The basic salary for IBPS PO Salary 2024 is INR 23,700. A PO's total salary includes special allowance, city allowance, DA, and HRA.
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IBPS PO Salary 2024 vary from INR 23,700 for 0-7 years to INR 42,020 for 7+2+7 years of experience working in the office. The Institute of Banking Personnel Probationary Officer (IBPS PO) salary and the pay scale depends on the the years of experience.
It is one of the most sought-after posts in the field of banking across the country. Lakhs of candidates appear for the IBPS PO exam every year to fill up the vacancies of the IBPS PO post. Apart from being a post of repute, the IBPS PO post also comes with an attractive salary and associated perks and benefits.
IBPS PO Salary 2024 Structure
The basic pay of an IBPS Probationary Officer (PO) is Rs.23,700. Along with the basic pay (in-hand salary), IBPS Probationary Officers are entitled to other allowances and benefits like House Rent Allowance (HRA), Dearness Allowance (DA), City Compensatory Allowance (CCA), and Special Allowance (SA).
The table below details the allowances and relevant percentages that an IBPS PO is entitled to:
| Particulars | Amount |
|---|---|
| Basic Salary | INR 23,700 |
| House Rent Allowance | INR 2,133 |
| Dearness Allowance | INR 10,163.63 |
| City Compensatory Allowance | INR 870 |
| Special Allowance | INR 1836.75 |
| Total | INR 38,703.38 |
IBPS PO Salary 2024 Allowances
IBPS PO salary 2024 includes various allowances, excluding the in-hand salary. Some of the other perks enjoyed by an IBPS PO employee are Travel Allowance (TA), newspaper reimbursement, medical aid and other benefits under the new pension scheme.
Below are the IBPS PO salary 2024 allowances in detail.
- House Rent Allowance
The House Rent Allowance will vary between 7% and 9% of the basic pay depending on where the employee is posted.
- Dearness Allowance
The Dearness Allowance is 39.8% of the basic pay. The Dearness Allowances is revised every 3 months as per the All India Consumer Price Index published by the Ministry of Statistics and Program Implementation under the government of India.
- City Compensatory Allowance
The City Compensatory Allowance is between 3% and 4% of the basic salary, depending on the area where the employee is posted.
- Special Allowance
As per the last wage revision for banks in 2016, the Special Allowance is about 7.75% of the basic pay.
IBPS PO Salary and Pay Scale Increment
The structure of the IBPS PO Salary 2024 includes an employee's basic pay, increments, allowances and perks.
The table below shows the basic pay of an IBPS PO along with the increments through the years:
| Years in Office | Basic Pay | Increment |
|---|---|---|
| 0 - 7 years | INR 23,700 | INR 980 |
| After 7 years | INR 30,560 | INR 1,145 |
| 7 + 2 years | INR 32,850 | INR 1,310 |
| 7 + 2 + 7 years | INR 42,020 | -- |
IBPS PO Promotion Policy
The IBPS PO post falls under the Junior Management Grade Scale 1. Upon promotion, the IBPS PO will get elevated to Middle Management Grade Scale 2.
The table below shows the different levels of promotion for the post of IBPS PO, their management level and grade scale:
| Post | Management Level | Grade Scale |
|---|---|---|
| Probationary Officer | Junior Management | 1 |
| Middle Manager | Middle Management | 2 |
| Senior Manager | Middle Management | 3 |
| Chief Manager | Senior Management | 4 |
| Assistant General Manager | Senior Management | 5 |
| Deputy General Manager | Top Management | 6 |
| General Manager | Top Management | 7 |
| Executive Director | -- | -- |
| Chairman & Managing Director | -- | -- |
An IBPS Probationary Officer has the opportunity to work their way up ranks to the post of Chairman & Managing Director. For this reason, the IBPS PO post is one of the most sought after posts in the field of banking - apart from it having an attractive salary and associated benefits.
About IBPS
IBPS stands for the Institute of Banking Personnel. It was founded in 1975 as a recruitment body to recruit and encourage young graduates into the public sector banks of India. In addition, IBPS is responsible for providing standardized systems for assessment and result processing services to various public and private run banks in the country.
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