IBPS PO Salary Structure, Pay Scale, Allowances & Benefits 2021

IBPS PO basic pay is INR 23,700 and there are several allowances and perks as well which together is an attractive amount. Also, check the IBPS Exam Calendar for 2021-22 

The salary offered for IBPS PO 2021 jobs including the in-hand amount after the 7th Pay Commission, pay scale, job profile, nature of labor, promotion policy, and perks are discussed in details here.

IBPS Pay Scale 2021

The IBPS PO Salary Structure contains different components including basic pay, increments, allowances, and perks. Have a glance at the in-hand salary, pay scale, and allowances of IBPS POs below:

1. IBPS PO Basic Pay – Rs. 23,700 with Rs. 980 Increment for 7 years
2. IBPS PO after 7 Years Basic Pay –Rs. 30560 with Rs1145 Increment for 2 years
3. IBPS PO Pay Scale – Rs. 23,700 + 980* 7 = Rs. 30560 +1145* 2 = Rs. 32850 + 1310* 7 = Rs. 42020
4. Basic Maximum Salary after 7+2+7 Year increments – Rs. 42,020

IBPS PO 2021 Salary

IBPS PO Allowance 2021

Bank POs are eligible to enjoy a couple of allowances and perks including HRA, DA:

• City Compensatory Allowance (CCA): 3% or 4%
• HRA (House Rent Allowance): 7% to 9% of Basic pay
• Special Allowance (SA): 7.75% of Basic pay
• (DA) Dearness Allowance: 39.8% of Basic Pay

Additional Perks

Candidates also get lease accommodation, traveling allowance, newspaper reimbursement, medical care, benefits under the New Pension Scheme.

• Leased Accommodation

This facility is out there to PO in situ of HRA. Most of the places banks provide Official Bank Accommodation/Bank Quarter as leased accommodation. This amount isn’t available as a cash component and can directly attend to the house owner – you’ve got leased.

• Travelling Allowance

Some banks provide fixed Traveling Allowance whereas others allow reimbursement of petrol bills i.e. Bank officers must own a scooter/car at the place of posting.

• NPS Benefits

10% of basic pay+DA is deducted

• Newspaper Reimbursement

A fast and hard monthly amount is paid towards the value of 1 newspaper to the Probationary Officer.

• Medical Aid

A hard and fast annual amount is paid by most of the banks (The revised amount is Rs 8000/- p.a.).

IBPS Promotion Policy 2021

The position of IBPS Bank PO is that of Junior Management Grade Scale I (JMGS I) officers among the banks. The post offers an honest career growth in terms of position also as a salary. The size of the regular salary of IBPS PO ranges between Rs 23700 to Rs 42020. On their promotions, the IBPS PO comes under Middle Management Grade Scale-II or III (MMGS) or Senior Management Grade Scale IV or V (SMGS).

Candidates appointed as IBPS POs have chances to travel up to the post of Chairman and director during a bank. Here is that the career promotions for IBPS PO:

• Middle Manager under Middle Management Grade Scale 2
• Senior Manager under Middle Management Grade Scale 3
• Chief Manager under Senior Management Grade Scale 4
• Assistant head under Senior Management Grade Scale 5
• Deputy head under Top Management Grade Scale 6
• General Manager under Top Management Grade Scale 7
• Executive Director
• Chairman and director