IBPS PO 2019 Salary
About Bank PO
Bank PO stands for Bank Probationary Officer. It is a managerial level post in bank. He is a Junior Manager of Grade I scale officer. The probation period of a bank PO last for 2-3 years.
The PO are selected through a common exam conducted by IBPS. IBPS PO exam is conducted every year.
The PO are selected through a common exam conducted by IBPS. IBPS PO exam is conducted every year.
IBPS PO Salary
The salary of a PO in Public Sector Banks is decided as per 10th Bipartite settlement which took place on Nov 2012.
The Probationary Officer/Management Trainee are covered under the Scale I which is
Scale I - 23700 - (980 x 7 ) - 30560 - (1145 x 2 ) - 32850 - (1310 x 7) - 42020
Rs 980 is the annual increment that a Bank PO will get after one year of service.
GROSS Salary of Bank PO
- Basic = 23700
- DA on basic (75.9% at present i.e. May 2020)= 17,988.3
- HRA (7%, 8% and 9% of basic depending on place of posting) = 2133 (Metros) /1896 (Urban)/ 1659 (Rural).
- Special Allowances (@ 7.75% of Basic) = 1836.75
- DA on Special Allowance = 1394
- City Compensatory Allowance (4%, 3%, 0% of Basic. Max 870 in Metros and Max 600 in Urban) = 870(Metros)/ 600(Urban)/ 0(Rural).
DEDUCTIONS
- NPS (10% of Basic+DA) = 4168.63
- Other deductions (Professional tax, Union fees etc) = ~500
Total Deduction = ~ 4600
NET Salary of PO = Approx 43,000
Bank PO Perks
- Leased Accommodation: Min 7000(Rural Areas) to 20000 (Metros)
- Petrol Allowances: 40 liter
- Entertainment Allowance: 8600/-p.a
- Medical Aid : 8000/- p.a
- Newspaper : 200
- Entertainment Expenses: 8600/- p.a
- Cleansing Material Expenses : 1000 per quarter
- Telephone & Internet Expenses : 700 p.m
So, the total CTC of a Bank PO is around 7.5 Lakh Per Annum.
Note: If a Bank PO clears JAIIB and CAIIB flagship courses conducted by IIBF then they are eligible for Increment in their salary. Bank PO will get one increment of Rs 980 after clearing JAIIB and one more increment of Rs 980 after clearing CAIIB.
Thus after clearing the JAIIB and CAIIB the Bank PO Basic salary increses by Rs. 1960 per month.
Note: If a Bank PO clears JAIIB and CAIIB flagship courses conducted by IIBF then they are eligible for Increment in their salary. Bank PO will get one increment of Rs 980 after clearing JAIIB and one more increment of Rs 980 after clearing CAIIB.
Thus after clearing the JAIIB and CAIIB the Bank PO Basic salary increses by Rs. 1960 per month.
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