IBPS PO SALARY 2021: Basic pay, Job profile, perks and increments

IBPS PO SALARY 2021: As per official data an IBPS PO gets a handsome salary along with a dozen of perks and benefits which in turn tempts the government job, aspirants, to apply for this job. All the information provided here is given as per the latest IBPS PO 2021 Notification. Here we are discussing the IBPS PO Salary, Job Profile, Career Growth, and Promotion Policy of an IBPS PO.

IBPS is one of the famous exams among the graduates and every year lakhs of students try their luck for this job profile. Before anyone fills up the application form, they are curious about the salary package, career growth, perks, and other benefits provided with the job profile. The IBPS PO 2021 bank salaries are revised on the basis of the 10th bipartite settlement.
Go through the article and grab complete information about the salary structure for the IBPS PO post

IBPS PO Salary 2021 – 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 Structure 2021

The IBPS PO Notification has been released @ibps.in. The appointed candidates for the IBPS PO post will be placed in the position of  Junior Management Grade Scale 1or JMGS-I. The JMGS 1 term is generally used to refer to the officers who have just entered the Officer Cadre after promotion from the Clerical Cadre.

As mentioned, a basic salary of Rs 36,000/- is paid. Additionally, other allowances such as Dearness Allowance(DA), House Rent Allowance(HRA), City Compensatory Allowance (CCA), and Special Allowances are also there. Check the complete detail of IBPS PO Salary from here.

Type of PayAmount
Basic PayRs 36,000/- ( Increment in 4 stages)
Special AllowancesRs. 5,904 (7.75% of the basic pay)
Dearness AllowancesRs. 8,593.20 (23.87% of the Basic Pay (Varies based on inflation rates)
City Compensatory AllowancesRs. 1,400 (3% or 4%(depending on the place of posting)
House Rent AllowanceRs. 3,240 (7%-9% of the basic pay)
Gross with HRARs 38, 703.38
Medical AidRs 8000
EntertainmentRs 500
NewspaperRs 300
PetrolRs 3000
TelephoneRs 400
Canteen SubsidyRs 400
Pension ContributionRs 25000
DeductionRs. 4,659.32
Gross Annual CTC(with HRA but without leased accommodation)Rs. 57,289.70

IBPS PO Salary In India After Bipartite Settlement

Wage revision in public sector banks is held place every five years. The 11th bipartite settlement has been effective from November 1, 2017. The revised IBPS PO Salary is based on the revisions made to the bipartite settlement. Therefore, for IBPS PO 2021 the salary has been decided based on the 11th Bipartite Agreement.

IBPS PO Salary Slip 2021

Here we have shown the salary slip of an employee for the IBPS PO Post.

IBPS PO Salary 2021, Revised Salary Structure, Job Profile, Allowances & Perks_60.1

IBPS PO Perks And Allowances 2021

As said earlier, it is not just the salary that is the tempting force, but it is also the Perks and Allowances that one receives as an IBPS PO. The following are the perks that are enjoyed by an IBPS PO:

  1. Leased Accommodation – This benefit is dependent upon the place of posting and is available to the bank officers. Some banks provide official bank accommodation/bank quarters instead of leased housing.
  2. Travelling Allowance – Most banks provide a fixed Traveling Allowance and reimbursement of petrol bills.
  3. Medical Aid – Revised price is Rs 8000/- p.a. This is the amount for the medical needs of the employee.
  4. Newspaper Reimbursement: A fixed monthly amount for newspaper service.
  5. Coverage under New Pension Scheme

Increment policy

The IBPS PO follows a timely increment in the pay of the IBPS PO officer as given below:

Increment PercentageBasic PayGross Salary
15 %Rs.26,706/-Rs.37,068/-
20 %Rs.27,866/-Rs.38678/-
25 %Rs.29,026/-Rs.40,288/-
30 %Rs.30,187/-Rs.41,899/-

IBPS PO Salary 2021

Read out the details that are mentioned in the IBPS Probationary Officer 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 PO.

IBPS PO Salary

IBPS PO 2021 Allowances

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

IBPS PO Basic PayRs 23700/- ( There are Increment that are done  in 4 stages)Salary after 1st Increment- Rs. 30560/-   Salary after 2nd Increment-Rs. 32850/- Salary after 3rd Increment- Rs. 42020/-
House Rent Allowances( H.R.A)7%-9% of the basic pay
Dearness Allowance (D.A)39.8% of the Basic Pay
City Compensatory Allowance (CCA)3% or 4%(depending on the place of posting)
Special Allowance (S.A)7.75% of the basic pay

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 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 in 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.

Promotion Policy of an IBPS PO

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:

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 salary ranges from 31705 to 45950.

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

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

SMGS V (Senior Management Grade Scale V): The salary usually ranges from 59170 to 66070

Frequently Asked Questions: IBPS PO Salary 2021

  1. What is the basic pay of IBPS PO?

    Ans. The basic pay is 23700/-.

  2. What is the selection process of IBPS PO?

    Ans. The selection process of IBPS PO consists of Prelims, Mains and Interview.

  3. Is IBPS PO Exam tough?

    Ans. IBPS PO is one of the most competitive exam but with the right startegy you can easily clear this

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