The basic pay for IBPS Probationary Officers (PO) in 2024 is Rs. 36,000, with a gross salary of Rs. 57,289 and a net salary of Rs. 52,630 after deductions. IBPS PO Salary Structure explained below
IBPS offers lucrative salaries to their Probationary Officers which is the main reason that every year graduates rush for grabbing this job opportunity. Many of the banking aspirants are confused about the bank providing salary as per the 7th pay commission. However, bank follows bipartite settlement for revising the IBPS PO Salary. In this article, we have discussed the salary and everything a bank aspirant looks forward to before joining as Probationary Officer in 11 participating banks of IBPS.
The updated IBPS PO salary has been decided on the basis of the 11th Bipartite Agreement in November 2020. The basic pay has been revised to Rs. 36,000 and the revised IBPS PO Salary has been made effective from November 2017. Read further to know about the revised IBPS PO Salary Structure, Job Profile, Career Growth, Allowances, and Promotion Policy of an IBPS PO.
IBPS PO Salary 2024
Check the revised salary structure as per the 11th Bipartite Agreement which was released in November 2020 from the below-tabulated data.
| 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 (Tax & NPS) | Rs. 4,659.32 |
| Net Salary | Rs. 52,630.38 |
IBPS PO In-hand Salary
The IBPS PO Salary in hand is calculated after adding all the allowances and subtracting deductions. After all these formalities, the IBPS PO Salary per month becomes Rs. 52,519.07/- which is a net amount. This includes allowances as mentioned above. If you want to know what percentage of HRA, DA, SA and CCA is added to the basic salary of Rs. 36,000/- then go through the table below
| Allowance | Description |
|---|---|
| House Rent Allowance (HRA) | Calculated based on place of posting: 9.0% in metros, 8.0% in big cities, and 7.0% in other locations |
| Dearness Allowance (DA | Approximately 36.8% of the basic salary, is revised every three months based on All India Consumer Price Index data |
| Special Allowance (SA) | Introduced on 01.01.2016, approximately 7.75% of basic pay |
| City Compensatory Allowance | Varies based on city type: 0% in some cities, 3% or 4% in others |
IBPS PO 2024 Salary Slip
Candidates searching for the IBPS PO Salary Slip can check the salary slip below. Here we have shown the salary slip of an employee for the IBPS PO Post having the details distribution of salary
| Parameter | Amount (INR) |
|---|---|
| Basic Pay | 36000 |
| DA (23.87% of Basic Pay) | 8593 |
| HRA (7%-9% of Basic Pay) | 3240 |
| City Compensatory Allowance (CCA)/LOC A | 1400 |
| Special Allowance | 5904 |
| DA others | 1552 |
| Learning Allowance | 600 |
| Professional Tax | 200 |
| Contribution to NPS | 4459 |
| Gross Salary | 57289 |
| NET Salary after deductions | 52630 |
IBPS PO 2024 Perks And Allowances
As said earlier, it is not just the salary that is the tempting force, but it is also the Perks and Allowances that one receives as an IBPS PO. The following are the perks that are enjoyed by an IBPS PO:
1. Leased Accommodation – This benefit is dependent upon the place of posting and is available to the bank officers. Some banks provide official bank accommodation/bank quarters instead of leased housing.
2. Travelling Allowance – Most banks provide a fixed Traveling Allowance and reimbursement of petrol bills.
3. Medical Aid – Revised price is Rs 8000/- p.a. This is the amount for the medical needs of the employee.
4. Newspaper Reimbursement: A fixed monthly amount for newspaper service.3
Coverage under the New Pension SchemeIBPS PO 2024 Job Profile
IBPS PO is one of the reputed jobs in the banking sector and provides many lucrative offers to employees. The Probationary Officer is trained for multiple operations such as finance, accounting, billing, investment, revenue collection, etc. during his/ her probation period to acquaint them with the banking procedure.
1. Resolving customer queries at the branch
2. Maintaining and supervising regular branch activities
3. Public relations and addressing issues and grievances of customers
4. Directing daily transactions of customers and processing loan(s) detail
Bringing new businesses to the bank branch.IBPS PO Career Growth
The career growth offered to Probationary Officer is very attractive providing vast opportunities even after the aspirant grab the job. On the basis of their performances, experiences, and knowledge below are the options that follow after owning the post of IBPS PO. The candidate have to appear in exams conducted by IBPS time-to-time to grab the promotion.
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
Related Links:
IBPS PO Syllabus 2024 –Click here
IBPS PO Apply Online-Click Here to Apply
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