IBPS PO Salary 2024
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IBPS PO Salary

IBPS PO Salary 2024: The Institute of Banking Personnel Selection (IBPS) is the organization that conducts the IBPS PO Exam every year, IBPS selects candidates to cover the Probationary Officers Post and offers an attractive package. This article sheds light on crucial aspects officers should consider before applying to the 11 participating banks in IBPS. The 11th Bipartite Agreement determines the IBPS PO Salary 2024, with the current base pay set at Rs. 36,000/-. In this article, we will explore the revised pay scale, job description, career opportunities, allowances, and promotion guidelines for IBPS PO Salary 2024.

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IBPS PO Salary 2024

The 11th Bipartite Settlement, effective since November 2017, has increased the salaries of around 8.8 lakh bank employees. This revision will remain in place until 2024 or until IBPS revises it again. The starting in-hand salary package of an IBPS Probationary Officer comes with a dearness allowance, special allowance, HRA, and other benefits and ranges from Rs 52,000 to Rs 55,000.

IBPS PO Salary 2024 Overview

As per the latest settlement, IBPS PO Salary 2024 has a 15% increase in the payslip component for employees. This adjustment is applicable across public sector banks until a new settlement is introduced. Refer to the table given below for a snapshot of the updated IBPS PO 2024 Salary compensation structure based on the 11th Bipartite Agreement from November 2020.

IBPS Bank PO Salary 2024Amount (INR)
Basic Pay36,000
Dearness Allowance (DA)23.87%
House Rent Allowance (HRA)7%-9%
CCA/LOC A3% or 4%
Special Allowance7.75%
Other AllowancesDetailed Below
Gross Salary57,289

NET Salary (after deductions)

IBPS PO Salary 2024 In-hand

Upon joining as an IBPS Probationary Officer, the starting IBPS PO Salary in 2024 ranges between Rs. 52,000 to 55,000. In the given range of salary, this includes components such as dearness allowances, special allowances, house rent allowance (HRA), and additional benefits. The gross salary before deductions is around Rs. 57,000, resulting in an in-hand salary of Rs. 52,000 to 55,000 after some necessary deductions.

IBPS PO Salary in India after the Bipartite Settlement

The 11th bipartite settlement has agreed to a wage modification for bank employees, which will take effect in November 2017. The new wage will be in effect for five years, or until 2023, unless IBPS makes changes. After the 11th bipartite settlement was approved, almost 8.8 lakh employees benefited. The compensation of an IBPS PO officer may be increased on a timely basis.

IBPS PO Salary 2024 Perks & Allowances

Refer to the table below for a quick overview of IBPS PO Salary 2024 Perks & Allowances:

IBPS PO AllowancesAmount (INR)
Basic Pay36,000
House Rent Allowances7%-9%
Dearness Allowance (DA)23.87%
CCA3% or 4%
Special Allowance7.75%

IBPS PO Housing Allowance (HRA): The HRA constitutes a segment of the IBPS PO Salary 2024 and fluctuates depending on the city of the PO’s assignment. The percentage can be 9.0%, 8.0%, or 7.0% of the basic salary, contingent on whether it’s a metro city, a major city, or another location.

IBPS PO Dearness Allowance (DA): DA is an allowance granted as a proportion of the basic salary. It undergoes revision every three months, influenced by the inflation rate determined by the All India Consumer Price Index Data released by the Government of India.

IBPS PO Special Allowance (SA): This allowance, constituting around 7.75% of the base pay, witnessed an increment in the recent wage adjustment, becoming effective in November 2017.

IBPS PO City Compensatory Allowance (CCA): CCA varies based on the city type and can be 0%, 3%, or 4% of the basic salary. Apart from these, an IBPS PO enjoys various benefits like Learning Allowance, Travelling Allowance, Newspaper Reimbursement, Medical Aid, and benefits under the New Pension Scheme. When combined, the total IBPS PO Salary in 2024 may reach approximately Rs. 52,000 or more.

IBPS PO Salary 2024 Promotion Policy

Public sector banks typically adhere to consistent guidelines from the Ministry of Finance, Government of India, for their promotion policy. There are two promotion channels: the standard channel and the merit channel. Complete details can be found in the following link: Promotional Channels for PO in Public Sector Banks.

For an IBPS PO’s Professional Development Officer JMGS I or probationary officers in banks, the salary ranges between Rs. 52,000 and Rs. 55,000. For other Scale officers – MMGS II, MMGS III, SMGS IV, SMGS V.

IBPS PO Salary 2024 Job Profile

The role of a Probationary Officer in the banking sector is highly esteemed and sought after by graduates. In this section, we will talk about the work profile, responsibilities, and tasks that a Probationary Officer must undertake post-selection.

  1. During the probation period, candidates undergo training to handle various banking tasks like finance, accounting, billing, investments, and revenue collection.
  2. A PO assists in resolving customer queries.
  3. The PO oversees and manages activities at the assigned branch.
  4. Identifying and exploring new business opportunities for the branch is a key responsibility.
  5. POs supervise daily transactions and loan-related activities.
  6. Maintaining good public relations with customers and reporting issues to higher bank authorities are crucial aspects of their role.

IBPS PO Salary Slip 2024

We have provided the details about the IBPS PO Salary Slip. This Pay Slip serves as a guide to understanding the credited pay for an IBPS Probationary Officer.

IBPS PO Salary 2024 Career Growth

The career path for a Probationary Officer is enticing, offering numerous opportunities based on performance, experience, and knowledge. Promotions are attainable through regular participation in IBPS tests.

  • 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: A role involving crucial decision-making and department oversight.
  • Chairman and Managing Director: The highest position, leading the bank’s operations with the highest authority.

Participating Bank for IBPS PO 2024

Participating Banks for IBPS PO 2024 The following banks will participate in IBPS PO 2024:

Participating Bank for IBPS PO 2024
S. No.Bank Name
1.Bank of Baroda
2.Bank of India
3.Bank of Maharashtra
4.Canara Bank
5.Central Bank of India
6.Indian Bank
7.Indian Overseas Bank
8.Punjab National Bank
9.Punjab & Sind Bank
10.UCO Bank
11.Union Bank of India

To reach these positions, candidates must appear in promotional exams conducted by IBPS at different career stages, presenting vast and attractive growth opportunities for an IBPS Probationary Officer.

Also Read

IBPS PO Exam Pattern 2024IBPS PO Syllabus 2024
IBPS PO Previous Year Question PaperIBPS PO Cut Off 2024
IBPS PO Preparation Strategy 2024IBPS PO Study Plan 2024

IBPS PO Salary 2024 FAQs

What is the basic salary for an IBPS PO?

The basic salary for IBPS PO is Rs. 36,000. For more Information check our article.

Are perks and allowances Included in IBPS PO Salary 2024?

Yes, IBPS PO Salary includes perks & allowances. For more information check our article.

What is the IBPS PO Job Profile?

The IBPS PO Job Profile details are provided in the article.

Are there any performance-based incentives for IBPS POs?

Yes, banks may offer performance-based incentives and bonuses to POs.

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