The basic salary for the IBPS PO post is Rs 23700/-. Apart from this, there are other allowances for medical expenses, house rent, travel, etc. There are several increments which are added to the IBPS PO salary as an employee continues to work in the bank.
IBPS PO Salary Structure
|Basic Pay||RS. 23,700|
|Special Allowance||Rs. 1,836.75|
|Dearness Allowance||Rs. 10,163.63|
|Total pay (without HRA)||Rs. 36,570.38|
|House Rent Allowance||Rs. 2,133.00|
|Gross salary with HRA||Rs. 38,703.38|
IBPS PO Increment policy
|Increment Percentage||Basic Pay||Gross Salary|
IBPS PO Perks
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 Pay||Rs 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.
IBPS PO Career Growth
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.
IBPS PO RESPONSIBILITIES
Getting the designation of IBPS PO is very lucrative. However, there are many job responsibilities that have to be taken care of.
The various responsibilities of IBPS PO are given below:
- The major task is to get involved in all the banking activities.
- They have to take authority at times of various departments like Finance, Accounts, Marketing, Loans, etc.
- Verifying documents and processing loans are also a major part of their operations.