Indian Overseas Bank Salary of PO

Can you provide me the salary structure for Probationary Officer (PO) Post in Indian Overseas Bank which makes its recruitment through Institute of Banking Personnel Selection (IBPS)?

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The salary structure for Probationary Officer (PO) Post in Indian Overseas Bank which makes its recruitment through Institute of Banking Personnel Selection (IBPS) is as follows:

Basic Pay 23700.00
Special Allowance 1836.75
DA 10163.63
CCA 870
Transport Allowance
Total (without HRA) 36570.38
HRA 2133.00
Gross with HRA 38703.38
Medical Aid 8000
Entertainment 500
Newspaper 300
Petrol 3000
Telephone 400
Canteen Subsidy 400
Pension Contribution 2500
Gross Annual CTC (with HRA but without leased accommodation) 5, 57,640.52

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.

2. Special Allowance: A special allowance has been added to the salary structure of Bank PO. And it is 7.75% of the Basic Pay.

3. House Rent Allowance: This varies according to Bank POs 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 Bank PO becomes Rs. 35,700 36,570.

While considering the HRA into account, it becomes Rs. 37,360 -38,700.

Added Perks for a Bank PO:

1. Leased Accommodation: this facility is available to Bank 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 one has got leased.

2. Travelling Allowance: Few banks provide fixed Travelling Allowance whereas others allow repayment 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 Bank PO.

4. Medical Aid: A fixed annual amount is paid by most of the banks (Revised amount is Rs8000/- p.a.).

5. Benefits under New Pension Scheme.


IBPS PO Promotion & Career Progression:

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