Pay Scale, Allowances & Other Benefits of IBPS PO
Institute of Banking Personnel Selection (IBPS) conducts an exam called the IBPS PO exam to recruit Probationary Officer/Management Trainees. IBPS PO exam is one of the most sought-after banking job exams in India. The selection to the post of IBPS PO contains three stages, including prelims, mains, and interviews. There is a probation period of 2 years. Every year, lakhs of candidates appear for this exam. Candidates are allotted to the position of Probationary Officer (PO) upon clearing this exam in any one of the 11 participating banking organizations. The banks that recruit through the IBPS PO exam are as follows:
- Canara bank
- Punjab National Bank
- Bank of Baroda
- Indian Bank
- Central Bank of India
- Bank of India
- Union Bank of India
- Punjab and Sind Bank
- Bank of Maharashtra
- UCO Bank
- Indian Overseas Bank
The roles and responsibilities of an IBPS PO are as follows:
- Directing daily transactions of the customers and processing loans
- Resolving customer queries at the branch where posted
- Addressing issues and grievances of the customers
- Supervising and maintaining proper activities at the branch daily
- Responsible for bringing new business
Apart from enjoying a well-reputed designation in one of the top banking organizations in our country, candidates also enjoy other perks and benefits as an IBPS PO. We discuss these aspects further as follows:
- Salary and allowances: The salary of IBPS PO is not revised according to the 7th pay commission. The salary revision of bank employees takes place based on bipartite settlement.
Basic pay: The basic pay after the 10th bipartite settlement of IBPS PO is Rupees 23,700 – (980×7) – 30,560 – (1145×2) – 32,850 – (1310×7) – 42020. This implies that the basic pay of an IBPS PO will be Rs 30,560 after seven years. The basic pay will be Rs 32,850 after 7+2 years. It will be Rs 42020 after 7+2+2 years. The other allowances apart from basic pay are summarised below:
| Components | Details |
| City compensatory allowance | Rs 800 (It may vary based on the city between 1 to 4 percent of the basic pay) |
| Special Allowance (SA) | It is around 7.75 percent of the basic pay |
| Dearness allowance (DA) | DA is updated every 90 days based on data revealed by the Statistics Ministry on the All India Consumer Price Index. It is 40 percent of the basic pay and it varies with inflation rates. |
| House rent allowance (HRA) | It can be either 7, 8, or 9 percent of the basic pay based on the place of posting. |
| Medical aid | Rs 8000 |
| Entertainment | Rs 500 |
| Newspaper | Rs 300 |
| Petrol | Rs 3000 |
| Canteen subsidy | Rs 400 |
IBPS salary after 11th bipartite settlement: The salaries of the IBPS PO have been revised under the 11th bipartite settlement with effect from November 2017. This is applicable up to 2022 and its basic components are mentioned below:
| Increment in percent | Basic pay in Rs | Gross pay in Rs |
| 15 | 26,706 | 37,068 |
| 20 | 27,866 | 38,678 |
| 25 | 29,026 | 40,288 |
| 30 | 30,187 | 41,899 |
- Promotion policy: The guidelines regarding policy matters on promotion for most of the public sector banks are updated by the Finance Ministry, Government of India. For promotions, there are 2 channels that the public sector banks follow: the normal channel and the merit channel. The salary range of various posts are given as below:
- SMGS V (Senior Management Grade Scale V): Rs 59,170 to Rs 66,070.
- SMGS IV (Senior Management Grade Scale IV): Rs 50,030 to Rs 59,170.
- MMGS III (Middle Management Grade Scale III): Rs 42,021 to Rs 51,490.
- MMGS II (Middle Management Grade-II): Rs 31,705 to Rs 45,950.
- JMGS I ( Junior Management Grade Scale I): Rs 23,700 to Rs 42,021.
- Career growth: The career growth of an IBPS PO is given as follows:
- JMGS I ( Junior Management Grade Scale I)
- Middle Manager – MMGS II (Middle Management Grade-II)
- Senior Manager – MMGS III (Middle Management Grade Scale III)
- Chief Manager – SMGS IV (Senior Management Grade Scale IV)
- Assistant General Manager – SMGS V (Senior Management Grade Scale V)
- Deputy General manager (Top Management Grade VI)
- General Manager (Tp Manager Grade Scale VII)
- Executive Director
- Chairman and Managing Director
Hence, an IBPS PO enjoys a lucrative salary with a good chance of career growth. The perks and allowances add to the merits of going for this job. Every year, lakhs of aspiring candidates appear for this exam. The number of candidates keeps increasing every year, and so does the competition. The syllabus for the IBPS PO exam is not tough but it is very exhaustive. Candidates need to prepare with dedication and consistency. There are many online and offline courses available to help in the preparation for this exam. IBPS PO test and practice papers are very crucial for exam preparation. It helps you to assess your knowledge and to identify your weak areas. Regular mock tests and practice is the key to succeed in this exam. As already mentioned, the syllabus is exhaustive and there is a difference in the syllabus for prelims and mains exam. The topics in the prelims exam are:
- Reasoning (logical reasoning, data sufficiency, series, syllogism, etc.)
- Quantitative Aptitude (number system, profit, and loss, interest, percentages, mixture, work and time, permutation and combination, etc.)
- English Language (reading comprehension, paragraph
completion, fill in the blanks, etc.)
The syllabus of the mains exam is divided into the following subtopics:
- Quantitative aptitude (quadratic equation, ratio, and percentage, average, simplification, problems on ages, data interpretation, etc.)
- General awareness (general knowledge, current affairs, financial awareness)
- Reasoning and computer aptitude (computer hardware and software, Microsoft office, operating system, networking, data sufficiency, syllogism, verbal reasoning, etc.)
- English language (reading comprehension, vocabulary, grammar, verbal ability, reading comprehension, etc.)
The IBPS PO interview is the third and final stage of the selection process and it consists of a total of 100 marks. Questions are asked from banking, general awareness, current affairs, and so on. Candidates should start their preparations as early as possible to complete the syllabus on time. They must keep checking the official website for related notifications and updates.
