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:
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!
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.
Type of Pay | Amount |
Basic Pay | Rs 23700/- ( Increment in 4 stages-Salary after 1st Increment- Rs. 30560/-Salary after 2nd Increment-Rs. 32850/-Salary after 3rd Increment- Rs. 42020/- |
Special Allowances | Rs 18, 36.75 |
Dearness Allowances | 40% of the basic pay(Varies based on inflation rates) |
City Compensatory Allowances | Rs 870 |
House Rent Allowance | Rs 2133 |
Gross with HRA | Rs 38, 703.38 |
Medical Aid | Rs 8000 |
Entertainment | Rs 500 |
Newspaper | Rs 300 |
Petrol | Rs 3000 |
Telephone | Rs 400 |
Canteen Subsidy | Rs 400 |
Pension Contribution | Rs 25000 |
Gross Annual CTC(with HRA but without leased accommodation) | Rs 5, 57, 640 |
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As per the provision of timely increment of the pay of the IBPS PO officer, the salary increases as below:
Increment Percentage | Basic Pay | Gross Salary |
15 % | Rs.26,706/- | Rs.37,068/- |
20 % | Rs.27,866/- | Rs.38678/- |
25 % | Rs.29,026/- | Rs.40,288/- |
30 % | Rs.30,187/- | Rs.41,899/- |
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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A Bank PO enjoys some benefits other than the hefty salary he receives. Some additional allowances and benefits that he enjoys are mentioned below:
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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:
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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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