IBPS PO Salary: Check Basic, In-Hand Salary, Perks, Benefits, Job Roles

IBPS PO Salary: The Institute of Banking Personnel Selection (IBPS) is the governmental body that conducts the recruitment for all the Public Sector Banks of India. IBPS is best Known for its fast-paced recruitment process. Among all the job openings published by IBPS, IBPS PO is considered to be its prime opening, as the career of an IBPS PO is quite promising and full of advancement. One of the major reasons for this fact is the salary of an IBPS PO. The IBPS PO offers a competitive in-hand salary of Rs. 52,630.38. Successful candidates who secure the position of probationary officers receive an attractive compensation package that includes additional benefits like dearness allowance, housing allowance, and more.

The job of IBPS PO is renowned as highly reputed and the Salary of an IBPS PO is one of the highest among any equivalent Post in the PSU. The IBPS PO is offered with a number of unique stipends and allowances, adding more value to its lucrative basic salary.  It is believed that the IBPS wraps up a recruitment process in almost 8 months, which is way quicker than any other government recruitment agency in India. All the public sector bank's employment is carried out by the IBPS for all the entry-level as well as for officer-level posts. IBPS releases the employment notification through a number of openings like IBPS Clerk, IBPS PO, IBPS SO, IBPS RRB Clerk, IBPS RRB PO, etc. IBPS releases these notifications on a yearly basis.

Within this article, candidates can discover details about the IBPS PO salary after the 7th pay commission and the updated salary structure resulting from the bipartite settlement. IBPS not only offers a promising job profile but also an appealing salary package, making it a compelling choice for numerous aspirants.

IBPS PO Basic and In-hand Salary 2023

The salary, which an employee receives is a crucial factor that determines his/her job satisfaction. The Banking sector leaves no room for discontent among its employees in this field. The Salary of IBPS PO, itself, serves as a motivation for job seekers, to work hard to get the Job. Along with the diverse opportunities the Banking sector provides, the IBPS PO Salary has always been a matter of interest to bankers. These factors lead to a large number of applications for the recruitment exams of IBPS.

IBPS PO receives ₹36,000, as the basic pay. In addition to the basic salary, there are a number of allowances to which an IBPS PO is entitled to. Furthermore, an IBPS PO is also subjected to a number of increments with the advance of his/her career in a particular bank. If we talk about the In-Hand Salary of an IBPS PO, It can be estimated that an IBPS PO gets approx. ₹52,000 - ₹60,000 in the start of his career. The latest revision made by the government has uplifted the IBPS PO salary by ₹4000 - ₹5000. The IBPS PO salary also depends upon the area of position; Rural or Urban. IBPS PO in the urban area always earns ₹6000-₹8000 more than an IBPS PO posted in a rural area. This difference in the IBPS PO salary arises due to the more allowance the PO posted in the Urban area gets.

IBPS PO Salary Structure

According to the latest revision in the IBPS PO Payscale, the salary of an IBPS PO will be ₹36,000 with two advance increments on the Basic pay whereas the highest basic salary will be ₹63,840 . Given below is the chart depicting the revised increment and the corresponding salary of an IBPS PO after these increments.

The Basic Salary Structure of an IBPS PO is as follows:

IBPS PO Allowances 2023

The basic salary of an IBPS PO may seem quite regular and equivalent to any governmental job. So, what makes the IBPS PO a lucrative Job? The answer is the allowances that an IBPS PO gets in addition to the basic salary adds a lot of value to the profile. These allowances include the Dearness Allowance (DA), House Rent Allowance (HRA), Travel Allowance(TA), Leave Travel Concession (LTC), Medical Allowance, and many other allowances. One will be amazed to know that the IBPS also offers its employees some special allowances like Newspaper Allowance, Furniture Allowance, Mobile Bill Reimbursement, etc. Apart from the basic salary of an IBPS PO, these allowances add about double of its value. Given below is the in-hand salary of an IBPS PO including various allowances. Check the table:

It is to be noted that these allowances may differ with respect to the region of posting of an IBPS PO. IBPS PO posted in urban cities is always paid more than the IBPS PO posted in Villages.

IBPS also deducts some part of the IBPS POs' salary from the pension fund. The employee gets this amount along with the interest as the Provident Fund after this retirement.

IBPS PO Salary Slip

The IBPS PO Salary Slip is displayed below. Candidates can refer to the IBPS PO Salary Slip to get a clear view of the latest IBPS PO Salary:

IBPS PO Perks & Benefits

As we have been consistently discussing the benefits and the emoluments the IBPS offers to its Probationary Officers (PO), the authority makes its employees happy by adding some more perks above their salary. These perks & benefits include performance-based incentives, loan facilities at minimal interest, financial security, Insurance facilities, PF facilities. IBPS is also known for its fast promotion service. So, on an overall note, my career as an IBPS PO is quite promising.

IBPS PO Job Profile: Roles an IBPS PO plays in a bank

An IBPS PO manages the business of a bank. He is a manager on probation. IBPS PO is also termed as an assistant manager of the bank. He also looks after the public dealings in a Public Sector Bank. A PO manages the accounts of the bank customers, acknowledges the problems, that the bank clerks bring forward, and resolves them. So, all these works make the post of a PO quite responsible and important from a general perspective. Like every other bank, The IBPS PO carries out the aforementioned work. IBPS PO performs the following activities:

• IBPS PO helps out the clerks with the work that they are unable to carry out.
• IBPS PO is majorly involved in all managerial banking activities like the process of loan approval, loan sanctioning, Credit dispute resolution,etc.
• IBPS PO has authority to take action in cases related to the finance of the branch, Accounts of the customers, Loan approval and retrieval, etc.
• IBPS PO also verifies the documents for bigger transactions. The call of a PO holds a lot of weight in matters related to debit and credit.