{"id":3396,"date":"2021-06-23T14:13:04","date_gmt":"2021-06-23T08:43:04","guid":{"rendered":"https:\/\/www.practicemock.com\/blog\/?p=3396"},"modified":"2021-06-23T14:13:04","modified_gmt":"2021-06-23T08:43:04","slug":"benefits-bank-po-job","status":"publish","type":"post","link":"https:\/\/www.practicemock.com\/blog\/benefits-bank-po-job\/","title":{"rendered":"Benefits of Bank PO Job"},"content":{"rendered":"\n

Bank PO Exam offers dozen of perks and benefits to attract the govt. job aspirants. That\u2019s the reason why it has become one of the most sought-after careers for graduates who aim to join the banking sector. This exam is conducted for the candidates who want a job in Public Sector Corporation, authorized Banks, Insurance Firms, etc. According to a report, every year, around 10 lakh candidates appear for Bank PO exams.<\/p>\n\n\n\n

Take a free Mock Test and speed up your banking preparation!<\/a><\/p>\n\n\n\n

Bank PO Exam is conducted in 3 phases:<\/p>\n\n\n\n

  1. Prelims<\/li>
  2. Main<\/li>
  3. Interview<\/li><\/ol>\n\n\n\n

    The selected candidates, after the final interview process, get an opportunity to work in Public Sector Bank as a Probationary Officer<\/p>\n\n\n\n

    As the competition is getting tougher day by day, you all can imagine the level of competition involved in it. But once a candidate succeeds, he enjoys a robust salary.<\/p>\n\n\n\n

    This FREE Mock Test will surely accelerate your banking revision!<\/a><\/p>\n\n\n\n

    In addition, the salary of bank employees is not revised by the 7th pay commission. The revision in the salaries of Bank employees takes place on the basis of bipartite settlement. For instance, in IBPS PO 2021, salary will be decided on the basis of the 10th Bipartite Agreement. The revised IBPS PO Salary is effective from 1st January 2016.<\/p>\n\n\n\n

    Read on to know all about the salary of a Bank PO, its allowances, career growth, perks and promotion policy!<\/p>\n\n\n\n

    Bank PO Salary-IBPS PO Salary 2021<\/h2>\n\n\n\n

    The appointed candidates for the IBPS PO post are placed as Junior Management Grade Scale (JMGS-I). The JMGS 1 term refers to the officers who just enter the Officer Cadre after promotion from the Clerical Cadre. As per the latest notification, the IBPS PO Pay Scale will be Rs. 23700-980\/7-30560-1145\/2-32850-1310\/7-42020.<\/p>\n\n\n\n

    Type of Pay<\/strong><\/td>Amount<\/strong><\/td><\/tr>
    Basic Pay<\/strong><\/td>Rs 23700\/- ( Increment in 4 stages-Salary after 1st Increment- Rs. 30560\/-Salary after 2nd Increment-Rs. 32850\/-Salary after 3rd Increment- Rs. 42020\/-<\/td><\/tr>
    Special Allowances<\/strong><\/td>Rs 18, 36.75<\/td><\/tr>
    Dearness Allowances<\/strong><\/td>40% of the basic pay(Varies based on inflation rates)<\/td><\/tr>
    City Compensatory Allowances<\/strong><\/td>Rs 870<\/td><\/tr>
    House Rent Allowance<\/strong><\/td>Rs 2133<\/td><\/tr>
    Gross with HRA<\/strong><\/td>Rs 38, 703.38<\/td><\/tr>
    Medical Aid<\/strong><\/td>Rs 8000<\/td><\/tr>
    Entertainment<\/strong><\/td>Rs 500<\/td><\/tr>
    Newspaper<\/strong><\/td>Rs 300<\/td><\/tr>
    Petrol<\/strong><\/td>Rs 3000<\/td><\/tr>
    Telephone<\/strong><\/td>Rs 400<\/td><\/tr>
    Canteen Subsidy<\/strong><\/td>Rs 400<\/td><\/tr>
    Pension Contribution<\/strong><\/td>Rs 25000<\/td><\/tr>
    Gross Annual CTC(with HRA but without leased accommodation)<\/strong><\/td>Rs 5, 57, 640<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

    Take this Mock Test and know where you stand for the upcoming Banking Exam!<\/a><\/p>\n\n\n\n

    IBPS PO Salary: Increment<\/h2>\n\n\n\n

    As per the provision of timely increment of the pay of the IBPS PO officer, the salary increases as below<\/strong>:<\/p>\n\n\n\n

    Increment Percentage<\/strong><\/td>Basic Pay<\/strong><\/td>Gross Salary<\/strong><\/td><\/tr>
    15 %<\/td>Rs.26,706\/-<\/td>Rs.37,068\/-<\/td><\/tr>
    20 %<\/td>Rs.27,866\/-<\/td>Rs.38678\/-<\/td><\/tr>
    25 %<\/td>Rs.29,026\/-<\/td>Rs.40,288\/-<\/td><\/tr>
    30 %<\/td>Rs.30,187\/-<\/td>Rs.41,899\/-<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

    As mentioned above, a basic salary of Rs 23,700 is paid to the Bank officer. Plus, other allowances such as Dearness Allowance (DA), House Rent Allowance (HRA), City Compensatory Allowance (CCA), and Special Allowances and an annual increment of about Rs 980 for 7 years is paid.<\/p>\n\n\n\n

    Mock Tests are a path to sucess! Attempt one FREE Mock Test and know its benefits!<\/a><\/p>\n\n\n\n

    Bank PO Perks and Allowances<\/h2>\n\n\n\n

    A Bank PO enjoys some benefits other than the hefty salary he receives. Some additional allowances and benefits that he enjoys are mentioned below:<\/p>\n\n\n\n