS PO?
Ans: It varies according to place of posting and can be 7% to 9% of the basic salary.
Q4.What is the revised in-hand salary of IBPS PO?
Ans: The in-hand salary has been revised to Rs. 52,000 to 55,000.
