How Much Does a Bank PO Earn After Selection Through the IBPS Exam
The salary of an IBPS PO is one of the main driving factors for candidates appearing for the IBPS Probationary Officer (PO) exam. A banking role is always hailed in society to be one of the safest, preferred, and remunerative positions. This is because of the high salary and growth potential of getting into the banking domain.
Here’s everything you need to know about the salary structure of an IBPS PO and other aspects of career growth and responsibilities:
What Constitutes the Basic Salary of IBPS PO?
In the banking sector, wage revision takes place every five years. In 2020, according to the 11th bipartite settlement and modification, the IBPS PO salary is as follows:
- Basic Pay – Rs.23,700 with increment in four stages
- Dearness Allowance – 40% of basic pay
- City compensatory allowance – 3% to 4% depending on the place of posting
- House rent allowance – 7 to 9% of basic pay
- Special allowance – 7.75% of basic pay
Other Perks and Allowances of IBPS PO Salary
Apart from the above basic pay and allowances, there are other perks tagged with IBPS PO that include:
- Travel Allowance – Reimbursement of money spent on petrol/diesel or full travel allowance
- Leased Accommodation – Some banks provide quarters for bank employees or provide a leasing option for which the bank will pay rent
- Medical Reimbursement – A fixed amount is disbursed to employees for availing medical treatment
- Pension scheme – Most banks offer attractive pension scheme after retirement
- Miscellaneous – Other perks can also come into play depending on the participating banks that select you for a PO role. This can include telephone, canteen subsidy, entertainment, newspaper, etc.
Thus, we can say a newly recruited Bank PO can earn around 30,000 -45,000 INR. After 3–5 years at various levels of increments, you may be able to draw a handsome remuneration of 50–70K, depending on your performance. The basic salary of IBPS PO is fixed while other components of allowances and perks can vary from bank to bank.
IBPS PO Growth and Responsibilities
Getting into a banking role as a PO offers lucrative career prospects with high growth opportunities. From the level of PO, you can work your way higher to managerial and directorate positions. Generally, the probationary period for POs is two years, which can vary with each bank. After the period, they can be promoted to the next level as an assistant manager.
The various responsibilities of an IBPS PO are to get involved in major banking operational tasks and activities. They have to deal with customer queries, grievances, public relations, and maintenance of day-to-day branch activities.
They are also accounted for verifying documents and processing loans and are held in-charge of various departments like finance, accounting, marketing, and loans. Besides, they are expected to be well-versed with banking policies and other changes implemented by the management.
Does the basic salary of an IBPS PO influence you to apply for the IBPS PO exam? Prepare for the exam with the best strategies and guidance so that you can clear through all levels and make your mark in the prosperous banking field.