IBPS PO Salary
The IBPS PO salary offers an attractive compensation package, making it a desirable career choice in the banking sector. As a Probationary Officer (PO) in the Institute of Banking Personnel Selection (IBPS), candidates can expect a competitive salary along with various benefits and allowances. The IBPS PO salary includes basic pay, dearness allowance, house rent allowance, medical benefits, and other perks. In this blog, we will provide you with the details of the IBPS PO Salary 2023 and the in-hand salary.
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IBPS PO Salary 2023
Knowing the salary is the first thing that any banking aspirant can do. Because it is necessary to know about the pay and perks of the career that one is intending to join. So, here we have provided the salary of IBPS PO as per the 11th Bipartite Agreement:
| Components | Amount |
|---|
| Basic Pay | Rs. 36,000 |
| Special Allowance | Rs. 5,904 |
| Dearness Allowance | Rs. 8,593.20 |
| CCA | Rs. 1,400 |
| Learning Allowance | Rs. 600 |
| DA Others | Rs. 1,552.50 |
| Housing Rent Allowance | Rs. 3,240 |
| Gross Salary | Rs. 57,289.70 |
| Deduction (Professional Tax & NPS) | Rs. 4,659.32 |
| Net Salary | Rs. 52,630.38 |
IBPS PO Salary (In-hand)
The in-hand salary package offered to an IBPS PO 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 the deduction of professional tax and NPS, the net in-hand salary remains around Rs. 52,000 to 55,000.
Benefits and Allowances
The IBPS PO gross salary comprises Basic, DA, HRA, CCA, and Special Allowance. The break up is as follows
| Salary Components | Details |
|---|
| IBPS PO Basic Pay | Rs. 36,000/- ( Increment in 4 stages) |
| House Rent Allowances | 7%-9% of the basic pay |
| Dearness Allowance | 23.87% of the Basic Pay (Varies based on inflation rates) |
| City Compensatory Allowance (CCA) | 3% or 4%(depending on the place of posting) |
| Special Allowance | 7.75% of the basic pay |
House Rent Allowances: Depending on where the PO is posted, HRA can range from 9.0%, 8.0%, or 7.0% of the basic salary (i.e., metros, big cities, or other locations).
Dearness Allowance (DA): DA is granted to employees as a percentage of their basic salary (as of November 2017, it has been revised from 39.8% to 23.87% according to ACI data published by the Ministry of Statistics and Program Implementation.
Special Allowance (SA): Banks have included this allowance in their last wage revision. It amounts to about 7.75% of the basic salary. November 2017 marked the beginning of its implementation.
City Compensatory Allowance (CCA): It might be 0%, 3%, or 4%, depending on the type of city.
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IBPS PO Career Growth in 2023
The career growth offered to Probationary Officers is very attractive providing vast opportunities to the PO in the organization. IBPS PO can aim for higher positions within the bank on the basis of their performance, knowledge, and experiences. Following is the career growth profile for an IBPS PO
- Middle Manager – Middle Management Grade Scale 2
- Senior Manager – Middle Management Grade Scale 3
- Chief Manager – Senior Management Grade Scale 4
- Assistant General Manager – Senior Management Grade Scale 5
- Deputy General Manager – Top Management Grade Scale 6
- General Manager – Top Management Grade Scale 7
- Executive Director
- Chairman and Managing Director
Job Profile of IBPS PO
Probationary Officer in the banking sector is the reputation and most desired job profile among graduates. Here is the job profile for the post of bank PO in various banks in India.
Training: The selected IBPS PO candidate is appointed as an Assistant Manager and holds that designation throughout his/her probation period. The candidate will be trained in the Training Academies of the bank. This training period differs from bank to bank.
Post-training: After the training, the candidate is posted to some other branch, depending on the bank, and has to go through the probation of 2 years, during which the candidate is exposed to the different aspects of the Bank.
Probation period: During the probation period, the candidate is exposed to different practical aspects of banks such as Marketing, Finance, General Banking, Investment, Cash Management, Deposits, Billing, Loan processing, Front desk, issuing of DDs, Cheques, etc. and various other banking activities to help them get familiar with the working of the banks.
After the probation period, the PO is confirmed as Assistant Manager and has the following responsibilities:
Manage the front desk: This includes guiding the customers, handling their complaints, introducing them to the products available, and issuing DDs, cheques, ATM Cards, etc.
Bring new business: Duties include bringing new business to the bank and marketing the new schemes.
Supervise work: Duties include supervising the work of Bank Clerks like Cash Management, Account opening, and dealing with customers. PO is also responsible for authorizing and checking cash transactions and proofreading the entries done by Clerks.
Handle various departments: PO is required to have working knowledge in various bank departments such as Marketing, Finance, Loans, and advancing and Accounting.
Process the loans: PO is responsible for supervising the process of loan transactions such as providing and documenting loans.
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