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IBPS PO Salary and Perks

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IBPS PO Salary and Perks

shape Introduction

IBPS PO is considered a very lucrative post, given, it is, the first step in the ladder to serve the tenure as an officer in the Banking Industry. The Basic Salary of an IBPS PO is Rs. 23,700/- and the final IBPS PO Salary including HRA, DA, etc. may go up to Rs. 38,360 – 40,700/-. A IBPS PO also receives an annual increment of Rs.980/-, which is paid upto the seventh year.

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1. What is the Salary Structure for IBPS PO?

Allowances Pay
Basic Pay 23700
Special Allowances 1836.75
DA (Dearness Allowance) 10163.63
CCA (City Compensatory Allowance) 870
Transport Allowances —-
Total(Without HRA) 36570.38
HRA 2133
Gross with HRA 38703.38

2. What is the In-Hand Salary for IBPS PO?

Increment Percentage Basic Pay Gross Salary
15 % Rs.26,706/- Rs.37,068/-
20 % Rs.27,866/- Rs.38678/-
25 % Rs.29,026/- Rs.40,288/-
30 % Rs.30,187/- Rs.41,899/-

3. What are the allowances that an IBPS PO can get?

In addition to the Basic Pay, PO’s are eligible for the following allowances:

  • Dearness Allowance (DA): DA in banks is revised on a quarterly basis (i.e. in the months of February, May, August and November) based on the Consumer Price Index (CPI) as declared by Government of India. The new revised current DA is 39.80 % of Basic Pay. DA can go up with higher inflation and also come down if the inflation rate is in negative.

  • Special Allowance: This has been added in 10th BPS (wef 01/11/2012) and for scale I is 7.75% on which DA is also payable.

  • HRA (House Rent Allowance): This depends on the place of posting and it can be either 9.0% or 8.0% or 7.0% depending on the place of posting.

  • CCA (City Compensatory Allowance): This also depends on the place of posting and can be either 4% (maximum Rs.870/-) or 3 %( Maximum Rs.600/-) or 0%.

  • 4. What are the additional Perks that an IBPS PO can get?

    1. Leased Accommodation: Some banks provide Official Bank Accommodation/Bank Quarters as leased accommodation. This is a replacement of HRA.

    2. Traveling Allowance: Certain provide fixed Traveling Allowances while others allow reimbursement of petrol bills i.e. Bank officer must own scooter/car at the place of posting.

    3. Newspaper Reimbursement: A fixed monthly amount is paid towards the cost of one newspaper to the Bank PO.

    4. Medical Aid: A fixed annual amount is paid by most of the banks (Revised amount is Rs8000/- p.a.).

    5. Benefits under New Pension Scheme.

    shape FAQ

    IBPS PO Salary 2020- FAQ
    Q1. What is the basic pay of IBPS PO?

    Rs. 23, 700 is the revised basic pay of Bank PO as applicable on 1st January 2016.

    Q2. Which Bank PO has the highest salary?

    SBI offers the highest salary pay package to its probationary officers, the other public sector banks also offer quite a handsome sum to the PO. The average public sector bank monthly and annual salary is higher than that of a PO working in a leading private bank.

    Q3. What is the HRA provided to a IBPS PO?

    It varies according to place of posting and can be 7% to 9% of the basic salary.

    Q4. Is the IBPS PO salary more than the salary for an Officer in RBI?

    No, The IBPS PO salary is slightly less than the salary paid to a Grade B Officer in RBI. The overall perks and allowances are also almost the same for IBPS and RBI.

    5. Does Bank PO get pension?
    SBI PO is eligible for reimbursement of various perquisites, Provident Fund, Gratuity, Pension under New Pension Scheme (Defined Contribution Benefit Scheme), Medical, Leave fare and other facilities, as per the instructions of the Bank issued from time to time.

    6. Is IBPS PO Exam tough?
    IBPS PO is one of the most competitive exam but with the right strategy you can easily clear this.

    Q7. Is the SBI PO salary more than the salary for an Officer in IBPS PO?
    Basic pay for an SBI PO is Rs. 27620/-. Moreover, an SBI PO is paid four extra increments at the time of joining. It makes the salary of an SBI PO Rs. 6000 higher than a PO in other banks. An IBPS PO draws a basic salary of Rs 23700.

    IBPS PO – Related Information
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    IBPS PO 2019 – Official Notification