In hand Salary of a newly joined Public sector bank PO (with latest Salary Slip)

In hand Salary of a newly joined Public sector bank PO (with latest Salary Slip)

Institute of Banking Personnel Selection (IBPS) conducts IBPS PO exam which recruits candidates for the post of Bank Probationary Officer in various nationalized banks of India. This article describes the complete salary structure, in hand salary, Allowances and perks of an IBPS PO.

The latest revision of Bank PO salary is on the basis of 10^th Bipartite Agreement which took place on Nov 2012. Revised IBPS PO salary is effective from 1^st January 2016.

Revised Basic salary structure for IBPS PO (as per 10^th Bipartite settlement) is:

Here,

Basic Pay of IBPS PO:

Basic Pay (of a new entrant) = 23,700

Basic Pay of IBPS PO after 7 years = 30,560

Basic pay of an IBPS PO after 7+2 years = 32,850

Basic pay of an IBPS PO after 7+2+7 years = 42,020

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IBPS PO HRA (House Rent Allowance):

It varies as per the place of posting of Bank Probationary Officer. It can be 9.0% or 8.0% or 7.0% of the basic salary depending upon type of cities i.e metros, big cities and other locations.

IBPS PO DA (Dearness Allowance):

This is revised every three months based on the CPI data published by Ministry of Statistics and Program implementation, GOI. According to the last revision in January 2016, it was around 39.8% of the basic salary.

IBPS PO SA (Special Allowance):

Acc to the latest revision of IBPS, a special allowance has been added into the salary structure of Bank PO which came into effect from 1^st Jan 2016. It is 7.75% of the basic pay.

IBPS PO City Compensation Allowance:

Again, this City Compensation Allowance is based on the place of posting. It can be 0% or 3% or 4%.

Other perks of an IBPS Probationary Officer are:

Travelling Allowance, Leased accommodation, Newspaper Reimbursement, Medical aid (revised amount is Rs. 8000/- p.a.), Benefits under New Pension Scheme etc.

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Original Salary Slip of Newly joined Canara Bank PO: -