The basic pay that a probationary Officer or PO gets is Rs. 23,700 as per the 7th pay commission coupled with many perks. Once you read the article below, you will know everything about the ibps po salary structure, job profile, and perks.
A Lucrative Job Profile
IBPS PO is one of the desirable and lucrative job profiles that you may not want to miss. Every year, IBPS organizes a recruitment exam inviting applicants to grab the bank PO posts in public sector banks.
Recently IBPS has declared an increased number of vacancies of 2557 for the IBPS PO post, and lakhs of applicants will appear in the re-examination of the Prelims exam scheduled on 5th and 6th January 2021. For this, IBPS re-opened the online application window till 11th November 2020.
What is IBPS PO Salary-in Hand?
Bank PO salary is relatively the same in most of the PSB Banks that recruit via the IBPS PO exam. IBPS gives you attractive pay based on your place of posting. Apart from the salary, you will also get other perks and benefits.
- You will draw an in-hand salary of Rs 42000/-44000/. However, it depends on bank to bank and the place of posting.
- Officers in IBPS PO get a salary nearly equal to other probationary officers.
- Once you are selected as a probationary officer, you will need to serve a minimum of 2 years of probation. Moreover, you are eligible for increments during your probation.
- After completion of your probation period, as mentioned by the bank, you start working as a Probationary Officer.
- Based on your performance, you can grow in the organization for the senior posts.
The Salary Structure Breakdown for IBPS PO 2020
- Basic Pay is Rs. 23,700
- Special Allowance is Rs. 1,836.75
- Dearness Allowance is Rs. 10,163.63
- CCA is Rs. 870
- Total pay (without HRA) is Rs. 36,570.38
- House Rent Allowance is Rs. 2,133.00
- Gross Salary with HRA is Rs. 38,703.38
Hence, once you pass this IBPS PO exam and become an IBPS probationary officer, your IBPS PO salary is going to be rewarding.
IBPS PO Promotion
There is a well-defined professional progression path in each public sector bank. Your performance and potential are going to be the main elements that determine your career. Most of the senior officials in public sector banks began their career as only a scale-I officer.
In many banks, an individual who joined as an IBPS PO could reach the General Manager’s position in nearly 14 years. After that, a person may aspire for the designation of an executive director or even chairman of a bank. However, these are very high positions, and the Government decides the nominations for these, not any individual banks.
Similarly, there are public sector banks that have a network of foreign branches. Thus, once you join a public sector bank, it gives you the opportunity of working even abroad. Additionally, transferability in a bank job offers you the chance to stay in diverse parts of the country. Hence, IBPS PO Promotion is quite lucrative.
Quick Perks of IBPS PO
- Leased Accommodation: you cannot get this amount as a cash component, and it will directly go to the house owner – you have got rented.
- Medical Aid: You get a fixed annual amount from most banks (The revised sum is Rs8000/- p.a.).
- Travelling Allowance: Different banks offer you fixed Traveling Allowance, whereas others give you reimbursement of petrol bills.
- Newspaper Reimbursement: A fixed monthly sum is paid towards the pricing of one newspaper to you being a Probationary Officer.
- Benefits under NPS (10% of your basic pay+DA gets deducted)
To sum up, IBPS PO salary along with perks and promotion patterns, make it a desirable option. You can lead a secure and lucrative life once you become an IBPS probationary officer.