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.
Salary is one of the main reasons why a huge number of candidates apply for the post of Probationary Officer in Regional Rural Bank (RRB). The Regional Rural Banks offer a very lucrative salary package to their Probationary Officers. The curiosity to know the in-hand salary which a newly selected PO gets is generally found among the aspirants preparing for the IBPS RRB PO examination. Therefore in this article, we are going to discuss the complete details related to IBPS RRB PO Salary 2023.
Table of Contents
IBPS PO Salary 2023
Check the revised salary structure as per the 11th Bipartite Agreement which was released in November 2020 from the below-tabulated data.
|IBPS Bank PO Salary Structure in India
|Housing Rent Allowance
|Deduction (Tax & NPS)
IBPS PO In-hand Salary
The initial in-hand salary package offered to an IBPS Probationary Officer is Rs. 52,000 to 55,000 with dearness allowances, special allowances, HRA, and other perks. The IBPS PO Gross Salary is around Rs. 57,000 and after a deduction, the net in-hand salary remains around Rs. 52,000 to 55,000.
IBPS PO Salary in India after the Bipartite Settlement
Wage revision for bank employees has been approved to be effective from November 2017 under the 11th bipartite settlement. The revised salary would span five years till 2023 or until revised by IBPS. Nearly 8.8 lakh employees have been benefiting from the approval of the 11th bipartite settlement. There is a provision for a timely increment of the pay of the IBPS PO officer.
IBPS PO Salary- 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
|23.87% of the Basic Pay (Varies based on inflation rates)
|City Compensatory Allowance (CCA)
|3% or 4%(depending on the place of posting)
|7.75% of the basic pay
IBPS PO House Rent Allowance (HRA): It varies according to the place of posting and can be 9.0% or 8.0% or 7.0% of the basic salary depending upon the type of cities (i.e., metros, big cities, or other locations).
IBPS PO Dearness Allowance (DA): Dearness Allowance (DA) is given to the employees as a percentage of the basic salary (In January 2016, it was around 39.8% of the basic salary, which has been reduced to 23.87% as on November 2017) This 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. The Bank unions are determined to make it a monthly revision in the impending wage settlement.
IBPS PO Special Allowance (SA): 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 in November 2017.
IBPS PO City Compensatory Allowance (CCA): Based on the type of city, it might be 0%, 3%, or 4%.
Some other perks of an IBPS Probationary Officer are Learning Allowance, Traveling Allowance, Newspaper Reimbursement, Medical Aid, Benefits under New Pension Scheme, etc. If we sum up then the salary may be Rs. 52,000+.
Promotion Policy of an IBPS PO
Most of the public sector banks follow uniform guidelines issued by the Ministry of Finance, Government of India, regarding promotion policy matters. The public sector banks follow two channels in 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 for PO in Public Sector Banks
Career Growth of an IBPS PO The salary of Officer JMGS I (Junior Management Grade Scale I) or probationary officers in banks ranges from Rs. 52,000 to 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 Job Profile
Probationary Officer in the bank sector is the reputation and most desired job profile among graduates. Many of the banking aspirants want to know the roles and responsibilities of the PO employee. In this section, we have detailed the job profile, responsibilities, and tasks that a Probationary Officer has to handle after their selection.
1. During their probation period, the selected candidates are trained for various day-to-day banking operations such as finance, accounting, billing, investment, revenue collection, etc
2. A Probationary Officer has to resolve the queries of their customers.
3. A Probationary Officer is responsible for the maintenance and supervision of their respective branch activities.
4. Being a Probationary Officer, the responsibility of approaching new business opportunities to the branch.
5. A Probationary Officer has to direct the daily transaction activities and loans related activities.
6. The role of a PO is to maintain public relations with the customers and bring issues and grievances to the bank authority.
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
IBPS PO Salary 2023: 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.