IBPS PO Salary 2023, In-hand Revised Salary Structure & More (2024)

IBPS PO Salary 2023: The in-hand Salary for the IBPS PO is Rs. 52630.38/-. The candidates who get the job position of probationary officers are offered a good monetary package and they also get other perks such as dearness allowance, housing allowance, etc. The candidates can go through the important details about the IBPS PO Salary and job profile in this article.

• Here in this article, candidates will get to know the IBPS PO salary after the 7th pay commission, and the revised salary that takes place on the basis of bipartite settlement.
• IBPS not only gives a better job profile but also a handsome salary package that attracts lakhs of candidates.

Therefore, keep reading this article on IBPS PO salary job profile and career growth to understand the amazing benefits and in-hand salary every officer gets.

There are various components in IBPS PO salary structure that have been discussed below:

IBPS PO Salary - Basic Pay

The revised basic IBPS PO salary structure (as per 11th Bipartite settlement) is INR 36000 – (980 x 7) – 42860 – (1145 x 2) – 45150 – (1310 x 7) – 54320 This means IBPS PO Basic pay after 7 Years – Rs 42,860, Basic Salary after 7 + 2 Years – Rs 45,150, and Basic Salary after 7 + 2 + 7 Years – Rs 54,320.

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IBPS PO Revised In-hand Salary 2023

Candidates frequently inquire about the IBPS PO in hand salary and advancement opportunities. This is the amount received by Probationary Officers to cover their living and expenses. Probationary Officers receive their IBPS PO salary after numerous additions and deductions.

• The IBPS PO salary has increased following the 11th bipartite settlement, as has the in-hand salary structure.
• The IBPS PO salary in hand is around 52000/-55000.
• Salary varies depending on the bank and location of posting. The salary received by the IBPS PO is equivalent to the salary received by other banks' probationary officers.
• Candidates must serve a two-year probation period during which they will be trained for all future roles and responsibilities. They will learn to complete their tasks in an efficient and effective manner.
• During probation, an employee is eligible for pay increases. Candidates begin working as Probationary Officers after completing the probation periods specified by the bank. Employees who are capable and competent can advance to higher positions in the organization based on their performance.

The revised pay structure has been given below in the table.

IBPS PO Salary after the 11th Bipartite Agreement

The IBPS PO schedule a timely increment in the salary of IBPS PO officers And after the release of the new 11th Bipartite agreement, approximately 8.8 lakh employees would benefit from it as they would be eligible to get 15 percent hike in the IBPS PO salary.

The IBPS PO starting salaries have been increased by 15%. The new salary is calculated using their previous basic pay plus DA. The final settlement has been announced, resulting in an increase in the salary structure of the candidates. Following the raise, the candidates will receive a basic salary of INR 36,000/- and a gross salary of INR 57,289.70/-.
The table is given below shows increment after bipartite agreement:

IBPS PO Allowances and Perks

Along with a handsome salary package, the candidates will also be benefited from various allowances. These allowances will be added to basic pay and reflected in the IBPS PO salary slip.

Apart from the basic IBPS PO salary, employees will also get some additional benefits. These benefits include the following:

• Leased Accommodation – The scale of this benefit is dependent upon the place of posting (tier 1, tier 2, tier 3) and is available to all the probationary officers. Some banks provide official bank accommodation/bank quarters to the officers instead of leased housing.
• Travelling Allowance – Most of the banks provide a fixed Traveling Allowance and also allow reimbursem*nt of petrol bills.
• Medical Aid – The revised price of medical aid provided to the officers is Rs 80000/- p.a. This is the amount for the medical needs of the employee.
• Newspaper Reimbursem*nt: A fixed monthly amount for newspaper service is made available to each officer.
• Coverage of the employees under the New Pension Scheme

IBPS PO Salary - HRA (House Rent Allowance):

House Rent allowance may vary depending on the posting and it ranges from 9.0% or 8.0% or 7.0% of the basic IBPS PO salary depending upon the type of city (metros, big cities or other locations).

IBPS PO Salary - DA (Dearness Allowance):

Dearness allowances are revised every three months by All India Consumer Price Index data published by the Ministry of statistics & program implantation. In 2016, DA was almost 39.8 % of the basic IBPS PO salary. The dearness allowance has been revised and is now reduced to 23.87% which is effective since 2017.

IBPS PO Salary - SA (Special Allowance):

The special allowance is currently added to the wage and is about 7.75% of the basic IBPS PO salary. It came into effect from 01.01.2016.

IBPS PO Salary - CCA (City Compensatory Allowance):

This allowance varies from city to city based on the type of city, it can be 0%, 3% or 4%.

Banks Participating in IBPS PO 2023 Recruitment Process

Here is the list of banks that are participating in the IBPS PO 2023 recruitment process.

• Bank of Baroda
• Bank of India
• Bank of Maharashtra
• Canara Bank
• Central Bank of India
• Indian Bank
• Indian Overseas Bank
• Punjab National Bank
• Punjab & Sind Bank
• Union Bank of India
• UCO Bank

IBPS PO Job Profile

IBPS PO is a reputed job in the banking sector that provides many benefits to the employees. A Probationary Officer is trained for multiple operations like finance, billing, collection, accounting, revenue, investment, etc. during their probation period. They might also be asked to carry out other functions such as:

• Resolve customer queries
• Maintain and supervise branch activities
• Public relations, addressing issues, and complaints of customers
• Daily transactions of customers
• Processing loan(s) detail
• To Bring new businesses to the bank branch

IBPS PO Job Profile - Promotion and Career Growth

The Institute of Banking Personnel Selection provides numerous opportunities for candidates to grow and succeed in their careers. Many public sector banks follow the guidelines of the Ministry of finance regarding promotion policy. The two channels that they follow are merit and normal channels. The IBPS probationary officer's salary ranges from INR52000 to INR 55000.

The table given below shows the career growth and increase in salary Probationary Officers can expect.

Candidates can view the post hierarchy here to learn more about the IBPS PO career progression and to analyze the work profile. Candidates who are hardworking, eligible, and competent have a better chance of being promoted to higher levels of the job and taking on more roles and responsibilities. Check out the job hierarchy for the positions mentioned here to get an idea about the job profile.

1. Junior Management Grade - Scale I: Officer
2. Middle Management Grade - Scale II: Manager
3. Middle Management Grade - Scale III: Senior Manager
4. Senior Management Grade - Scale IV: Chief Manager
5. Senior Management Grade - Scale V: Assistant General Manager
6. Top Management Grade - Scale VI: Deputy General Manager
7. Top Management Grade - Scale VII: General Manager
8. Executive Director (ED)
9. Chairman and Managing Director (CMD)

We hope that this article helped you understand the IBPS PO salary structure, career growth opportunities, and job profile of a Probationary Officer selected through the IBPS PO exam. Candidates can visit Testbook App on their mobile to know about IBPS PO exam pattern, syllabus, practice set, mock tests, and much more.