Basic Salary of Probationary Officer –
The revised initial Basic Pay of a PO is Rs. 23,700/- from 1st June 2015 onwards. IBPS PO also receives an annual increment of Rs.980, which is paid up to the seventh year.
Major allowances payable monthly to POs –
In addition to Basic Pay POs are eligible for the following allowances:-
Dearness Allowance (DA): DA in banks is revised quarterly (i.e. in the months of February, May, August and November) based on the Consumer Price Index (CPI) as declared by Government of India. The current DA is 39.80 % of Basic Pay. DA can go higher or lower based on the inflation prices.
HRA (House Rent Allowance): This depends on the place of posting and it can be anywhere between 9% – 7% depending on the place of posting.
CCA (City Compensatory Allowance): Depending on the place of posting, CCA can be 4% (maximum Rs 870) or 3% (Maximum Rs 600) or 0%.
IN HAND SALARY:
The above details show that the total salary of an IBPS PO on being posted at a metro city will be around Rs.37145/-. However, the total salary of an IBPS PO joining in a rural area will be about Rs 35,800/- (including HRA).
Instead of HRA, most banks allow you to take leased accommodation, the amount of which varies from bank to bank and also depends on the place of posting (ranges from Rs 10,000/- to Rs 29,000 per month, approx.)