IBPS PO Salary 2023: Structure, In-hand, Allowance, Career Growth

If you are preparing for a government job in the banking sector then you might know what IBPS is. It stands for Institute of Banking Personnel Selection. It releases the notification for the recruitment of Probationary Officers every year. A lot of candidates preparing for exams are curious to know the IBPS PO Salary 2023.

You should know that there are 11 banks that are going to recruit Probationary Officers (PO) on the basis of the IBPS PO 2023 examination. Here, in this post, we will let you know about the IBPS PO Salary 2023 including Allowances, Perks, Career Growth, and Promotion Policy.

IBPS PO Salary In-hand

After a large number of strikes in various banking institutes by bank employees, they got raise last year. This raise really helps banking employees as they were underpaid previously. Now, their salary is on par with industry standards. As per the latest data, you may check the IBPS PO Salary 2023 as explained in the following table.

IBPS PO Salary Structure 2023

Basic Pay Rs. 36000/-
Special Allowance Rs. 5904/-
Dearness Allowance (DA) Rs. 9424/-
Other Dearness Allowance Rs. 1702.75/-
Learning Allowance Rs. 600/-
House Rent Allowance (HRA) Rs. 3200/-
CCA/ LOC A Rs. 1400/-
Gross Salary with HRA Rs. 58, 271. 55/-

IBPS PO Salary Component 2023

To understand the Salary structure of IBPS PO 2023, you need to understand each component mentioned in the salary structure. Go through the table below to know how IBPS PO Salary is calculated.

IBPS PO Allowance 2023

IBPS PO Basic Pay Rs. 36000/- (It will increase after different stages of increment)
Special Allowance 7.75% of the basic pay
Dearness Allowance 39.8% of the basic pay (it varies depending upon the inflation rates)
House Rent Allowance 7% to 9% of the basic pay
CCA/ LOC A 3% or 4% (depends upon the area in which the banker is posted)

IBPS PO Special Allowance 2023– It is included in the salary of Probationary Officers from 1st January 2016. It is nearly 7.75% for the basic salary of a banker. The inclusion of special allowances was a demand of bankers for a long time.

IBPO PO House Rent Allowance (HRA) 2023 – The HRA depends upon the city or village in which the banker is posted. Depending upon the location (Metro, big cities, villages, towns, etc.) HRA varies from 7% of the basic salary to 9% of the basic salary.

IBPS PO Dearness Allowance (DA) 2023 – On the basis of All India Consumer Price Index Data published by the Ministry of Statistics and Program Implementation, Government of India, Dearness Allowance (DA) of bank employees keep on changing every 3 months. It was around 39% recently. Many bank unions are demanding the determination of DA on monthly basis in the impending wage settlement.

IBPS PO City Compensatory Allowance (CCA) 2023 – It is given to the employees on the basis of the location in which they are posted. It might be equal to 0%, 3%, or 4%.

IBPS PO Salary Slip 2023 – Sample Salary Slip

To get a better understanding of IBPS PO Salary in 2023, you can take a look at the sample salary slip given in the following table.

Salary/ Allowance Amount in Rs. Deductions/ Recoveries Amount in Rs.
Basic Pay मूल वेतन 36,000.00 Union Subs. यूनियन  सदास्यता 210.00
DA महंगाई भत्ता 9,424.80 Mem. Cont. To NPS न.प.स सदस्य योगदान 4,542.48
HRA मकान किराया भत्ता 3,240.00    
CCA/ Loc A नगर प्रतिपूरक भत्ता 1,400.00    
Special Allowance विशेष भत्ता 5,904.00    
DA others अन्य महंगाई भत्ता 1,702.75    
Learning Allowance 600.00    
Gross Salary 58, 271.55 Total Deductions 4,752.48
    Net Salary 53,519.07

IBPS PO Career Growth 2023

A career as a government banker gives fair growth to bright students especially to those who have a zeal to learn and grow. Banks in India are bound to follow the guidelines of the Ministry of Finance, Government of India, as far as their promotion policies are concerned.

We can classify the promotion channel in the banks in the following two ways.

  1. Merit Channel
  2. Normal Channel.

Let’s discuss the change in salaries after getting promoted step by step.

  • Salary of probationary officers in banks or officer appointed as JMGS I (Junior Management Grade Scale I) – Rs. 23700/- to Rs. 42020/-

As the career of probationary officer tends to grow, the pay scale and salary tend to increase.

  • MMGS II (Middle Management Grade Scale-II): Usually, the basic salary ranges from Rs. 31705/- to Rs. 45950/-
  • MMGS II (Middle Management Grade Scale III): Generally, the basic salary is from Rs. 42020/- to Rs. 51490/-
  • SMGS IV (Senior Management Grade Scale IV): Usually, the basic salary ranges from Rs. 50030/- to 59170/-.
  • SMGS V (Senior Management Grade Scale V): The basic salary ranges from Rs. 59170/- to Rs. 66070/-

IBPS PO Job Description 2023

The general duties of an IBPS PO are as follows.

  • Maintaining and supervising the general banking activities at a regular bank branch.
  • Resolving customer queries at the bank branch.
  • Addressing the grievances and issues of customers.
  • Make sure the transactions of customer’s money take place smoothly.
  • Responsible for bringing new launches and schemes to the bank.

FAQs

Which banks are going to participate in the IBPS PO 2023?

The following major banks are going to participate in this recruitment process this year.
Punjab National Bank
Union Bank of India
Bank of India
Indian Bank
Punjab & Sind Bank
Bank of Maharashtra
Canara Bank
Indian Overseas Bank
Central Bank of India
UCO Bank
Bank of Baroda

What is the basic pay of IBPS PO?

The basic pay of IBPS PO is Rs. 23700/- which tends to increase later on.

What are the perks given to IBPS PO apart from salaries?

There are numerous other perks given to IBPS PO apart from the salary as given below
Travelling allowance
Benefits under new pension scheme
Newspaper Reimbursement
Medical Aid

What is the selection process of IBPS PO?

The selection process of IBPS PO involves three stages – Prelims exam, Main exam, and interview.

Can you please tell me up to what position I can get in my career after getting selected as a PO?

The career growth chart of IBPS PO is given below.
JMGS I (Junior Management Grade Scale I) or probationary officers
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

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