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IBPS PO Salary 2020: In Hand Salary Structure, Job Profile, Promotion & Perks

IBPS PO Salary 2020: The IBPS PO recruitment 2020 has been released by the Institute of Banking and Personnel Selection. The IBPS PO 2020 official notification has been released with the 3715 vacancies. One common question that candidates asked us is that ‘what is IBPS PO Salary Structure?’. Before applying for the IBPS PO exam you should know that, what is IBPS PO salary in hand? Many candidates may not know the exact answer to this question.

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To help you, we have given below all the details about the IBPS PO salary, structure, in-hand salary, after 5 years, and other allowances. Additionally, candidates should also be aware of the IBPS PO job profile, promotion details, and career growth opportunities. Candidates are always curious to know the salary of Bank PO, allowances, career growth, perks, and promotion policy. To your reference, we are providing here the clear details about all the topics mentioned above. Do you know generally what is the Salary structure of IBPS PO? Most of the public sector banks offer Rs. 23,000/- as basic pay for the IBPS PO.

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Participating Banks For IBPS PO 2020

1 Bank of Baroda
2 Bank of India
3 Bank of Maharashtra
4 Canara Bank
5 Central Bank of India
6 Indian Bank
7 Indian Overseas Bank
8 Punjab National Bank
9 Punjab & Sind Bank
10 UCO Bank
11 Union Bank of India

 

Get More Info on IBPS PO Official Notification Here

IBPS PO Salary Structure: Pay Scale, In-Hand, & More

IBPS PO Salary Structure & Perks
Basic Pay 23700
Special Allowance 1836
DA 10163
CCA 870 
Total (without HRA) 36570
HRA  2133
Gross with HRA 38703
Medical Aid 8000
Entertainment 500
Newspaper 300
Petrol 3000
Telephone 400
Canteen Subsidy 400
Pension Contribution 2500

IBPS PO Job Profile

Among the many government jobs in India, IBPS PO is one of the most important dream jobs for the banking aspirants. The work profile of the IBPS PO includes the following;

  • Dealing with the queries of customers of the branch.
  • Maintenance and supervision of regular day-to-day branch activities.
  • Public relations and addressing the issues and grievances of customers.
  • To direct the daily transactions of customers and the processing of various loan details.
  • To bring new businesses to the branch.

The probationary officer should know all the details about the implementation of the policies and important decisions made by the management. Generally, the probation period of the PO is 2 years. Also, it may vary for some banks. After the probation period, the PO is promoted as the Assistant manager.

Get More Details – IBPS PO Eligibility Details

Get More Details – IBPS PO Syllabus

IBPS PO Basic Salary and Increment

In most of the public sector banks, the basic IBPS PO salary is almost the same. , the newly appointed bank PO will get a basic salary of Rs.23,700/- which was effective from 1st January of 2016. Also the annual increment of Rs.980/- is available for a PO for a period of 7 years. The increment for the next two years is Rs.1,145/-. Then for the next 7 years, the increment will be Rs.1,310/-.

Dearness Allowance (DA):

Dearness allowance is around 46% of basic IBPS PO salary and it is revised on a quarterly basis. The dearness allowance is calculated based on the Consumer Price Index (CPI) data. Also, it is directly proportional to inflation. It means that the DA will go up if inflation rises and vice versa.

Housing Rent Allowance (HRA):

HRA – House Rental Allowance is also known as the leased house accommodation allowance. It will range between 7% to 9% of the basic IBPS PO salary, depending upon the big cities, metros, and rural locations.

Special Allowance:

It is the latest added allowance to the IBPS PO salary structure. It is around 7.75% of the basic pay of a probationary officer. After completion of one year service, you will get an increment of Rs.400/- and Rs.500/- for 2nd year.

City Compensatory Allowance (CCA):

The city compensatory allowance depends upon the location where you hold the posting. IT will range between 3% to 4% based on the location of the job. It also can be 0%.

Promotional Channels:

The IBPS PO salary of Officer appointed in JMGS I (Junior Management Grade Scale I) or probationary officers in banks ranges from Rs. 23700 to Rs 42020.

As the career of the probationary officer grows the scale and salary of the person increase.

MMGS II (Middle Management Grade Scale-II): The salary ranges from 31705 to 45950.

MMGS II (Middle Management Grade Scale III): The salary usually ranges from 42020 to 51490.

SMGS IV (Senior Management Grade Scale IV): The salary usually ranges from 50030 to 59170.

SMGS V (Senior Management Grade Scale V): The salary usually ranges from 59170 to 66070.

IBPS PO Salary after the Bipartite Settlement

Increment Percentage Basic Pay Gross 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/-

IBPS PO Perks

Perks are nothing but the additional employee benefits given by the organization. The IBPS PO will have the following perks in addition to their salary;

  • Medical Aid: Most of the banks pay Rs.8000/- per annum as a medical aid.
  • Newspaper Reimbursement: A fixed monthly amount is provided equivalent to the cost of the newspaper.
  • Travel Allowance: It may be a fixed amount or the amount equivalent to the reimbursement of petrol bills.
  • New Pension Scheme: The IBPS PO will have the benefits covered under the New Pension Scheme.

Note: The Salary of IBPS PO is based on the revised banking norms. Also, the promotion of the PO is based on his individual performance alone.

IBPS PO Promotion & Career Progression (After 5 Years or so)

Junior Management Grade – Scale I: Officer i.e. PO
Middle Management Grade – Scale-II: Manager
Middle Management Grade – Scale III: Senior Manager
Senior Management Grade – Scale IV: Chief Manager
Senior Management Grade Scale V: Assistant General Manager
Top Management Grade Scale VI: Deputy General Manager
Top Management Grade Scale VII: General Manager
Executive Director (ED)
Chairman and Managing Director (CMD)

IBPS PO 2020 Online Application Re-opened

IBPS PO( CRP- PO/MT-X) Application Form have been Re-opened by IBPS for candidates how were not able fill their Online Application.

It has been decided by the competent authorities to hold an additional cycle of Online
Preliminary Examinations under CRP- PO/MT-X for the post of Probationary Officer/
Management Trainee by releasing this Supplementary Advertisement in continuation
to the detailed advertisement dated 04.08.2020. This process is only for the following
categories of applicants.

  1.  Who attained the eligibility in terms of educational qualifications by 11.11.2020.
  2. Who could not register successfully from 05.08.2020 to 26.08.2020.

IBPS PO Supplementary Notification 2020

Exam Event Tentative Dates
On-line registration including
Edit/Modification of Application & Payment
of Application Fees/Intimation Charges
28.10.2020 to 11.11.2020
Online Examination – Preliminary 05.01.2021 and 06.01.2021

Call Letter download will be made available about 10 days before exam date

All those who had applied successfully during the registration window for CRP PO/MT-X
from 05.08.2020 to 26.08.2020 and were called for the Online Preliminary Examination
during October 2020 should NOT apply for that post.

IMPORTANT NOTE:

The last date of eligibility, in terms of educational qualifications is changed to 11.11.2020. For other terms and conditions, candidates are requested to refer the Detailed Advertisement of CRP PO/MT-X dated 04.08.2020. Revised Vacancies as received unto 26.10.2020 have been updated in the detailed advertisement on IBPS authorised website.

IBPS PO Vacancy 2020-21: Updated Vacancies

This year IBPS PO Vacancy released are 3517. Canara Bank is the latest Bank to increase Vacancies. The total vacancy of IBPS PO 2020-21 is now out and we have listed the bank-wise vacancy details for you below.  The number of vacancies plays a major role in the cut off declaration. Check the vacancy list in the table below. Here you can also know the category-wise vacancy for each bank.

  • Number of Vacancies for this year: 3517 (Updated)

    Participating Organization SC ST OBC EWS UR Total Out of Which (PWBD)
    HI OC VI ID
    Bank of Baroda 0 0 0 0 0 0 0 0 0 0
    Bank of India 110 55 198 74 297 734 8 7 7 7
    Bank of Maharashtra 37 18 67 25 103 250 NR NR NR NR
    Canara Bank 315 157 567 210 851 2100 21 21 21 21
    Central Bank of India 0 0 0 0 0 0 0 0 0 0
    Indian Bank NR NR NR NR NR NR NR NR NR NR
    Indian Overseas Bank 0 0 0 0 0 0 0 0 0 0
    Punjab National Bank NR NR NR NR NR NR NR NR NR NR
    Punjab & Sind Bank 14 6 21 8 34 83 0 0 0 0
    UCO Bank 53 26 14 35 141 350 7 4 4 29
    Union Bank of India NR NR NR NR NR NR NR NR NR NR
    Total

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Frequently Asked Questions:

Q. What is the Basic Pay for IBPS PO Salary?

A.  The revised basic pay of Bank PO is ₹23, 700.

Q. What is the selection process of IBPS PO?

A. The selection process of IBPS PO consists of the Prelims Exam, followed by Mains Exam and a final Interview Round.

Q. What are the perks of an IBPS PO?

A. As an IBPS PO, the employee is entitled to get the medical facility, newspaper allowance, Travel Allowances, HRA, DA, and other allowances.

Q. What about the House Rent Allowance(HRA) that is mixed with the IBPS PO Salary?

A.  It varies according to the place of posting and can be 7% to 9% of the basic salary.