The Institute of Banking Personnel Selection (IBPS) conducts IBPS PO every year for recruiting potential candidates for the posts of Probationary Officers in more than 20 participating public sector Banks. Thousands of candidates who are preparing for the examination must have a lot of questions regarding what life is going to be like if they qualify the examination and most importantly is it the right career choice or not? In this article we would like to give you glance at what salary a bank PO gets, Job Perks, Allowances and promotions to help you take a decision.
Also Read: LIC AAO or Bank PO: Which is a better career option?
The competition is very high and requires a lot of efforts to clear all the rounds of IBPS PO Selection Procedure. The below depicted table represents the key highlights of the examination.
|
Exam Name |
IBPS PO (Common Recruitment Process (CRP PO/MT-VIII)) |
|
Conducting Authority |
Institute of Banking Personnel Selection (IBPS) |
|
Name of Post |
IBPS Probationary Officers |
|
Participating Organizations |
Public Sector Banks in India except for the State Bank of India (SBI) and its Associate Banks |
|
Number of Vacancies |
Yet to be announced |
|
Application Mode |
Online |
|
Exam Mode |
Online |
|
Number of Stages |
Three – Prelims, Mains, and Interview |
|
Official Website |
Ibps.in |
Basic Salary of Bank PO:
Basic salary of a Bank PO on joining the bank is Rs. 23,700. However, the Probationary Officer gets extra allowances exclusive the basic pay also there is the provision of annual increment for the person working on the post of Bank PO. The basic after increments are mentioned below:
- Basic Pay after 7 years - Rs 30560
- Basic Pay after 2 more years - Rs 32850
- Basic Pay after 7 more years - Rs 42020
Bank PO Allowances:
The most attractive thing about working on a position of IBPS PO is the allowances one gets on top of the basic salary. It is also important to note that unlike basic pay which remains same irrespective of bank and location, allowances may vary from bank to bank and location of the bank. The average salary of a bank PO reaches up to Rs 37360 to Rs 38700 after including the allowances. Here is a list of allowances included in final IBPS PO Salary calculated with respect to basic pay.
|
Dearness Allowance (DA) |
The allowance is revised quarterly based on the current CPI and can increase or decrease with the subject to time and CPI Value. The DA forms around 40 percent of the total Basic Pay. |
|
House Rent Allowance (HRA) |
This relies on the area of posting of the Probationary Officers. In view of whether they are posted in metropolitan or big cities or in rural areas or different areas, the HRA can be 9 percent, 8 percent or 7 percent of the Basic Pay. |
|
Special Allowance |
The Special Allowance is 7.75 percent of the Basic Pay. |
|
City Compensatory Allowance (CCA) |
The CCA is like the HRA in nature, depends upon the location of posting. It can be 4 percent, 3 percent or 0 percent based on the job location. |
Bank PO Perks and Benefits:
Handling such an important post in the bank a PO avail other benefits over the salary which includes some additional allowances and benefits like the ones mentioned below:
- Accommodation Lease: In a few areas, the bank gives accommodation and quarters to the POs. In such cases, when accommodation is given by bank the HRA is not given to the employee. The sum goes straightforwardly to the proprietor of the flat or accommodation.
- Travel Allowance: The bank additionally gives Traveling Allowances to the POs or they can opt for reimbursement on petrol or vehicle.
- Medical Aid for self and Family
- Newspaper Reimbursement
- Government's New Pension Schemes
Bank PO Promotions:
A person getting selected for the position of IBPS PO have ample chances of growth in a career as well as at a personal level. Candidate gets promotions totally based on their performance and anyone become a General Manager within a span of just 14 years. The promotion level includes:
- 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