IBPS PO Salary In-Hand 2024: A Comprehensive Guide

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Aspirants seeking a lucrative career in the banking sector often consider the Institute of Banking Personnel Selection (IBPS) Probationary Officer (PO) post due to its attractive salary package and numerous perks. In this article, we will delve into the details of the IBPS PO salary in-hand for the year 2024, along with the associated allowances and benefits. So, let’s explore the IBPS PO salary structure, job profile, career growth, and promotion policy.

IBPS PO Salary Structure 2024

The IBPS PO salary structure for the year 2024 offers a handsome package to successful candidates. The basic pay for an IBPS PO is Rs. 36,000. Additionally, there are various allowances that contribute to the overall salary. These include:

• Special Allowances: Rs. 5,904
• Dearness Allowances: Rs. 8,593.20
• City Compensatory Allowances: Rs. 1,400
• House Rent Allowance: Rs. 3,240
• Learning Allowance: Rs. 600
• Other Allowances: Rs. 1,552.50

Taking these allowances into account, the gross salary of an IBPS PO amounts to Rs. 57,289.70. However, after deductions, the net salary in-hand is approximately Rs. 52,630.38.

IBPS PO Salary In India After Bipartite Settlement

It is important to note that wage revisions in public sector banks, including IBPS, take place every five years. The 11th bipartite settlement, effective from November 1, 2017, plays a significant role in determining the salary structure for IBPS POs. The revised salary for IBPS POs is based on the revisions made during the bipartite settlement negotiations.

IBPS PO Perks And Allowances 2024

Apart from the attractive salary, IBPS POs enjoy a range of perks and allowances. These additional benefits make the job even more appealing. Some of the key perks and allowances provided to IBPS POs in 2024 include:

1. Leased Accommodation: Depending on the place of posting, IBPS POs may receive leased accommodation or official bank quarters.
2. Travelling Allowance: Most banks offer a fixed traveling allowance and reimbursement of petrol bills.
3. Medical Aid: IBPS POs are entitled to medical aid of Rs. 8000 per annum.
4. Newspaper Reimbursement: A fixed monthly amount is provided for newspaper services.
5. Coverage under New Pension Scheme: IBPS POs are covered under the New Pension Scheme, ensuring financial security for the future.

IBPS PO Job Profile

The IBPS PO job profile is diverse and offers a wide range of responsibilities. As a Probationary Officer, you will be trained in various banking operations such as finance, accounting, billing, investment, and revenue collection. During your probation period, you will familiarize yourself with the banking procedures. Some of the key tasks and responsibilities of an IBPS PO include:

1. Resolving Customer Queries: IBPS POs are responsible for addressing customer queries at the branch and providing appropriate solutions.
2. Supervising Branch Activities: IBPS POs play a crucial role in maintaining and supervising regular branch activities, ensuring smooth operations.
3. Public Relations: Building good public relations and addressing customer issues and grievances are key aspects of an IBPS PO’s job.
4. Transaction Processing: IBPS POs handle and process daily transactions of customers, including loan details.
5. Business Development: IBPS POs actively contribute to bringing new business to the bank branch and promoting its services.

IBPS PO Promotion Policy

The promotion policy for IBPS POs follows uniform guidelines issued by the Ministry of Finance, Government of India. The stages of promotion for an IBPS PO are as follows:

1. Middle Manager: Middle Management Grade Scale 2
2. Senior Manager: Middle Management Grade Scale 3
3. Chief Manager: Senior Management Grade Scale 4
4. Assistant General Manager: Senior Management Grade Scale 5
5. Deputy General Manager: Top Management Grade Scale 6
6. General Manager: Top Management Grade Scale 7
7. Executive Director
8. Chairman and Managing Director

Participating Banks for IBPS PO 2024

The participating banks for IBPS PO 2024 are expected to be the same as the previous year. Some of the major banks that participate in the IBPS PO recruitment process include:

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

Conclusion

The IBPS PO salary in-hand for 2024 offers an attractive package to candidates aspiring to work in the banking sector. With a generous salary, perks, and allowances, the IBPS PO job provides financial stability and growth opportunities. Moreover, the diverse job profile and promotion policy make it an appealing career choice. If you are considering a career as an IBPS PO, be sure to prepare well and stay updated with the latest recruitment notifications. Good luck with your banking career!