IBPS PO Salary 2024 | Salary Structure | Allowances | Job Profile
The salary range for an in-hand IBPS PO is around Rs. 36,000 to Rs. 63,000. For complete details about IBPS PO Salary 2024, benefits, allowances, job profile, and career advancement, candidates may view the provided material.
The IBPS PO (Probationary Officer) salary in 2024 is attractive for banking aspirants. The basic monthly pay for a new IBPS PO is about 36,000 after adding allowances like Dearness.
Allowance (DA) and House Rent Allowance (HRA), the total in-hand salary becomes around 52,000 to 55,000 per month, depending on where the person is posted. IBPS POs also get other benefits like medical insurance, travel allowances, and chances for promotion, making it a great job in the banking sector.
IBPS PO Salary Structure 2024
The IBPS PO Salary Structure 2024 includes several components: basic pay, allowances, and other benefits provided to Probationary Officers (POs) working in various public sector banks. Here’s a simple salary structure:
| Basic Pay | Rs. 36,000 |
| Special Allowance | Rs.5,904 |
| Dearness Allowance | Rs. 8,5932.20 |
| CCA | Rs. 1,400 |
| Learning Allowance | Rs. 600 |
| DA Others | Rs. 1,552.50 |
| Housing Rent Allowance | Rs. 3,240 |
| Gross Salary | Rs. 57,289.70 |
| Deduction (Tax & NPS) | Rs. 4,690.32 |
| Net Salary | Rs.52,630.38 |
IBPS PO Salary: Perks & Allowances
The detailed allowances and benefits that are offered as a part of IBPS PO Salary are mentioned below:
| IBPS PO Basic Pay | Rs. 36,000/- (Increment in 4 stages) |
| House Rent Allowances | 7%-9% of the Basic Pay |
| Dearness Allowances | 23.87% of the Basic (Varies Based on inflation Rules) |
| City Compensatory Allowance (CCA) | 3%or 4% (Depending on the Place of posting) |
| Special Allowance | 7.75% of the Basic Pay |
IBPS PO Salary: Deductions
The IBPS PO Salary also includes certain deductions that reduce the in-hand salary. Here are the key deductions typically made from the IBPS PO salary:
Provident Fund (PF)
A portion of the salary is contributed to the Provident Fund for retirement savings. Employees and employers contribute around 10-12% of the basic pay.
Income Tax
Based on the income tax slab applicable, tax is deducted at source (TDS) every month.
Professional Tax
This varies by state and is typically between ₹200 to ₹300 per month.
Pension Contribution (NPS)
A portion of the salary is deducted from the National Pension Scheme (NPS). The contribution is usually 10% of the basic pay + DA.
Health Insurance
A small amount may be deducted for health insurance premiums provided by the bank.
| PF Deduction | RS. 3,600 to 4,000 |
| NPS Contribution | Rs. 4,500 to 5,000 |
| Income Tax | Varies Based on salary and investment |
| Professional Tax | Rs. 200 to 300 |
IBPS PO Job Profile & Promotion
IBPS POs have a well-defined career growth path with plenty of opportunities for promotion. Promotions are based on performance, experience, and internal exams.
| Position | Details |
|---|---|
| Entry-Level Position | Initial role after selection |
| Deputy Manager (Scale II ) | Promoted after 3 to 5 years of experience, based on performance and exams |
| Branch Manager (Scale III) | Manages entire branches; promotion based on performance and exams |
| Sale Manager | Promoted after gaining experience and clearing departmental exams |
| Chief Manager (Scale IV) | Manages large branches or departments at regional offices |
| Assistant General Manager (AGM) | Higher management role, following Chief Manager |
| Deputy General Manager (DGM) | Senior top management role, after Assistant General Manager |
| General Manager (GM) | Top management role, overseeing major bank operations |
IBPS PO Promotion Policy
The IBPS PO Promotion Policy allows officers to grow through the ranks based on performance, experience, and internal exams. POs start as probationary officers and can move up to roles like Assistant Manager, Manager, and eventually higher positions like General Manager.
Promotions happen either through merit-based exams or by seniority, with a typical time of 3 to 5 years before becoming eligible. Officers who perform exceptionally well can get fast-track promotions by passing internal exams. Regular performance reviews and training programs help officers prepare for higher responsibilities.
IBPS PO Salary 2024: Annual Package
The IBPS PO Salary 2024 offers a competitive annual package, including various allowances and benefits.
- The annual gross salary (including all allowances) is approximately ₹6.5 to ₹7.2 lakhs.
- With additional perks like bonuses, the overall package can go up to ₹8 lakhs or more annually.
IBPS PO Salary 2024 Participating Banks
The IBPS PO Participating Banks are public sector banks that recruit Probationary Officers (POs) through the IBPS exam. Here’s a list of the central banks participating in IBPS PO recruitment:
- Punjab National Bank (PNB)
- Bank of Baroda (BOB)
- Canara Bank
- Bank of India (BOI)
- Union Bank of India
- Indian Bank
- Indian Overseas Bank (IOB)
- Central Bank of India
- UCO Bank
- Bank of Maharashtra
- Punjab & Sind Bank
- Oriental Bank of Commerce
- United Bank of India
- Punjab and Sind Bank
IBPS PO Career Growth
The career growth offered to Probationary Officers is beautiful, providing vast opportunities even after the aspirant grabs the job. Based on their performances, experiences, and knowledge below are the options that follow after owning the post of IBPS PO. The candidate has to appear in exams conducted by IBPS from time to time to grab the promotion.
- 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
Bottom Line
The IBPS PO job has a good salary, starting at ₹36,000 per month, which can go up to ₹55,000 with allowances. After deductions, you get about ₹52,000. The job includes helping customers and managing bank tasks. You can get promoted to higher roles like Assistant General Manager or General Manager. With promotions, the yearly salary can reach ₹8 lakhs or more. Many banks, such as Punjab National Bank and Bank of Baroda, hire IBPS POs, offering significant growth opportunities.
