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IBPS PO Salary Structure 2024 - Pay Scale, Allowances & Benefits

Update on 2024-04-15

IBPS PO Salary Structure 2024 - Pay Scale, Allowances & Benefits

According to the IBPS Payscale 2024, 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 2024, pay scale, allowances, and benefits, you should read this article This article includes complete information on IBPS PO Salary structure 2024.

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.

IBPS PO Salary Structure

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 2024
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.

IBPS PO Allowances

There are four major allowances offered to IBPS PO. These four allowances are the major components of the IBPS PO Salary structure for 2024.

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 2024, 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 2024, the amount paid as a special allowance is 7.75% of the basic pay.

IBPS PO Gross Salary

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 2024 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 2024, continue reading…

IBPS PO In-hand Salary 2024

IBPS PO In-hand salary 2024 is also known as IBPS PO Net Salary 2024. 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.

IBPS PO Salary Deductions 2024

As we have discussed earlier, there are some deductions made in the IBPS PO Gross salary 2024, 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 2024? 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 2024
Salary Details Amount
Gross Salary Rs 57,289
NPS Rs 3600
TDS Rs 859
Union Fee Rs 200
Total Deductions Rs 4659
Net Salary Rs 52,630

Benefits Offered to IBPS PO

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:

  • Travel Allowance: The facility is provided to Probationary Officer besides HRA. At some banks, official bank accommodation/Bank quarter is leased accommodation and the lease is paid by the bank only. This allowance is not given as cash and it will be directly transferred to the house owner of the leased house.
  • Transport Allowance: Some banks provide fixed transport allowance to their employees while others process reimbursement of petrol bills i.e Bank officer must own their own vehicles at the place of posting.
  • Newspaper Reimbursement: The bank probationary officer is also paid a monthly fixed amount for the expenses of newspapers.
  • Medical Allowance: The bank also pays their PO employees a fixed annual amount to meet the expenses of the medical checkups. The revised medical aid allowance paid to the bank probationary officers is Rs 8000 per annum.
  • Other benefits offered to IBPS PO, under NPS (10% of basic pay and DA is deducted)

Points to Remember:

  • The salary of IBPS PO is equal to the salary paid to other probationary bank officers.
  • After the recruitment of a new PO, the candidate remains on probation period for at least 2 years and he/she is eligible to get an increment during his/her probation period.
  • Once the probation period of an IBPS PO is over, he/she can start working as a full-time Probationary officer.
  • A probationary officer is one of the highest entry-level posts in a bank and there is a great scope for growth for an IBPS P.O

IBPS PO Promotion Policy 2024

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
Grade level Post
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.

IBPS PO Exam: Participating Banks

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:

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

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.

IBPS PO Recruitment 2024

  • IBPS Probationary Officers are recruited through the IBPS PO exam conducted by the Institute of Banking Personnel Selection. Every year, the IBPS conducts this recruitment process to recruit candidates for the job post of Probationary Officer in 11 Public sector banks.IBPS has not released any official notification for the IBPS PO Recruitment 2024 however there are many PO job posts that are lying vacant in various PSU Banks of India.
  • IBPS PO Notification 2024 will be released soon. This exam is conducted in three stages of selection: (i) Prelims (ii) Mains (iii) Interview. We expect the IBPS PO 2024 Prelims exam to be tentatively held on the 3rd, 4th, and 10th of October 2024. However, these dates are tentative dates and there are no official dates released by the authorities yet. We advise all the candidates to patiently wait for the authorities' official notice. Till then you can start preparing for the various banking exams. Start studying early for the exams so you can be prepared in advance for the upcoming IBPS PO exams in 2024.

Below you can find some basic information about the IBPS PO Recruitment 2024:

IBPS PO Important Dates 2024
IBPS PO Notification Release Date The first week of August 2024
IBPS PO Registration 2024 (Starting Date) August 2024
IBPS PO Registration 2024 (End Date) August 2024
Pre-Exam Training Admit Card September 2024
Conduct of Pre-Exam Training September 2024
IBPS PO Preliminary Admit Card Release Date September 2024
IBPS PO Preliminary Exam Date 3rd, 4th & 10th October 2024
IBPS PO Preliminary Result Date October 2024
IBPS PO Mains Exam Date 28th November 2024
IBPS PO Mains Result Date December 2024
Conduct of interview January / February 2024
IBPS PO Provisional Allotment 1st April 2024

Candidates will be able to find all the dates and direct links to apply for IBPS PO Recruitment 2024 once the authorities release the IBPS Notification 2024. Till then, you can check out other important information about IBPS PO Exam 2024.

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