Salary of IBPS PO and SO 2024, In Hand, Perks, and Job Profile
The article provides comprehensive information about the Revised Salary of IBPS PO and SO 2024, Check salary structure, and various benefits. Stay informed for a fulfilling career in the banking sector.
Abhinandan Kumar26 Apr, 2024
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Salary of IBPS PO and SO 2024: IBPS recruits graduates for the highly sought-after position of Probationary Officers (PO) with attractive wages. Banks typically follow a two-way agreement rather than strictly adhering to the 7th Pay Commission for pay adjustments. The 11th Bipartite Agreement sets the salary for IBPS POs in 2024, starting at Rs. 36,000/-.
For Specialist Officers (SO), IBPS offers competitive salaries and better benefits compared to other similar-level positions in the banking sector. The IBPS SO Salary 2024 exam is conducted annually to select suitable candidates for various branches nationwide. SOs enjoy perks and benefits, and after selection, undergo a probation period of 6 months. In this article you will get complete information about the Salary of IBPS PO and SO 2024.IBPS PO Salary 2024
Every year, the Institute of Banking Personnel Selection (IBPS) hires Probationary Officers (POs) to work in various public sector banks across the country. The basic pay for POs is Rs. 36,000, but their overall take-home salary ranges between Rs. 52,000 and Rs. 55,000. This includes additional allowances like Dearness Allowance (DA), House Rent Allowance (HRA), City Compensatory Allowance (CCA), and Special Allowances. These allowances make the overall salary quite attractive.IBPS SO Salary 2024
IBPS SO Salary 2024 remains consistent across all participating banks. The IBPS SO 2024 notification will cover officers in various departments across major public sector banks. For those interested in this opportunity, here are the details of the IBPS SO Salary 2024. The salary structure for IBPS SO 2024 ranges from Rs. 23,700 to Rs. 42,020. Selected candidates will also receive additional allowances to supplement their salary. These allowances include House Rent Allowance (HRA), Special Allowances, Dearness Allowances, Rent Allowances, and more. This comprehensive package ensures a competitive and attractive compensation for IBPS SOs.IBPS PO Salary Structure
The IBPS PO Salary Structure is essential for candidates to understand before applying. It encompasses various components such as special allowances, perks, and House Rent Allowance (HRA), which significantly contribute to the overall salary package. The Gross IBPS PO Salary is approximately Rs. 57,000, but after deductions, the candidate's in-hand salary typically ranges from Rs. 52,000 to Rs. 55,000. Here's a breakdown of the IBPS PO Salary Structure for 2024:| IBPS Bank PO Salary Structure | |
| Basic pay | INR 36,000 |
| DA | 23.87% of the Basic Pay (Varies based on inflation rates) (INR 8593 for basic pay of INR 36,000) |
| HRA | 7%-9% of the basic pay (For Eg: 3240 for the basic pay of INR 36,000) |
| City Compensatory Allowance (CCA)/LOC A | 3% or 4%(depending on the place of posting) (For Eg: INR 1400) |
| Special Allowance | 7.75% of the basic pay (INR 5904 for the basic pay of INR 36,000) |
| DA others | Rs. 1552 |
| Learning Allowance | Rs. 600 |
| Prof Tax | Rs. 200 |
| Cont to NPS | Rs. 4459 |
| Gross Salary | Rs. 57,289 |
| NET Salary after deduction of INR 4659 | Rs. 52,630 |
IBPS SO Salary Structure
The salary structure for IBPS Specialist Officers (SO) in 2024 is as follows: Rs. 23,700 - 980/7 - 30,560 - 1,145/2 - 32,850 - 1,310/7 - 42,020 (based on the previous official notification). It's important for candidates to understand this detailed salary structure, including the gross salary and the in-hand salary. The gross salary typically ranges from Rs. 38,000 to Rs. 39,000, while the in-hand salary falls between Rs. 33,000 and Rs. 35,000. This information provides a clear picture of the earning potential for IBPS Specialist Officers in 2024.| IBPS SO Salary Structure | |
| Particulars | Details |
| Gross Salary | Rs.38000-Rs.39000 |
| IBPS SO 2022 Pay Scales | Rs. 23700-980/7-30560-1145/2-32850-1310/7-42020 |
| Dearness Allowance (DA) | 36% of Basic Pay |
| City Compensatory Allowance | 0%-4% (Depending on Tier I to Tier III city) |
| House Rent Allowance (HRA) | 7%-9%(Depends on the Location) |
| Special Allowance | It is about 7.75% of DA+Basic (Incentive or performance-based bonus) |
| PF Contribution | Between Rs. 3000 – Rs. 3500 |
IBPS PO Salary Perks and Allowances
IBPS POs receive various allowances and benefits as part of their salary package. Here's a breakdown:- House Rent Allowance (HRA): This allowance depends on where the officer is posted. It can be 9.0%, 8.0%, or 7.0% of the basic salary for metros, big cities, or other locations respectively.
- Dearness Allowance (DA): This is a percentage of the basic salary, currently around 36.8%. It's adjusted every three months based on inflation data.
- Special Allowance (SA): Introduced in 2016, this allowance is about 7.75% of the basic pay.
- City Compensatory Allowance: Varies based on city type, ranging from 0%, 3%, to 4%.
IBPS SO Salary Perks and Allowances
The IBPS SO Salary for 2024 includes various allowances to supplement the basic pay and support the candidates' lifestyle and job-related expenses. In addition to these allowances, there are several perks associated with the IBPS SO job in 2024. One of the major perks is the opportunity to work in a public sector bank in your specialized field. Other perks include favorable leave policies, Leave Travel Allowance, access to holiday homes, Conveyance allowance, and Newspaper allowance. Here are the details of the allowances:- House Rent Allowance
- City Compensatory Allowance
- Special Allowance
- Conveyance Allowance
- Dearness Allowance
- Leave Travel Allowance
- Medical Allowance
- Entertainment Allowance
- Newspaper Allowance
- Lease Allowance
IBPS PO Salary 2024 Job Profile
Probationary Officer (PO) in the banking sector is a coveted position for many graduates. As a newly selected PO, you'll undergo training to handle various banking tasks like finance, accounting, billing, investments, and revenue collection during your probation period. Your main responsibilities include:- Assisting and resolving customer queries.
- Overseeing and managing activities at your assigned branch.
- Identifying and exploring new business opportunities for the branch.
- Supervising daily transactions and loan-related activities.
- Maintaining good relations with customers and reporting their issues to higher bank authorities.
IBPS SO Salary 2024 Job Profile
The job profile of an IBPS SO (Specialist Officer) can vary depending on the specific role they're hired for. Here are some common roles and their key responsibilities:IT Officer:
- Data maintenance and support.
- Developing and modifying software.
- Handling queries related to ATM, mobile banking, and internet banking.
- Maintaining computer systems in the bank.
- Ensuring network security, processing, and antivirus updates.
- Supporting the bank's core banking system.
- Managing the entire IT team.
Agricultural Field Officer:
- Understanding the banking and financial needs of rural areas.
- Providing information about loans and schemes in simple language.
- Sanctioning loans and handling related paperwork.
Marketing Officer:
- Promoting the bank and acquiring new business deals and customers.
- Suggesting cost-effective policies to increase the bank's profit.
- Handling various marketing channels like newspapers, advertisements, and promotional events.
Law Officer:
- Managing legal liabilities and affairs of the bank.
- Preparing legal documents and providing assistance in legal issues.
- Monitoring document errors and ensuring authenticity.
HR/Personnel Officer:
- Overseeing human resource activities.
- Studying and suggesting changes to HR policies.
- Involving in the recruitment process.
- Handling cases of misconduct and consulting with superiors.
Rajbhasha Adhikari (Scale-I):
- Proofreading and translating important documents used in the bank.
- Organizing training sessions to promote the official language.
- Ensuring documents are available in Hindi and English languages.
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What is the basic salary for IBPS PO and IBPS SO in 2024?
Salary for IBPS PO Rs. 36,000 and IBPS SO salary start from Rs. 23,700 to Rs. 42,020
What are the additional allowances provided to IBPS POs and SOs?
Both receive allowances like House Rent Allowance, Dearness Allowance, City Compensatory Allowance, and Special Allowances.
What are some perks of being an IBPS PO or SO?
Perks include favorable leave policies, Leave Travel Allowance, access to holiday homes, Conveyance allowance, and Newspaper allowance.
How much is the gross and net salary for IBPS POs and SOs?
IBPS PO: Gross salary approximately Rs. 57,000, net salary ranges from Rs. 52,000 to Rs. 55,000 after deductions and IBPS SO: Gross salary ranges from Rs. 38,000 to Rs. 39,000, net salary falls between Rs. 33,000 and Rs. 35,000.
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