Update on 21 Mar, 23
5 minutes read
According to the IBPS Payscale 2023, the basic pay of IBPS PO is revised to Rs 36,600 and was made effective from November 2017. Earlier the IBPS PO basic pay was Rs 23,700 but now it is revised to Rs 36,000 per month.
If you want to get in-detailed information about IBPS PO Salary 2023, pay scale, allowances, and benefits, you should read this article This article includes complete information on IBPS PO Salary structure 2023.
The salary of a bank probationary office is almost the same in all the public sector banks that recruit employees for PO posts through the IBPS PO Exam. Undoubtedly, IBPS offers lucrative salary packages to their recruits, along with a high pay scale, this job post also offers great benefits and perks.
Since, the job of a probationary officer is considered one of the most promising career options, every year lakhs of banking aspirants apply for the IBPS PO post.
The salary of IBPS PO comprises various components such as Basic pay, special allowance, Dearness Allowance, City Compensatory Allowance, House Rent Allowance, etc.
Below we have given the specifications of each component and the amount paid to the IBPS P.O under each salary component:
|IBPS PO Salary Structure 2023|
|IBPS PO Basic Pay||Rs 36000/- (Increment in 4 stages)||Rs 36,000-(980/7) - Rs 42,860-(1145/2) - Rs 45,150-(1310/7)- Rs 54,320|
|Dearness Allowance||40% of the basic pay (Varies according to the inflation rates)||Rs. 8,593.20|
|City Compensatory Allowance(CCA)||3% or 4% (depending on the place of posting)||Rs. 1,400|
|House Rent Allowances (HRA)||7% to 9% of the basic pay||Rs. 3,240|
|Special Allowance||7.75% of the basic pay||Rs. 5,904|
The entry-level in-hand salary of IBPS PO is Rs 52,000 to Rs 53,000 depending on the amount paid under various salary components. Please note that the monthly IBPS PO basic pay is Rs 36,000 with an increment of Rs 980 for the next 7 years of the posting.
After serving for 7 years as an IBPS PO, the candidate gets a basic pay of Rs 42,860 with an annual increment of Rs 1145 for the next 2 years. According to the increment policy, The basic pay scale of IBPS PO is Rs 36,000-(980/7) - Rs 42,860-(1145/2) - Rs 45,150-(1310/7)- Rs 54,320.
There are four major allowances offered to IBPS PO. These four allowances are the major components of the IBPS PO Salary structure for 2023.
Below we have given the description of each allowance paid along with the basic pay of IBPS PO:
(i) Dearness Allowance: Dearness Allowance: This component comprises more than 39.8% of the basic pay of Bank PO Salary. It has been increased by 1.4% and is revised after every 3 months. The dearness allowance varies based on the inflation rates.
(ii) City Compensatory Allowance: The city compensatory allowance is usually 3%-4% of the basic pay or sometimes 0% of the salary, this component of the salary is entirely based on the city you are posted in. This component is paid with the salary to compensate for the high cost of living in the metro and large cities.
Therefore the city compensatory allowance is paid according to the city the Probationary Officer is posted in.
(iii) House Rent Allowance (HRA): This component is paid to the employee to meet the accommodation expense of renting a place for residential purposes. In an IBPS PO Salary structure in 2023, this component comprises 7% to 9% of the IBPS PO basic pay.
(iv) Special Allowance: This component of the salary is a fixed amount that is paid to the employees to meet certain requirements. In the IBPS PO Salary structure 2023, the amount paid as a special allowance is 7.75% of the basic pay.
The gross salary of an IBPS PO is made after the EPF and the gratuity amount is deducted from his/her CTC. The IBPS PO gross salary 2023 is something around Rs 57,289.
However, the in-hand salary of IBPS PO is less than the gross salary as some deductions are made in the gross salary before the transfer.
For more details about IBPS PO In-hand salary 2023, continue reading…
IBPS PO In-hand salary 2023 is also known as IBPS PO Net Salary 2023. It is the salary that the employee receives after the tax and other deductions are made from the gross salary. The Inhand salary of IBPS PO varies from Rs 52,000 to Rs 55,000 depending on the salary components.
As we have discussed earlier, there are some deductions made in the IBPS PO Gross salary 2023, after the deduction, the IBPS probationary officer gets an in-hand salary of Rs 52,000 to Rs 55,000 (based on the salary components).
But why are the deductions made from the IBPS PO gross salary 2023? Well, it is the taxes like NPS and professional tax which is deducted from the gross salary. The gross salary is paid to the employee after the NPS and professional tax deductions are carried over.
The difference between the amount of gross salary and the in-hand salary of IBPS PO is that the salary that includes professional tax, income tax, and other company policy deductions is subtracted from the gross salary.
|IBPS PO Salary Deductions 2023|
|Gross Salary||Rs 57,289|
|Union Fee||Rs 200|
|Total Deductions||Rs 4659|
|Net Salary||Rs 52,630|
As you may have already understood by now that the IBPS basic pay, increments, allowances, and perks offered to an IBPS probationary officer are satisfying and these are the things that attract many individuals toward a banking career. However, the additional benefits offered to IBPS PO vary from one bank to another.
Below we have mentioned some perks and benefits offered by various PSU Banks:
Points to Remember:
Banking is one of the most sought-after career options and IBPS PO is the go-to career choice when it comes to starting a banking career in India. Speaking of the career growth and promotion policy of an IBPS PO, there is a huge career scope. An IBPS PO may get promoted to the post of General Manager after getting experience of 14 years and being promoted to various posts within the promotion hierarchy.
Below we have mentioned the hierarchy of posts and grade levels in the banking sector. You can get promoted to these posts once you become experienced in the banking sector on the probationary officer post:
|IBPS PO Career Growth Opportunities|
|Junior Management Grade – Scale- I||Officer i.e Probationary Officer|
|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)||-|
In many PSU banks, you can also get the opportunity of working abroad. There are many public sector banks that have their branches located in other countries as well. Therefore you may get a chance to get posted in foreign countries.
The transfer policy of bank jobs provides you the chance to explore various cities of the country. Along with the transfer, you also get a city compensatory allowance, So yes, working as a banking PO always puts you in a win-win situation.
Currently, there are 11 banks that participate in the IBPS PO Exam. You may already know that there are many banks that used to participate in the IBPS PO recruitment process however due to the merging of the banks, the no. of participating banks has been reduced now.
Below we have mentioned the list of the banks which used to participate in the IBPS PO Recruitment process:
Many of these banks are now merged with some PSU banks, therefore now the no. of participating banks has been reduced.
Location Preference: Based on Salary
The salary structure, promotion, and policies are similar for most banks and the job description is also the same. If you have any particular location preference, then look for banks with headquarters in the state or city you want to stay.
Usually, the candidate is posted in the bank branch of the same city. These are the foreign branches as well. The work environment is innovative and helpful to newcomers.
Below you can find some basic information about the IBPS PO Recruitment 2023:
|IBPS PO Important Dates 2023|
|IBPS PO Notification Release Date||The first week of August 2023|
|IBPS PO Registration 2023 (Starting Date)||August 2023|
|IBPS PO Registration 2023 (End Date)||August 2023|
|Pre-Exam Training Admit Card||September 2023|
|Conduct of Pre-Exam Training||September 2023|
|IBPS PO Preliminary Admit Card Release Date||September 2023|
|IBPS PO Preliminary Exam Date||3rd, 4th & 10th October 2023|
|IBPS PO Preliminary Result Date||October 2023|
|IBPS PO Mains Exam Date||28th November 2023|
|IBPS PO Mains Result Date||December 2023|
|Conduct of interview||January / February 2023|
|IBPS PO Provisional Allotment||1st April 2023|
Candidates will be able to find all the dates and direct links to apply for IBPS PO Recruitment 2023 once the authorities release the IBPS Notification 2023. Till then, you can check out other important information about IBPS PO Exam 2023.
Copyright @2021.www.collegedisha.com. All rights reserved