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IBPS PO Salary Structure 2017 – 2018 Pay Scale, Salary after Revision Allowances

IBPS PO Salary Structure 2017 – 2018 Pay Scale, Salary after Revision Allowances:  The candidates are now curious about the Salary and Promotion of IBPS PO. So here is an article on Salary and Promotion of IBPS PO. In most of the public sector banks, Salary of PO is more or less the same. The latest revision of Bank PO’s salary as per 10th Bipartite settlement, took place on Nov 2012; however the final agreement was signed in May 2015. According to which the revised salary of Bank PO will come into effect from 1st January 2017.

IBPS PO Salary Structure 2018

IBPS PO Salary Package

Checkout the Revised IBPS PO Salary Package for year of 2017!!! If you want to make career in banking sector as Probationary Officer, it’s better to know IBPS PO Pay Scale and Increment. After 10th Bipartite Settlement, new IBPS Probationary Officer Salary Structure has been prepared. Now you can’t even imagine In hand salary IBPS PO. Read this page for knowing complete details on IBPS PO Salary Package 2017.

IBPS stands for Institute of Banking Personnel Selection and it conducts Probationary Officer Exam every year. Probationary Officer is a starting level post of any officer in a bank. Selected candidates will get the impressive amount of Pay Scale plus Increment which will be offered by organization. You may get the complete details regarding IBPS PO Salary Increment from the below of this page

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IBPS PO Salary Structure in detail

 IBPS PO 6 Salary details 2017 – 2018  Amount
Basic Pay 23700.00
Special Allowance 1836.75
DA 10163.63
CCA 870 
Transport Allowance – 
Total (without HRA) 36570.38
HRA  2133.00
Gross with HRA 38703.38
Medical Aid 8000
Entertainment 500
Newspaper 300
Petrol 3000
Telephone 400
Canteen Subsidy 400
Pension Contribution 2500
Gross Annual CTC (with HRA but without leased accommodation) 5,57,640.52

IBPS Bank PO Salary and Allowances

Check The other main benefits payable on a monthly basis as part of the salary of IBPS PO. You can check details here. In addition to Basic Pay, bank officers (i.e. Probationary Officers / PO / Management Trainees) are eligible for the following allowances –

  1. Dearness Allowance (DA) – It is a cost of living adjustment allowance paid to all govt and public sector Probationary officers. It is revised on a quarterly basis and based on Consumer Price Index (CPI). Calculation of DA depends on inflation. DA can go up with higher inflation and also come down if the inflation rate is in negative.
  2. HRA – This depends on the place of posting, and it can be either 9.0% or 8.0% or 7.0% depending on the place of posting.
  3. Special Allowance – This will add in 10th BPS (wef. 01/11/2012) and for Scale, I 7.75% on which DA is also payable
  4. CCA – This also depends on the place of posting and can be either 4% (maximum Rs.870/-) or 3%(Maximum Rs.600/-) or 0%
  5. Conveyance allowance – It is paid for commuting between home and office.
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PO Pay in Metro Cities

In metro cities IBPS PO Officers are paid total IBPS PO In Hand Salary Rs. 30758/-. You may go through below given table to know about salary of probationary officers in Metro Cities.

Basic Pay Rs. 14500/-
Dearness Allowance @99.9% Rs. 14485.5/-
CCA (3% to 4% Max. Rs540/-) Rs. 540.00/-
Total Remuneration (Excluding HRA) Rs. 29525.5/-
HRA 8.5%; 7.5%; 6.5%* Rs. 1232.50/-
Total Salary (Including HRA) Rs. 30758/-

PO Pay in State Capital

Employees, who work in State Capital as probationary officers, are paid IBPS PO Revised Salary Rs. 30448/- per month by banks. To know the complete details, you need to go through the table that is given below.

Basic Pay Rs. 14500/-
Dearness Allowance @99.9% Rs. 14485.5/-
CCA (3% to 4% Max. Rs540/-) Rs. 375.00/-
Total Remuneration (Excluding HRA) Rs. 29360.5/-
HRA 8.5%; 7.5%; 6.5%* Rs. 1087.50/-
Total Remuneration (Including HRA) Rs. 30448/-

PO Pay in District Level and Rural Level

At District Level and Rural Level, probationary officers are given total Rs. 29927/- per month as Remuneration. Please go through the table that is given below to get complete details about IBPS Probationary Officer Salary Structure.

Basic Pay Rs. 14500/-
Dearness Allowance @99.9% Rs. 14485.5/-
CCA (3% to 4% Max. Rs540/-) Rs. 0.00/-
Total Pay (Excluding HRA) Rs. 28985.5/-
HRA 8.5%; 7.5%; 6.5%* Rs. 942.50/-
Total Salary (Including HRA) Rs. 29927/-

Other Benefits and Perks Available to Bank PO

Here are different types of other benefits applied to IBPS PO officers. It may differ in every bank. Bank gives some primary, and general perks are mention here check details. (Note – As per rating of perks offered by banks, SBI is no. 1 bank in India which gives more benefits and facilities to their employees comparing to other nationalized banks.)

  • Leased Accommodation – This service is available to Bank officers instead of HRA. It also varies from bank to bank and depends on upon the place of posting. Some banks may offer official bank accommodation/ bank quarters instead of leased housing.
  • Travelling Allowance – Most of the banks give a fixed Traveling Allowance and reimbursement of petrol bills.
  • Medical Aid – An amount also attached for your medical needs (Revised price is Rs8000/- p.a.)
  • Newspaper Reimbursement: A fixed monthly amount is pay towards the cost of one newspaper
  • Coverage under New Pension Scheme

Some of other benefits also in the queue but it may vary bank to bank and place of posting (rural / semi-urban / metro cities). Such as Entertainment, Telephone, Canteen Subsidy, etc.

Promotions

There is a well-defined career progression path in each public sector bank. Performance and potential are key elements which determine this career progression. Most senior officials in public sector banks started their career as scale I officer only.

In tune with the time banks have reviewed their promotion policy and now for bright, hardworking and knowledgeable employees it takes less time to move to higher scales.

In many banks a person who joined as an officer may reach to the position of General Manager in 14 years. After that one can aspire for the position of executive director or chairman of a bank. These are very high positions, nomination to which is decided by the Government and not by the individual banks.

Many public sector banks have a network of foreign branches. Thus, joining a public sector bank gives you the opportunity of working abroad also. Transfer ability in a bank job provides you the chance of seeing different parts of the country.

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Career progression for Officers in Banking Sector

Junior Management Grade – Scale I: Officer i.e. PO

Middle Management Grade – Scale II: Manager

Middle Management Grade – Scale III: Senior Manager

Senior Management Grade – Scale IV: Chief Manager

Senior Management Grade Scale V: Assistant General Manager

Top Management Grade Scale VI: Deputy General Manager

Top Management Grade Scale VII: General Manager

Executive Director (ED)

Chairman and Managing Director (CMD)

PO Salary After 10th Bipartite Settlement

Here is the increment in the pay of PO after 10th Bipartite Settlement. As per the permission of Indian Bank’s Association, below mentioned hikes are given to the employees.

Increment (Percentage) % Basic Pay Gross Pay
15 % Rs. 26,706/- Rs. 37,068/-
20 % Rs. 27,866/- Rs. 38678/-
25 % Rs. 29,026/- Rs. 40,288/-
30 % Rs. 30,187/- Rs. 41,899/-

IBPS PO Revised Pay Scale:

  • We are expecting minimum 20% increment to this basic pay, but we can expect 25% increment to this basic pay.
  • If IBA agree for 20% increment, Final Basic Pay will be Rs.27, 866.
  • So, total Gross Pay of Bank fresher Probationary Officer (PO) will be Rs.38,678/- (Worst Possible Scenario)
  • If IBA agree for 25% increment, Final Basic Pay will be Rs.29, 026.
  • So, total Gross Pay of Bank fresher Probationary Officer (PO) will be Rs.40,288/- (Somewhat Good)
  • If IBA agree for 30% increment, Final Basic Pay will be Rs.30, 187.
  • So, total Gross Pay of Bank fresher Probationary Officer (PO) will be Rs.41,899/- (Good Settlement)
  • IBPS PO Revised Pay Scale: Rs. 23700 – (980 x 7) – 30560 – (1145 x 2) – 32850 – (1310 x 7) – 42020/-
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Salary after 7th Pay Commission

It’s not necessary that after 7th pay commission salary of all IBPS PO Officer will be increased. Different banks are having different rules for increment of salaries of Probationary Officer. Chairman of Indian Banks’ Association also announced that there is no effect of 7th Pay Commission on pay of Probationary Officer.

Career Progression for Probationary Officers in Banking Sector with Salary:

Posts Name Amount
Junior Management Grade – Scale I: Officer i.e. PO Rs. 23700 – 42020/-
Middle Management Grade – Scale II: Manager Rs. 31705 – 45950/-
Middle Management Grade – Scale III: Senior Manager Rs. 42020 – 51490/-
Senior Management Grade – Scale IV: Chief Manager Rs. 50030 – 59170/-
Senior Management Grade Scale V: Assistant General Manager Rs. 59170 – 66070/-
Top Management Grade Scale VI: Deputy General Manager Rs. 68680 – 76520/-
Top Management Grade Scale VII: General Manager Rs. 76520 – 85000/-
Executive Director (ED) Approx 1.5 + lack
Chairperson and Managing Director (CMD) Approx 2 + lack