IBPS PO Salary 2024- Structure, In-hand, Allowance, Career Growth

If you are preparing for a government job in the banking sector then you might know what IBPS is. It stands for Institute of Banking Personnel Selection. It releases the notification for the recruitment of Probationary Officers every year. A lot of candidates preparing for exams are curious to know the IBPS PO Salary 2024.

IBPS PO Salary In-hand

After a large number of strikes in various banking institutes by bank employees, they got raise last year. This raise really helps banking employees as they were underpaid previously. Now, their salary is on par with industry standards. As per the latest data, you may check the IBPS PO Salary as explained in the following table.

IBPS PO Salary Component

To understand the Salary structure of IBPS PO, you need to understand each component mentioned in the salary structure. Go through the table below to know how IBPS PO Salary is calculated.

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IBPS PO Special Allowance– It is included in the salary of Probationary Officers from 1^st January 2016. It is nearly 7.75% for the basic salary of a banker. The inclusion of special allowances was a demand of bankers for a long time.

IBPO PO House Rent Allowance (HRA)– The HRA depends upon the city or village in which the banker is posted. Depending upon the location (Metro, big cities, villages, towns, etc.) HRA varies from 7% of the basic salary to 9% of the basic salary.

IBPS PO Dearness Allowance (DA) – On the basis of All India Consumer Price Index Data published by the Ministry of Statistics and Program Implementation, Government of India, Dearness Allowance (DA) of bank employees keep on changing every 3 months. It was around 39% recently. Many bank unions are demanding the determination of DA on monthly basis in the impending wage settlement.

IBPS PO City Compensatory Allowance (CCA) – It is given to the employees on the basis of the location in which they are posted. It might be equal to 0%, 3%, or 4%.

IBPS PO Salary Slip– Sample Salary Slip

To get a better understanding of IBPS PO Salary in 2024, you can take a look at the sample salary slip given in the following table.

IBPS PO Career Growth

A career as a government banker gives fair growth to bright students especially to those who have a zeal to learn and grow. Banks in India are bound to follow the guidelines of the Ministry of Finance, Government of India, as far as their promotion policies are concerned.

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We can classify the promotion channel in the banks in the following two ways.

1. Merit Channel
2. Normal Channel.

Let’s discuss the change in salaries after getting promoted step by step.

• Salary of probationary officers in banks or officer appointed as JMGS I (Junior Management Grade Scale I) – Rs. 23700/- to Rs. 42020/-

As the career of probationary officer tends to grow, the pay scale and salary tend to increase.

• MMGS II (Middle Management Grade Scale-II): Usually, the basic salary ranges from Rs. 31705/- to Rs. 45950/-
• MMGS II (Middle Management Grade Scale III): Generally, the basic salary is from Rs. 42020/- to Rs. 51490/-
• SMGS IV (Senior Management Grade Scale IV): Usually, the basic salary ranges from Rs. 50030/- to 59170/-.
• SMGS V (Senior Management Grade Scale V): The basic salary ranges from Rs. 59170/- to Rs. 66070/-

IBPS PO Job Description

The general duties of an IBPS PO are as follows.

• Maintaining and supervising the general banking activities at a regular bank branch.
• Resolving customer queries at the bank branch.
• Addressing the grievances and issues of customers.
• Make sure the transactions of customer’s money take place smoothly.
• Responsible for bringing new launches and schemes to the bank.

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