IBPS PO Salary 2024, Salary Structure, Job Profile, Perks & Allowances

IBPS PO Salary 2024

IBPS PO Salary 2024: The Institute of Banking Personnel Selection (IBPS) conducts the PO exam to recruit qualified candidates into various specialist roles in public sector banks. Understanding the salary structure for these roles is essential for aspirants considering a career as an IBPS SO. This article provides a detailed overview of the IBPS SO salary 2024, including basic pay, allowances, benefits, and career growth prospects.

The salary structure for the Probationary Officer (PO) in the Public Sector Bank (PSB) is highly competitive and includes a range of allowances and benefits. The Basic Pay per month is Rs. 36,000, but the gross salary is significantly increased by dearness allowances (DA), House Rent Allowances (HRA), Special Allowance, etc. The IBPS PO Salary not only ensures Financial Stability but also provides numerous perks, making the role both rewarding and attractive. In this column, aspirants can get all the necessary details regarding IBPS PO Salary.

IBPS PO Salary Structure 2024

The IBPS PO Salary Structure is important for the candidates. The convenience of Dearness Allowance(DA), House Rent Allowance(HRA), City Compensatory Allowance (CCA), Special Allowances, etc. are also included in the Salary. The gross salary is estimated to be around Rs. 57,000. After deduction practice the candidate’s in-hand salary will be approximately Rs.52,000-Rs. 55,000. IBPS PO Salary Structure 2024 is given below.

IBPS PO Salary Structure 2024
Basic PayRs. 36,000.00
Special AllowanceRs. 5904.00
Dearness AllowanceRs. 9424.00
Other DARs. 1702.75
Learning AllowanceRs. 600.00
House Rent AllowanceRs. 3200.00
CCA/LOC ARs. 1400.00
Gross Salary Rs. 58,230.75
DeductionsRs. 4,752.00
Net SalaryRs. 53,480.75

IBPS PO Salary Deductions 2024

There are certain statutory deductions as per the rules, banks have to deduct amount before monthly salary payments. The deductions are also required for the calculations of individual’s income tax. The deductions are mentioned in the table below

IBPS PO Salary Deductions
Union Subscription210
Contribution to NPS4,542.48
Total Deduction4,752.48

IBPS PO Perks & Allowances

The detailed allowances and benefits that are offered as a part of IBPS PO Salary are mentioned below,

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  1. House Rent Allowance (HRA): The HRA for IBPS PO is calculated based on the place of posting and can range from 9.0%, 8.0%, or 7.0% of the basic salary, depending on whether the posting is in metros, big cities, or other locations.
  2. Dearness Allowance (DA): IBPS PO officers receive DA, which is a percentage of the basic salary. Currently, it is approximately 36.8% of the basic salary. The DA is revised every three months based on the All India Consumer Price Index data.
  3. Special Allowance (SA): This allowance was introduced on 01.01.2016 and is about 7.75% of the basic pay.
  4. City Compensatory Allowance: The City Compensatory Allowance varies based on the city type and can be 0%, 3%, or 4%.

In addition to these allowances, there are other perks and benefits for IBPS Probationary Officers, including Traveling Allowance, Newspaper Reimbursement, Medical Aid, and benefits under the New Pension Scheme.

IBPS PO Job Profile & Promotion

IBPS PO is a highly regarded job in the banking sector and offers numerous attractive benefits to its employees. Here is the detailed job profile for IBPS PO,

  1. Assisting customers in resolving their queries at the branch level.
  2. Overseeing and managing day-to-day operations and activities of the branch.
  3. Handling public relations and addressing customer issues and concerns.
  4. Managing and processing customer transactions, including loan applications.
  5. Actively contribute to business development by attracting new customers and promoting bank services and products.

IBPS PO provides excellent career opportunities for talented and ambitious individuals. The banks adhere to standardized guidelines set by the Ministry of Finance, Government of India, for promotion policies. Promotion in IBPS PO can be achieved through two channels: the merit channel and the normal channel. Here is the career growth of IBPS PO 2024.

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

IBPS PO Promotional Channels

As the career of the probationary officer grows the scale and salary of the person increases. Here are the details on the Promotion of IBPS PO,

  1. MMGS II (Middle Management Grade Scale-II): The Basic salary ranges from Rs.31705 to Rs.45950.
  2. MMGS-III (Middle Management Grade Scale-III): The Basic salary usually ranges from 42020 to 51490.
  3. SMGS-IV (Senior Management Grade Scale-IV): The Basic salary usually ranges from 50030 to 59170.
  4. SMGS-V (Senior Management Grade Scale-V): The Basic salary usually ranges from 59170 to 66070.

IBPS PO Promotion Policy

When it comes to the Promotion Policy terms, a major number of public sector accesses the guidelines regulated by the Ministry of Finance. The public sector banking system channel has two promotion terms i.e. normal channel and merit channel. IBPS PO Salary 2024 structure has also been regulated through some terms that you can read in this article.

IBPS PO Annual Package 2024

The participating banks offers a competitive annual salary package to POs recruited through IBPS PO examination. The annual package comprises basic pay along with various perks and allowances, which shall be accumulated to be around ₹6.5 lakhAdditionally, IBPS POs may qualify for performance-based incentives and bonuses, augmenting their overall earnings. Understanding the annual salary package is crucial for individuals aspiring to join the banking sector as a Probationary Officer through the IBPS recruitment process.

IBPS PO Participating Banks

Along with the IBPS PO Notification PDF, IBPS also notifies the list of participating banks taking part in the recruitment process. As per the previous year’s PDF, we have listed down the IBPS PO Participating Banks.

  • Canara Bank
  • Allahabad Bank
  • Syndicate Bank
  • Indian Overseas Bank
  • Andhra Bank
  • Oriental Bank Of Commerce
  • Central Bank Of India
  • UCO Bank
  • Corporation Bank
  • Bank Of Baroda
  • Punjab National Bank
  • Bank of India
  • Union Bank Of India
  • United Bank Of India
  • Punjab and Sind Bank
  • Maharashtra Bank
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