IBPS PO Salary | After 7th Pay Commission | Know Job Profile & Salary
IBPS PO Salary 2020: This article will take you through the Bank PO In Hand Salary, Pay scale & important components in the salary structure. Institute of Banking Personnel Selection (IBPS) conducts the IBPS PO Exam which recruits for numerous bank jobs Public sector banks like SBI, Associate Banks of SBI, RBI, NABARD, SIDBI, LIC, Insurance companies e.t.c.
- IBPS is about to conduct IBPS PO Final Interview in February 2020.
- Interested candidates can Apply for the IBPS Application Form online once the institute starts accepting applicants.
- The eligibility criteria states that students who are graduate and above can appear for this exam.
- The IBPS PO Selection Process will take you through all stages in the IBPS Bank PO exam.
- Salary for IBPS has been increased & the basic pay has been raised to Rs 23,700.
- Hiked IBPS PO salary has come to affect from 1st January 2016.
IBPS PO Salary 2020
The Salary structure breakdown is mentioned in the table below.
|IBPS Bank PO Salary Structure 2020|
|Total (without HRA)||36,570.38|
|Gross with HRA||38,703.38|
What is the In-Hand Salary for IBPS PO?
- The In Hand Salary for a Probationary Officer is Rs 37,360 to 38,700 at the time of joining.
- Employees are eligible for an annual increment of Rs 980 which is applicable for 7 years.
Wage revision for Bank employees is due from November 2017 in accordance with 11th Bipartite settlement. Once it is implemented, employees will receive a hike of 15% and more. This wage revision would span till 2022. After the execution of Bipartite settlement, the Salary structure will look like this
|Increment Percentage||Basic Pay||Gross Salary|
IBPS PO Salary Slip 2020
The details mentioned in the IBPS Probationary Officer Salary Slip is displayed below. Candidates can go through this Pay slip to get an idea about the salary which is credited in the account.
IBPS PO Salary Details (Important Components)
Go through the following important IBPS PO Salary Components to understand the Structure of the pay
Pay Scale-Pay scale decides the employee’s salary. Some of the factors affect the person’s salary structure like what duties and responsibilities a person has to handle, what is the rank of the person at the job. The employer sets the employee’s pay scale.
Basic Pay- The basic is the person’s initial salary plus grade pay. The basic pay depends on the person’s job profile. All other evaluations depend on this pay of the person
CPC Fitment Factor- The modifications that come after the 7th pay of commission is CPC Fitment Factor. All other evaluations play a role while deciding this pay of the person.
NPS- NPS means the national pension scheme. It helps to improvise the person’s saving habits. A small amount of a person’s monthly income is prevented from him and that same amount is given to the person in his old age on a monthly basis.
IBPS PO Allowances
There are many perks and allowances for an IBPS PO. Apart from the basic pay, bank officers are eligible for the below allowances:
Dearness Allowance (DA): It is a cost of living adjustment allowance paid to all government and public sector probationary officers. Revised on a quarterly basis based on the consumer price index (CPI). It depends on inflation; the DA can increase with a higher inflation and comes down when there is a drop in inflation.
The DA for the quarter of November, December 2015 to January 2016 is 39.80% of the Basic Pay.
HRA: The House Rent Allowance depends on the place of posting. It can vary from 7% to 9% depending upon the cost of living in the city. HRA is higher in Metro cities & big cities.
Special Allowance: As per the latest revision in IBPS Salary Structure, the Special Allowance can be added to the PO’s salary. The Special Allowance is 7.75% on the basic pay.
City Compensatory Allowance: This also depends on the place of posting of the PO. It can either be 3%, 4% or 0% on the basic pay.
IBPS PO Promotion & Career Growth
Once you are selected as a Probationary Officer, you will have a lot of opportunities in any Public Sector Bank. Banks conduct exams for the promotion of employees on a regular interval. The IBPS PO Promotion Cycle is displayed in the image
IBPS Probationary Officer (PO) Perks
Along with the IBPS PO Salary, officers are also eligible for various other perks which help in living a comfortable life. Following points state the allowances provided by most banks affiliated with the IBPS.
- Leased Accommodation: This varies from bank to bank, it is instead of the HRA. Some banks may also offer official bank accommodation/bank quarters instead of leased housing. This does not come as a cash credit, it is provided directly to the Landlord against the rent receipt.
- Travel Allowance: Most banks allow fixed travel allowance and reimbursement of petrol bills.
- Newspaper Allowance: A fixed monthly allowance for the cost of 1 newspaper is provided to the PO.
- Medical Aid: Some banks pay the medical aid amount to the IBPS Officer. This payment has been revised to Rs 8000 per year.
- New Pension Scheme: Benefits under the new pension scheme are also provided.
IBPS PO Job Profile
- The shortlisted candidates go through a probation period for two years and this period would be divided into various phases as per the bank.
- The PO gets to work in various departments during the probation period. Initial 2 years focus on getting the employee acquainted to all important departments in the Bank.
- New hires can get posted in any branch or department of the Bank.
- IBPS PO Job profile is to assist the bank in its day to day functions which can include loan processing, customer relationship, payments e.t.c
The below mentioned responsibilities will shed some light on the role & duties of an IBPS Officer.
Responsibilities of Bank PO:
Customer Relationship: This is an important work for any IBPS PO. The main responsibility is to handle the customer and answer their queries and provide relevant solutions.
Account Related: Most banks assign bank account related queries to the PO. It could be related to accounting openings, closure of dead accounts, issuing Cheque books to the client, arrange depositing slips, bank passbook entry, create awareness among the new customers regarding account features, benefits, etc.
Cash Handling: A PO is expected to know all functions of the bank including the cash deposits & security. This is primarily a clerical job, but the PO is expected to know about it.
Payment Clearance: This is also a responsibility of a PO after the clerk to manage clearance system of payments for Inward clearing and outward clearing.
Loan Processing: At the beginning of the probation, banks assign a fresher to handle loan and Insurance department to sell their products. Department will train the PO on how to sell and what to sell and also teach them how to convince the customer.
ATM Related Queries: Some banks assign you to handle the queries related to the ATM-like lost ATM card, how to block card online, New ATM request, ATM pin number not received, and machine failed to dispense the cash but the amount got deducted from the account.
Reporting and Verification: Other daily reporting works of transactions and account related issues also assigned to the PO. PO is also responsible for manually verifying the transaction and records of accounts on a daily basis as and when required.
Share your thoughts/queries here!