IBPS PO Salary 2024: Detailed Salary Structure of a Probationary Officer

IBPS PO salary 2024 is the primary motivating factor for candidates who are applying for the banking exam. Probationary Officer is a highly reputable job role and applicants from all over the country appear for PO examinations due to its enticing salary structure. It is said to be lucrative and comes with various benefits and incentives. It is necessary for candidates to be well-versed with the significant details about the salary package and the numerous allowances and perks that come along with it. 

To be eligible for the prescribed salary package, applicants will first need to clear the exam. This can be done by effective IBPS PO preparation. 

As of now, the basic pay for the role of PO has been revised to INR 36,000, and the gross salary by adding various allowances stands at approximately INR 57,289.70. However, there are a few deductions (Tax & NPS), and the in-hand salary is nearly INR 52,630.38. 

The updated salary structure for IBPS PO has been influenced by the 11th bipartite settlement. Bipartite Settlement is a wage settlement that states hikes on salaries for Probationary Officers, Bank Employees, Staff, and Sub-Staff at Public Banks. According to the latest settlement, employees will get a 15% hike in the payslip component. This has to be followed by public sector banks till the time a new settlement is released. 

IBPS PO Salary 2024

As stated earlier, IBPS PO salary structure is the main driving factor that influences candidates to apply for the post of probationary officer. It is one of the most demanded professions in India as many people apply for it every year due to the attractive incentives and salary. The salary mostly ranges between INR 52,000 to INR 55,000 monthly.

Apart from promotions and fruitful career growth, allowances for travel, house rent, health expenses, etc are provided. 

IBPS PO Salary Structure 2024

IBPS PO Salary Structure is combined with various types of allowances and deductions. Candidates can check the table below to learn more about the in-hand salary they would be receiving at the initial stage if selected.

IBPS PO Salary Slip 2024

IBPS PO salary slip is received by various bank employees along with the salary once they are recruited. It is an official document that carries all the important information regarding gross pay, deduction, and the overall structure in general. Check below to know what an official salary slip looks like:

IBPS PO In Hand Salary 2024

As stated before, the attractive IBPS PO salary structure is what draws candidates for this specific job role, and the initial in-hand salary before any increments range between Rs. 52,000 to 55,000. This amount is settled after various allowances and deductions, which include: 

IBPS PO Salary Allowances

• Dearness Allowance of 39.8% of Basic Salary (Varies based on Inflation)
• House Rent Allowance of 7% to 9% of Basic Salary
• Special Allowance of 7.75% of Basic Salary 
• City Compensatory Allowance 3% or 4% which varies depending on the place of posting

IBPS PO Deductions

IBPS PO Additional Perks

Medical Aid- An annual amount is paid by most banks which is dedicated to helping with the medical needs of the employee. The new medical reimbursement scheme states that these medical needs would be taken care of even after the retirement or the resignation of all the employees under bank service.

NPS Benefits- NPS Benefits of 10% of basic pay are taken care of.

Travelling Allowance- Various top banks provide travelling allowances to their employees, and some also provide reimbursement of petrol bills given that the employee owns a car or a scooter.

Leased Accommodation- In place of HRA, most banks provide accommodation to their employees in the form of  Bank Accommodation/Bank quarters. 

Newspaper Reimbursement- A settled amount is paid towards the value of 1 newspaper to the Probationary Officer every month. 

IBPS PO Job Profile  

The job profile of a probationary officer is undoubtedly the most desired and significant role amongst various banking job roles. Candidates should be aware of the responsibilities and tasks that come with being a PO. 

• Candidates should be well-versed in banking operations, such as finance, accounting, billing, investment, revenue collection, etc.
• Candidates must know how to resolve the queries of the customers. 
• Should be open to adding new business opportunities to the branch.
• He/she should be able to direct the daily transaction activities and loans related activities. 
• Should be able to maintain good relationships with customers and highlight grievances to the bank authority.
• PO is solely responsible for the supervision and maintenance of their respective branch activities.

IBPS PO Career Growth

During the initial months of the job, POs are made to work in a probation period where they are religiously trained to perform the activities and tasks stated above. With this comes various promotions as they are gradually promoted to higher positions based on their performance, experience, and knowledge. Although, before an employee is promoted to a higher position, he/she will have to sit and clear an examination prepared by IBPS from time to time. Following are some roles that POs are often promoted to:

IBPS PO Participating Banks 2024

Various Public Banks participate to recruit for the IBPS PO posts, and these include: