Bank PO Salary 2021 – Basic Pay, Perks & Career Growth
The Bank PO salary is one of the major aspects which derives the candidates to choose the banking sector as a career option. Various bank exams are conducted in the country but the Probationary Officer exam is a dream for many to qualify.
The job of a Probationary Officer is considered as one of the most sought after job profiles in our country, which is why the competition to crack the Bank PO exam is quite high and requires a lot of hard work and dedication.
In this article, we bring to you the details about the Bank PO salary and the perks and benefits that an Officer scale employee enjoys, one he gets recruited in the banking sector.
IBPS PO Salary 2021
IBPS PO Salary: An IBPS PO gets a handsome salary along with a dozen of perks and benefits which in turn tempts the govt. job aspirants to apply for this job. All the information provided here is given as per the latest IBPS PO 2021 Notification. Here we are discussing the IBPS PO Salary, Job Profile, Career Growth, and Promotion Policy of an IBPS PO.
IBPS PO Salary 2021
The IBPS PO Notification release in August every year. The appointed candidates for the IBPS PO post will be placed in the Junior Management Grade Scale 1or JMGS-I. The JMGS 1 term is generally used to refer to the officers who have just entered the Officer Cadre after promotion from the Clerical Cadre.
The IBPS PO Pay Scale will be Rs. 23700-980/7-30560-1145/2-32850-1310/7-42020.
|Type of Pay||Amount|
|Special Allowances||Rs 18, 36.75|
|Dearness Allowances||40% of the basic pay(Varies based on inflation rates)|
|City Compensatory Allowances||Rs 870|
|House Rent Allowance||Rs 2133|
|Gross with HRA||Rs 38, 703.38|
|Medical Aid||Rs 8000|
|Canteen Subsidy||Rs 400|
|Pension Contribution||Rs 25000|
|Gross Annual CTC(with HRA but without leased accommodation)||Rs 5, 57, 640|
IBPS PO Salary: Increment
There is a provision of timely increment of the pay of the IBPS PO officer as given below:
|Increment Percentage||Basic Pay||Gross Salary|
As mentioned, a basic salary of Rs 23,700 is paid. Additionally, other allowances such as Dearness Allowance(DA), House Rent Allowance(HRA), City Compensatory Allowance (CCA), and Special Allowances are also there. An annual increment of Rs 980 for 7 years is paid.
Additionally, other allowances such as Dearness Allowance(DA), House Rent Allowance(HRA), City Compensatory Allowance (CCA), and Special Allowances are also there. An annual increment of Rs 980 for 7 years is paid.
IBPS PO Perks And Allowances
As said earlier, it is not just the salary that is the tempting force, but it is also the Perks and Allowances that one receives as an IBPS PO. The following are the perks that are enjoyed by an IBPS PO:
- Leased Accommodation – This benefit is dependent upon the place of posting and is available to the bank officers. Some banks provide official bank accommodation/bank quarters instead of leased housing.
- Travelling Allowance – Most banks provide a fixed Traveling Allowance and reimbursement of petrol bills.
- Medical Aid – Revised price is Rs 8000/- p.a. This is the amount for the medical needs of the employee.
- Newspaper Reimbursement: A fixed monthly amount for newspaper service.
- Coverage under New Pension Scheme
IBPS PO Job Profile
IBPS PO is one of the reputed jobs in the banking sector and provides many lucrative offers to the employees. Probationary Officer is trained for multiple operations such as finance, accounting, billing, investment, revenue collection, etc. during his/ her probation period to acquaint them with the banking procedure.
1. Resolving customer queries of the branch
2. Maintaining and supervising regular branch activities
3. Public relations and addressing issues and grievances of customers
4. Directing daily transactions of customers and processing loan(s) detail
5. Bringing new businesses to the bank branch.
Promotional Channels for PO in Public Sector Banks
Career Growth of an IBPS PO The salary of Officer JMGS I (Junior Management Grade Scale I) or probationary officers in banks ranges from Rs. 23700 to Rs. 42020.
For other Scale officers:
MMGS II (Middle Management Grade Scale II): The salary ranges from 31705 to 45950.
MMGS II (Middle Management Grade Scale III): The salary ranges from 42020 to 51490.
SMGS IV (Senior Management Grade Scale IV): The salary ranges from 50030 to 59170.
SMGS V (Senior Management Grade Scale V): The salary ranges from 59170 to 66070.
The entry-level basic pay is higher in SBI as compared to other nationalized banks. The starting basic pay is Rs 27620 with four advance increments in the pay scale of 23700-980 (7) – 30560 – 1145 (2) – 32850 – 1310 (7) – 42020.
IBPS PO Career Growth
The career growth options that follow after owning the post of IBPS PO is given below:
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 Bank For IBPS PO 2021
The participating banks for the IBPS PO 2020 are given below. For 2021 the list will be updated with the notification
|Banks Participating In IBPS PO 2020|
|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|