Benefits of Bank PO Job

Bank PO Exam offers dozen of perks and benefits to attract the govt. job aspirants. That’s the reason why it has become one of the most sought-after careers for graduates who aim to join the banking sector. This exam is conducted for the candidates who want a job in Public Sector Corporation, authorized Banks, Insurance Firms, etc. According to a report, every year, around 10 lakh candidates appear for Bank PO exams.

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Bank PO Exam is conducted in 3 phases:

1. Prelims
2. Main
3. Interview

The selected candidates, after the final interview process, get an opportunity to work in Public Sector Bank as a Probationary Officer

As the competition is getting tougher day by day, you all can imagine the level of competition involved in it. But once a candidate succeeds, he enjoys a robust salary.

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In addition, the salary of bank employees is not revised by the 7th pay commission. The revision in the salaries of Bank employees takes place on the basis of bipartite settlement. For instance, in IBPS PO 2021, salary will be decided on the basis of the 10th Bipartite Agreement. The revised IBPS PO Salary is effective from 1st January 2016.

Read on to know all about the salary of a Bank PO, its allowances, career growth, perks and promotion policy!

Bank PO Salary-IBPS PO Salary 2021

The appointed candidates for the IBPS PO post are placed as Junior Management Grade Scale (JMGS-I). The JMGS 1 term refers to the officers who just enter the Officer Cadre after promotion from the Clerical Cadre. As per the latest notification, the IBPS PO Pay Scale will be Rs. 23700-980/7-30560-1145/2-32850-1310/7-42020.

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IBPS PO Salary: Increment

As per the provision of timely increment of the pay of the IBPS PO officer, the salary increases as below:

As mentioned above, a basic salary of Rs 23,700 is paid to the Bank officer. Plus, other allowances such as Dearness Allowance (DA), House Rent Allowance (HRA), City Compensatory Allowance (CCA), and Special Allowances and an annual increment of about Rs 980 for 7 years is paid.

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Bank PO Perks and Allowances

A Bank PO enjoys some benefits other than the hefty salary he receives. Some additional allowances and benefits that he enjoys are mentioned below:

• Accommodation Lease: The bank offers accommodation and quarters to the Bank POs in some areas. In situations, when the accommodation is given to him by the bank, he can’t receive the HRA. The amount goes to the owner of the compartment, flat, or accommodation.
• Travel Allowance: The Bank POs can either get Traveling Allowances or they can opt for reimbursement on petrol or vehicle.  
• Medical Aid for self and Family
• Newspaper Reimbursement
• Government’s New Pension Schemes

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Bank PO Promotions:

Those who get selected for serving as IBPS PO not only grow in their chosen field but grow on a personal level as well. You can get promotions only on the basis of your good performance and can become a General Manager within a span of just 14 years.

 Given below are the levels of promotion one can get as IBPS or Bank PO:

• 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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Conclusion

With so many benefits like getting a medical facility, newspaper allowance, Travel Allowances, HRA, DA, and other allowances along with a salary, Bank PO Exam is a very good choice for anyone who dreams of getting a good and satisfactory job. And what more can you ask for, when as IBPS PO, you may get promoted to the rank of Chairman or Managing Director!

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