The public sector banks in India provide very good IBPS PO salary packages to scale 1 officers, also known as probationary officers (POs). The Institute of Banking Personnel Selection has announced 6432 vacancies for IBPS PO 2022 recruitment. The IBPS PO exam is being conducted by 11 banks. Apart from a lucrative salary, public sector banks are known for providing good growth opportunities. Probationary Officers in banks earn a very good salary, making this position the most lucrative. Because of the salary and social prestige it provides, the IBPS PO exam is one of the most sought-after exams in the country. In 2020, the 11th Bipartite Agreement determined the IBPS PO salary for 2022. Aside from a competitive salary, candidates chosen for the position will receive a variety of allowances and benefits. Read on to learn more about the IBPS PO 2022 salary, pay scale, promotion policy, and job profile.
IBPS PO Salary – Pay Scale
The IBPS PO exam brings with it a good salary structure that contains different components, including basic pay, increments, allowances, and perks. Below are the in-hand salary, pay scale, and allowances of IBPS POs:
| IBPS PO 2022 – Salary Structure | ||
| IBPS PO Basic Pay | Rs 36000/- (Increment in 4 stages) | Rs 36,000-(980/7) – Rs 42,860-(1145/2) – Rs 45,150-(1310/7)- Rs 54,320 |
| Dearness Allowance | 40% of the basic pay (Varies according to the inflation rates) | Rs. 8,593.20 |
| City Compensatory Allowance (CCA) | 3% or 4% (depending on the place of posting) | Rs. 1,400 |
| House Rent Allowances (HRA) | 7% to 9% of the basic pay | Rs. 3,240 |
| Special Allowance | 7.75% of the basic pay | Rs. 5,904 |
Additional Perks after clearance of IBPS PO exam
Candidates are also provided with lease housing, a travel allowance, newspaper reimbursement, medical care, and benefits under the New Pension Scheme.
1. Rental Accommodation
This service is available to POs on-site. Most banks provide leased accommodation in the form of Official Bank Accommodation/Bank Quarter. This sum isn’t available as a cash component and must be paid directly to the house owner.
2. Travel Allowance
Some banks provide a fixed Travel Allowance, whereas others allow reimbursement of gas bills, implying that bank officers must own a scooter/car at the location of posting.
3. NPS Advantages
10% of the basic pay plus DA is deducted.
4. Medical Assistance
Most banks pay a fixed annual amount (the revised amount is Rs 8000/- per annum).
IBPS PO Salary – Promotion
In the banking industry, IBPS Bank POs are Junior Management Grade Scale I (JMGS I) officers. The position provides an honest career advancement in terms of position as well as salary. They are promoted either through seniority or by passing the bank’s departmental exams. Work performance and dedication are critical for advancement. POs are promoted on a regular basis in accordance with bank policy, and their skills are also regularly updated. In terms of promotion policy, the majority of public sector banks adhere to uniform guidelines issued by the Ministry of Finance, Government of India. In terms of promotion, public sector banks have two options: the merit channel and the normal channel. The various promotion-related posts are listed below-
| Middle Manager | Middle Management Grade Scale 2 |
| Senior Manager | Middle Management Grade Scale 3 |
| Chief Manager | Senior Management Grade Scale 4 |
| Assistant General Manager | Senior Management Grade Scale 5 |
| deputy General Manager | Top Management Grade Scale 6 |
| General Manager | Top Management Grade Scale 7 |
| Executive Director | |
| Chairman and Managing Director |
IBPS PO Salary – Job Profile
A PO’s job is one of responsibility and precision. They are in charge of the day-to-day operations of banks as well as customer support. They are frequently tasked with dealing with complex banking situations, such as granting loans or addressing customer needs. The detailed job description for the PO is provided below.
- Supervise and regulate day-to-day branch activities such as accounting, finance, billing, revenue collection, etc.
- Verify several documents and proofs submitted by customers
- Oversee public relations and bring new business opportunities to the bank
- Address customer related issues and grievances
- Handle loans related queries and activities
- Monitor daily transactions of branch and customers
- Multitask and verify the work done by clerks whenever required
- Being aware of the policies and decisions made by the management to implement them for smooth functioning of the branch
FAQs
1. What is the starting salary for a bank PO?
The starting salary for a bank PO is Rs 36,000.
2.What is the probation period for a bank PO?
Bank PO probation period is two years.
3. What are the basic allowances included in a bank PO salary?
The basic allowances included in a Bank PO salary are dearness allowances, HRA, and travel allowances.
4. What is the selection process for the IBPS PO 2022 exam?
The selection process of IBPS PO exam consists of the prelims exam, followed by the mains exam and a final interview round.