IBPS PO Salary 2024: Salary Structure, Salary Slip, In hand Salary, Promotion, Allowance

The specifics of the IBPS PO Salary 2024 are mentioned below. Bank PO applicants are always interested about a Bank PO’s salary, allowances, career progression, bonuses, and promotion policy. Read on to learn more about an IBPS PO’s salary, job profile, career growth, and promotion policy. We’ll also discover what an IBPS PO’s income might be after two and seven years.

One of the really talked-about competitive tests among graduates is the IBPS PO. Together with IBPS PO preparation, aspirants want to know how much money they will make following the 7th pay commission. So, first and foremost, you must understand that the 7th pay commission does not affect bank employees’ salaries.

Salary adjustments for bank personnel are made based on a bipartite agreement. As a result, pay for IBPS PO 2024 will be determined using the 10th Bipartite Agreement. The new IBPS PO Salary goes into effect on January 1, 2016.

IBPS PO Salary 2024

Every year in August, the IBPS PO Notification is released. The applicants who are selected for the IBPS PO job will be assigned to the Junior Management Grade Scale 1 (JMGS-I). Officers who have recently been promoted from the Clerical Cadre to the Officer Cadre are referred to as JMGS 1 officers.

The IBPS PO Pay Scale will be Rs. 23700-980/7-30560-1145/2-32850-1310/7-42020.

Type of PayAmount
Basic PayRs 23,700/- ( Increment in 4 stages-Salary after 1st Increment- Rs. 30560/-Salary after 2nd Increment-Rs. 32850/-Salary after 3rd Increment- Rs. 42020/-
Dearness Allowances40% of the basic pay (Varies based on inflation rates)
Special AllowancesRs 18,36.75
House Rent AllowanceRs 2133
City Compensatory AllowancesRs 870
Medical AidRs 8000
Gross with HRARs 38,703.38
NewspaperRs 300
EntertainmentRs 500
TelephoneRs 400
PetrolRs 3000
Pension ContributionRs 25000
Gross Annual CTC (with HRA but without leased accommodation)Rs 5,57,640
Canteen SubsidyRs 400

IBPS PO Salary: Increment

Increment PercentageBasic PayGross Salary
15 %Rs.26,706/-Rs.37,068/-
20 %Rs.27,866/-Rs.38678/-
25 %Rs.29,026/-Rs.40,288/-
30 %Rs.30,187/-Rs.41,899/-

A basic wage of Rs 23,700 is paid, as previously stated. There are various allowances including Dearness Allowance (DA), House Rent Allowance (HRA), City Compensatory Allowance (CCA), and Special Allowances. For the next seven years, an annual increment of Rs 980 is paid.

IBPS PO Allowance 2024

Bank POs are eligible to enjoy a couple of allowances and perks including HRA, DA:

  • HRA (House Rent Allowance): 7% to 9% of Basic pay
  • City Compensatory Allowance (CCA): 3% or 4%
  • (DA) Dearness Allowance: 39.8% of Basic Pay
  • Special Allowance (SA): 7.75% of Basic pay

Additional Perks

The New Pension Scheme also provides applicants with a lease, a travel stipend, newspaper reimbursement, medical care, and other advantages.

  • Leased Accommodation

This service is available to POs in HRA situations. Most banks provide leased accommodation in the form of Official Bank Accommodation/Bank Quarter. This sum isn’t available in cash and must be paid directly to the property owner – you’ve leased.

  • Travelling Allowance

Some banks pay a fixed Traveling Allowance, while others enable reimbursement of gas bills, implying that bank personnel must possess a scooter or car at their posting location.

  • NPS Benefits

10% of basic pay+DA is deducted

  • Newspaper Reimbursement

A fast and hard monthly payment is paid to the Probationary Officer towards the cost of one newspaper.

  • Medical Aid

A hard and fast annual amount is paid by most of the banks (The revised amount is Rs 8000/- p.a.).

IBPS PO Salary Slip 2024

We have provided you with the data of the IBPS PO Salary Slip in this article. You can use this Payslip as a comparison to obtain an idea of the pay that is credited to an IBPS Probationary Officer’s account (PO).

Career Growth and Promotional Policy

In the banking world, IBPS Bank POs are known as Junior Management Grade Scale I (JMGS I) officers. The position provides an honest opportunity for advancement both in terms of position and income. The regular remuneration for IBPS PO candidates ranges from Rs 23700 to Rs 42020. The IBPS PO is classified as either a Middle Management Grade Scale-II or III (MMGS) or a Senior Management Grade Scale IV or V (SMGS) employee (SMGS).

In public sector banks, there is a well-defined career path based on applicant performance. In terms of promotion policy, the banks follow a set of consistent guidelines provided by the Ministry of Finance. The merit channel and the regular channel are the two most commonly used channels. The following is the progression of an IBPS PO’s career:

  • JMGS I (Junior Management Grade Scale I) or probationary officers
  • 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 a Bank PO

In public sector banks, the job of a Bank PO is to supervise all banking activity in his branch. A bank PO is also in charge of loan processing and overseeing all of the bank’s divisions, including Accounts, Finance, Loans, Marketing, and so on.

  1. Resolving branch customer inquiries
  2. Regular branch activities must be maintained and supervised.
  3. Customer difficulties and complaints are addressed through public relations.
  4. Managing customer interactions on a daily basis and processing loan(s) in detail
  5. Attracting new businesses to the bank

Participating Bank For IBPS PO 2024

The banks that will be taking part in the IBPS PO 2024 are listed below. The list will be updated with the notification for 2024.

Banks Participating In IBPS PO 2024
1.Bank of Baroda
2.Bank of India
3.Bank of Maharashtra
4 Canara Bank
5. Central Bank of India6. Indian Bank
7. Indian Overseas Bank
8. Punjab National Bank
9. Punjab & Sind Bank
10. UCO Bank
11. Union Bank of India

IBPS PO 2024 Salary FAQs

IBPS POs are eligible for a variety of benefits and allowances, including DA, HRA, medical coverage, newspaper allowance, and travel allowances, among others.

The basic pay of POs (Probationary Officers) in banks is Rs 23,700.

The IBPS PO selection process includes a Prelims Exam, a Mains Exam, and a Final Interview Round.

Various allowances are offered to the Prohibitory officer during their service time, including House Rent Allowance, Dearness Allowance, City Compensatory Allowance, and many more specific allowances.

Depending on the bank & the allowances, in hand salary of POs (Probationary Officer) in banks is Rs 38,000 – 42,000.

Depending on the bank & the allowances, the starting salary of POs (Probationary Officers) in banks is Rs 38,000 – 42,000.

The Dearness Allowance of IBPS PO is 39.8% of the basic pay.

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