IBPS PO Salary

IBPS PO Salary

ByAkash Mishra  |  Updated on: Jan 12, 2021IBPS PO is one of the most competitive exams in India for Bank PO job. Every year around 8-10 Lakh eligible candidates fill the online application form and the huge number of aspirants appear in the exam. The candidates selected after the final interview process get the opportunity to work in their choice of Bank as a Probationary Officer. Check here IBPS PO Cut off, Result and all other information.
IBPS PO is one of the most competitive exams in India for Bank PO job. Every year around 8-10 Lakh eligible candidates fill the online application form and the huge number of aspirants appear in the exam. The candidates selected after the final interview process get the opportunity to work in their choice of Bank as a Probationary Officer. Check here IBPS PO Cut off, Result and all other information.
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IBPS PO Salary 2021

Bank PO salary is more or less the same in most of the PSB Banks that recruit through the IBPS PO exam. IBPS offers attractive salary pay to its employees based on the place of posting. Apart from the salary, employees also get other perks and benefits.

Since the job of Probationary Officer is considered as one of the most sought jobs in the banking sector which is the main reason for the increase in competition. Thus, to secure a seat as a Bank PO, you need a lot of hard work and determination.

Scroll down below to know the detailed Bank PO salary structure along with its perks and allowances. Moreover, you will get to know the job profile, promotion and career growth of a probationary officer.

Also Check: IBPS PO Mains Score Card 2020-21

IBPS PO Salary Structure 2021

The basic IBPS PO salary structure is includes various components which are as follows: -

23700 - (980 / 7) - 30560 - (1145 / 2) - 32850 - (1310 / 7) – 42020 including Rs. 980 is the annual increment that an IBPS PO will get and it will be applicable for a period of 7 years.

The revised basic IBPS PO salary is ₹ 23700 - (980 x 7) - 30560 - (1145 x 2) - 32850 - (1310 x 7) – 42020. It means Basic Salary of IBPS PO after 7 Years - ₹ 30,560. Also, the Basic Salary of IBPS PO after 7 + 2 Years - ₹ 32,850 Basic Salary of IBPS PO after 7 + 2 + 7 Years - ₹ 42,020. (as per 10th Bipartite settlement)

IBPS PO Salary Structure

IBPS Bank PO Salary Structure in India
Basic Pay23,700
Special Allowance1,836.75
DA10,163.63
CCA870
Total (without HRA)36,570.38
HRA2,133.00
Gross with HRA38,703.38

IBPS PO Salary after 11th Bipartite Settlement

Wage revision for bank employees is due from November 2017 under the 11th bipartite settlement, which would span five years till 2022. Nearly 8.8 lakh employees would benefit if the 11th bipartite settlement is agreed and accepted.

Employees are seeking 15% increment in their salary. New salary would be based on their present basic pay + DA. The final settlement is yet to be announced within 90 days.

IBPS PO Allowances

1. Dearness Allowance (DA): In Banks, DA is revised quarterly and is based on the CPI data as revealed by the Government of India.

At present, DA is 75.9% of the basic pay.

2. Special Allowance: According to IBPS PO's Latest Revision, a special allowance has been added to the salary structure of Bank Probationary Officer.

And it is 7.75% of the Basic Pay.

3. House Rent Allowance: This varies according to Bank Probationary Officer’s place of posting and can be 9.0% or 8.0% or 7.0% depending upon metros, big cities and other locations.

4. City Compensatory Allowance: This also depends on the place of posting and can be either 4% or 3 % or 0%.

IBPS PO Salary Allowances 
Dearness Allowance (DA)75.9% of the basic pay. It has been increased by 1.4. DA is revised after every 3 months.
House Rent Allowance (HRA)
  • 7% of basic pay
Special Allowances (SA)7.75% of the basic pay. 
Other Allowances (Depends on Bank to the bank)
  • Travel Allowance 
  • Newspaper Allowance 
  • Medical Reimbursement 
  • entertainment 
  • Leased Accommodation
  • Other Miscellaneous

IBPS PO Perks

1. Leased Accommodation:  this facility is available to PO in place of HRA. At some places, banks provide Official Bank Accommodation/Bank Quarter as leased accommodation. This amount is not available as a cash component and will directly go to the house owner - you have got leased.

2. Travelling Allowance: Few banks provide fixed Traveling Allowance whereas others allow reimbursement of petrol bills i.e. Bank officer must own scooter/car at the place of posting.

3. Newspaper Reimbursement: A fixed monthly amount is paid towards the cost of one newspaper to the Probationary Officer.

4. Medical Aid: A fixed annual amount is paid by most of the banks (The revised amount is Rs8000/- p.a.).

5. Benefits under NPS (10% of basic pay+DA is deducted)

IBPS PO In-Hand Salary

For new recruits, the probationary officer draws in-hand salary of ₹ 42000/-44000/(approx) (depends on bank to bank and place of posting)

  • Officers in IBPS PO draw salary almost equal to other probationary officers
  • After selection as a probationary officer, the candidate has to serve a minimum of 2 years of probation. An employee is eligible for increments during his/her probation.
  • After completing of Probation periods as mentioned by the bank, candidates start working as Probationary Officer.
  • Employees based on their performance can grow in the organization for the upper posts.

IBPS PO Promotion

There is a well-defined career progression path in each public sector bank. Performance and potential are key elements which determine the career progression. Most senior officials in public sector banks started their career as a scale-I officer only.

In tune with the time banks have reviewed their promotion policy and now for bright, hardworking and knowledgeable employees, it takes less time to move to higher scales.

In many banks, a person who joined as an IBPS PO may reach to the position of General Manager in 14 years. After that one can aspire for the position of an executive director or chairman of a bank. These are very high positions, nomination to which is decided by the Government and not by the individual banks.

Many public sector banks have a network of foreign branches. Thus, joining a public sector bank gives you the opportunity of working abroad also. Transferability in a bank job provides you the chance of seeing different parts of the country. Hence, IBPS PO Promotion is very lucrative. 

IBPS PO Career Growth

  1. Junior Management Grade – Scale I: Officer i.e. PO
  2. Middle Management Grade – Scale II: Manager
  3. Middle Management Grade – Scale III: Senior Manager
  4. Senior Management Grade – Scale IV: Chief Manager
  5. Senior Management Grade Scale V: Assistant General Manager
  6. Top Management Grade Scale VI: Deputy General Manager
  7. Top Management Grade Scale VII: General Manager
  8. Executive Director (ED)
  9. Chairman and Managing Director (CMD)

This was all about IBPS PO in-hand salary and gross salary details with other benefits, career growth, and job profile. We hope this article will help you resolve all your queries regarding the salary structure of IBPS PO.

Posted by:

Akash MishraAkash MishraMember since Jul 2019
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  • The basic IBPS PO salary is 23700 - (980 / 7) - 30560 - (1145 / 2) - 32850 - (1310 / 7) – 42020

  • An IBPS PO is entitled to receive the following benefits and allowances:

    • Dearness Allowance (DA)
    • House Rent Allowance (HRA)
    • Special Allowance
    • City Compensatory Allowance
    • Travel allowance
    • Newspaper Reimbursement
    •  Medical Aid
  • An IBPS PO is entitled to receive the following promotions in his career:

    1. Junior Management Grade – Scale I: Officer i.e. PO
    2. Middle Management Grade – Scale II: Manager
    3. Middle Management Grade – Scale III: Senior Manager
    4. Senior Management Grade – Scale IV: Chief Manager
    5. Senior Management Grade Scale V: Assistant General Manager
    6. Top Management Grade Scale VI: Deputy General Manager
    7. Top Management Grade Scale VII: General Manager
    8. Executive Director (ED)
    9. Chairman and Managing Director (CMD)
  • Once you have been appointed as an IBPS PO, you will be kept under probation for a period of 2 years.

  • Yes, but only after completing the probation period successfully as directed by IBPS.

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