Salaries of IBPS POs in 2017 and Beyond

Salaries of probationary officers in India's public sector banks, including those from the Institute of Banking Personnel Selection (IBPS), are an important consideration for many prospective candidates. Since 2017, there have been developments and changes in the salary structure, which is still under revision.

Basic Salary Structure: November 2017 and Beyond

As of November 2017, the salary scales for probationary officers in public sector banks have been revised. Probationary officers, who are scale 1 officers, receive an approximate gross salary of Rs 38,000 to 40,000. This figure, however, is subject to deductions such as income tax and National Pension Scheme (NPS), leaving the in-hand salary around Rs 33,000 to 35,000 per month. This base salary is uniform across all public sector banks and remains unchanged unless further revisions are made.

Allowances and Perks

A significant factor in the overall compensation package is the various allowances and perks offered by different banks. These can include:

Petrol Allowances: From Rs 3,000 to 6,000 per month, excluding State Bank of India (SBI). Newspaper Allowances: Usually around Rs 3,000. Entertainment Allowance: Typically provided on a quarterly basis, ranging from Rs 1,000 to 3,000 per quarter. House Maintenance Allowance: Varies by bank and location, generally around Rs 3,000 to 6,000 per month.

These allowances can significantly increase the total in-hand salary, with many banks providing additional perks such as a house rental subsidy.

House Rental Subsidy: A Key Component

A key perk for probationary officers is the availability of house rental subsidies. Each bank offers different terms and amounts, which can vary by city. For instance:

City of Delhi: For Banks of Baroda, it ranges from Rs 15,000 to 18,000 per month. Oriental Bank of Commerce (OBC) offers around Rs 11,000 per month. Other Cities: The amount and conditions can vary significantly, with lower amounts in smaller cities like Rohtak.

This subsidy is provided to officers who reside in the posted city and need to lease a house. While the exact amount can fluctuate, it often adds a substantial amount to the monthly expenses.

Summary and Conclusion

While the basic gross salary of a probationary officer is around Rs 39,700, the in-hand salary after deductions can be approximately Rs 35,000 per month. Adding in various allowances, the monthly take-home can reach Rs 45,000 to 50,000. Additionally, a house rental subsidy, while varying by bank and city, can further boost the overall income.

It's important to remember that these figures can change due to further wage revisions and negotiations. The starting salary, with in-hand benefits, should be over Rs 34,000 per month, rising to around Rs 38,000 overall. Given the additional perks, the annual income of a probationary officer can easily exceed Rs 5 lakh.

Understanding the salary structure is crucial for anyone considering a career as a probationary officer in a public sector bank. This knowledge can help in making an informed decision and planning for future financial needs.