The IBPS PO is one of the most prestigious government jobs around. If you are looking for a secure job with a decent pay, then this is the right option for you. Now, we all know government bank jobs are secure, but what about the pay? Do you have a good idea about the IBPS PO Salary? In the following post, we would be talking about one of the most important things that you should know before applying for IBPS PO exam – the IBPS PO Salary 2018. We would be talking about the IBPS PO pay scale, your in-hand salary, the allowances that you would get and more. So, let’s begin, shall we?
Your Starting ‘In-hand’ IBPS PO Salary?
Let’s begin with the question that all candidates ask at least once – what is the starting salary of IBPS PO? Well, IBPS PO salary after he 7th pay commision has increased a lot. Given below are the information that would give you the idea about the IBPS PO salary structure 2018.
|Total (without HRA)||36570.38|
|Gross with HRA||38703.38|
|Gross Annual CTC (with HRA but without leased accommodation)||5,57,640.52|
IBPS PO Salary Structure
As said before the salary varies depending on the place where you are posted. The table below will give you an idea of the salary structure of IBPS PO during the 2017/18 period:
|Criteria||Metro Cities||State Capital||District Level and Rural|
|Total (without HRA)||36570.38||36300.38||35700.38|
|Gross with HRA||38703.38||38196.38||37359.38|
The Annual Increments
Another important component of the IBPS PO pay scale is the annual increments. A lot of candidates want to know about the salary of IBPS PO after 5 years or something like that. Well, you would annual increment on your basic pay for the first few years. Since the allowances are calculated on your basic pay, your entire salary would increase by quite a handsome margin every year. The annual increments are given below.
According to the IBPS PO pay scale, you would get an annual increment of Rs 980 for 7 years.
Basic Pay after 7 years – Rs 30560
Basic Pay after 2 more years i.e during the 8th and 9th year of your service– Rs 32850
Basic Pay after 7 more years – Rs 42020
The Allowances within the IBPS PO Salary
As you can see from the table above, there are a lot of allowances that are included in your IBPS PO scale. Let us see what these allowances are all about.
Dearness Allowance (DA) – The Dearness Allowance is linked to the Consumer Price Index. This means that whenever the prices go up for a prolonged period of time, your salary would increase.
House Rent Allowance (HRA) – The House Rent Allowance is paid to you so that you can get a place to rent at the location where you are posted. If the bank gives you quarters, then you would not be getting the HRA.
City Compensatory Allowance (CCA) – The CCA would be paid so that you can bear the expenses of staying in a big metropolitan city. It differs depending on the city you are posted in.
IBPS PO 2018 Vacancies
Let us now take a look at the number of IBPS PO 2018 expected vacancies. The IBPS has released the detailed information for IBPS PO vacancy 2018. This year the number of IBPS PO 2018 vacancies is 4252. The vacancies exist all across the country. So you can apply for IBPS PO posts virtually anywhere in the country.
The Job of IBPS PO
Let us take a look at the details related to the job of the IBPS PO. After passing the exam, you would need to undergo a probation period. So, let us talk a bit about the Probation Period first.
IBPS PO Probation Period
Successful candidates work on probation for 2 years, enabling him/her to understand the practical method and foundation of the bank. The probation period is divided into several phases of multi-tasking in which one has to handle tasks such as internet banking, customer support, loans, cash handling, clearing etc. The work is allotted according to bank policies and the candidate can be posted in any branch so as to receive training in the best possible way.
Designation After Probation Period
After two years of completion of this period, he/she is appointed as Manager or Assistant Manager.
Job Responsibilities of IBPS Probationary Officer
- He/She has to work towards increasing the bank business which includes managing cash flow, getting customers for loans and mortgages and finances.
- Another responsibility of PO is to work as public relations officer, handle customer complaints and address various customer related issues such as discrepancies in accounts, rectification of undue charges and look into complaints regarding services provided by the bank.
- Once he/she gets acclimatized to the bank environment and gain enough experience on bank’s working procedures, they can be assigned more responsible work like planning, budgeting, marketing, loan processing and approval, investment management etc.
- The work of a bank PO also includes managerial tasks, such as supervision of clerical work, making decisions for the benefit of the bank, managing cash balance etc.
- An officer would have to verify all the work done by the bank clerks.
- He/she takes care of the loan related documents and performs on-site visit of the loan taking parties as and when required.
IBPS PO Career Growth
After working as an Assistant Manager for 3-4 years you would be promoted as Manager (Scale II Officer). Promotion happens through written exam and interview. From bank to bank there is a slight variation in the time and process of promotion but fast track promotion opportunities are there in all the banks. The career growth is fast for a PO. One can get a promotion every 3–5 years depending upon the vacancies in the bank. The promotion grades are as follows
Manager (Scale II) -> Senior Manager (Scale III) ->Chief Manager (Scale IV) ->AGM (Scale V)-> DGM (Scale VI) ->GM (Scale VII).
Until this stage, the promotions would be time bound. After that, based on your performance you can become Executive Director and CMD (Chairman and Managing Director) who are appointed by the Government of India. Almost all EDs and CMDs of banks started their career as PO. A few selected ones also get a chance to become Deputy Governor (DG) in RBI, as among the 4 DGs of RBI one post is there for a commercial banker.
So, these were all the details that you should know about the IBPS PO Salary and IBPS PO vacancy. Hope, you found this to be useful. You can check out the following articles for more information on the IBPS PO exam.