Download pdfThe job of a bank probationary officer (PO) is considered as a lucrative career option and a white collar job. Every year lacs of aspirants contest for Bank PO exams. The job offers a high career growth and prospects for a bright future in banking. Many candidates want to know about the responsibilities of a bank PO, what kind of job they do once they are recruited in banks.
You should know that a bank probationary officer post is the entry level position at which a bank officer starts work after posting. This is a managerial position in a bank. Typically, a Bank Probationary Officer (Bank PO)undergoes a 2 year probation period or training and then gets the post of Assistant Manager on joining a branch. Normal prospect of this job is general banking and bank administration; however, bank POs are expected to possess excellent communication skills and the ability to resolve conflicts in a cool and calm manner.
Starting Salary as a Bank PO ranges from Rs. 30,000 - Rs. 40,000, depending upon bank to bank and location of posting.
IBPS PO Salary Structure 2019
In most of the public sector banks, Bank PO salary is more or less the same. The latest revision of IBPS PO salary as per 10th Bipartite settlement took place on Nov 2012; however, the final agreement was signed in May 2015. According to which the revised IBPS PO salary will come into effect from 1st January 2016.
The revised basic IBPS PO salary structure thus becomes –
23700 - (980 x 7) - 30560 - (1145 x 2) - 32850 - (1310 x 7) – 4202
Here, Rs. 23, 700 is the revised basic pay of Bank PO as applicable on 1st January 2016. Thus the new entrant in a Bank as PO is liable to get Rs. 23,700 as basic pay.
Rs. 980 is the annual increment that an IBPS PO will get and it will be applicable for a period of 7 years.
Latest Update: IBPS has released the official IBPS RRB Notification 2020 on June 30, 2020. Candidates can apply online for the various Officer & Officer Assistant posts between July 1, 2020 to July 21, 2020.
Interested candidates can download the IBPS RRB Notification 2020 and know more about the recruitment process from other articles.
IBPS PO Salary after 11th Bipartite Settlement
Wage revision for bank employees is due from November 2017 under the 11th bipartite settlement, which would span five years till 2022. Nearly 8.8 lakh employees would benefit if the 11th bipartite settlement is agreed and accepted.
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Increment (Percentage) %
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Basic Pay
|
Gross Salary
|
|
15 %
|
Rs.26,706/-
|
Rs.37,068/-
|
|
20 %
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Rs.27,866/-
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Rs.38678/-
|
|
25 %
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Rs.29,026/-
|
Rs.40,288/-
|
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30 %
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Rs.30,187/-
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Rs.41,899/-
|
IBPS PO Allowances
1. Dearness Allowance (DA): In Banks, DA is revised quarterly and is based on the CPI data as revealed by Government of India.The last Revised DA for the quarter of November and December 2015 and January 2016 is 39.80% of the Basic Pay. Since it depends on CPI, DA can go up with higher Inflation and vice versa.
2. Special Allowance: According to IBPS PO's Latest Revision, a special allowance has been added to the salary structure of Bank Probationary Officer. And it is 7.75% of the Basic Pay.
3. House Rent Allowance: This varies according to Bank Probationary Officer’s place of posting and can be 9.0% or 8.0% or 7.0% depending upon metros, big cities and other locations.
4. City Compensatory Allowance: This also depends on the place of posting and can be either 4% or 3 % or 0%.
Hence the total Salary (without HRA) of Probationary Officer becomes Rs. 35,700 – 36,570. While considering the HRA into account, it becomes Rs. 37,360 -38,700.
IBPS PO Perks
1. Leased Accommodation: this facility is available to PO in place of HRA. At some places, banks provide Official Bank Accommodation/Bank Quarter as leased accommodation. This amount is not available as cash component and will directly go to the house owner - you have got leased.
2. Traveling Allowance: Few banks provide fixed Traveling Allowance whereas others allow reimbursement of petrol bills i.e. Bank officer must own scooter/car at the place of posting.
3. Newspaper Reimbursement: A fixed monthly amount is paid towards the cost of one newspaper to the Probationary Officer.
4. Medical Aid: A fixed annual amount is paid by most of the banks (Revised amount is Rs8000/- p.a.).
IBPS PO Promotion
There is a well-defined career progression path in each public sector bank. Performance and potential are key elements which determine the career progression. Most senior officials in public sector banks started their career as a scale-I officer only.
In tune with the time banks have reviewed their promotion policy and now for bright, hardworking and knowledgeable employees, it takes less time to move to higher scales.
In many banks, a person who joined as an IBPS PO may reach to the position of General Manager in 14 years. After that one can aspire for the position of executive director or chairman of a bank. These are very high positions, nomination to which is decided by the Government and not by the individual banks.
Many public sector banks have a network of foreign branches. Thus, joining a public sector bank gives you the opportunity of working abroad also. Transferability in a bank job provides you the chance of seeing different parts of the country. Hence, IBPS PO Promotion is very lucrative.
IBPS PO Career Growth
- Junior Management Grade – Scale I: Officer i.e. PO
- Middle Management Grade – Scale II: Manager
- Middle Management Grade – Scale III: Senior Manager
- Senior Management Grade – Scale IV: Chief Manager
- Senior Management Grade Scale V: Assistant General Manager
- Top Management Grade Scale VI: Deputy General Manager
- Top Management Grade Scale VII: General Manager
- Executive Director (ED)
- Chairman and Managing Director (CMD)
Latest Update: IBPS has released the official IBPS RRB Notification 2020 on June 30, 2020. Candidates can apply online for the various Officer & Officer Assistant posts between July 1, 2020 to July 21, 2020.
Interested candidates can download the IBPS RRB Notification 2020 and know more about the recruitment process from other articles.