IBPS SO SALARY 2021: Components & Allowances As Per 7th CPC.

The Institute of Banking and Personnel Selection has released the official notification on its Official Website. The entrants must be well aware of the IBPS SO Salary Structure before applying for the IBPS SO Exam. Therefore, this post contains details about the updated IBPS SO Salary 2021. The IBPS SO post is a highly prestigious job and offers very attractive pay. It attracts lakhs of entrants every yr. but the no. of vacancies is very less compared to the no. of applicants. Last yr. the no. of vacancies was 1590+ for various IBPS SO post in various Public Sector Bank. The entrants must check the IBPS SO Vacancies 2021.

The IBPS SO Exam Pattern 2021 and IBPS SO Syllabus 2021 has been updated by the official website which is also imp. for the entrants to check. Therefore, it will help the entrants to prepare for their exams.

IBPS SO Participating Org:

The org. participating in IBPS SO are as follows:

• Allahabad Bank
• Andhra Bank
• Canara Bank
• Bank of India
• Bank of Maharashtra
• Central Bank of India
• Bank of Baroda
• Corporation Bank
• Dena Bank
• IDBI Bank
• Indian Overseas Bank
• Oriental Bank of Commerce
• Punjab National Bank
• Punjab and Sind Bank
• Syndicate Bank
• UCO Bank
• United Bank of India
• Vijaya Bank
• Union Bank of India
• Indian Bank

IBPS SO Job Profile 2021:

Agricultural Field Officer:

The tasks of an IBPS SO Agricultural Officer is they are mainly responsible for rural banking, loan inspections and recovery in rural areas, lead generation, coordinating with other RRBs, NABARD and other org.

HR/Personnel Officer:

The job profile of an IBPS SO HR/Personnel Officer is the conduction of training of employees, maintenance of employee database, performance evaluation of employees, conduction of recruit. process and designing welfare schemes for employees as well as compensation and promotion policies.

Marketing Officer:

An IBPS SO Marketing Officer is expected to perform the fol. tasks: state or region-wise marketing and promotional activities. They should be responsible for advertising and coordinating with the agencies for the same. They also have the responsibilities to come up with new marketing strategies to scale up the sales/profit. Also, they have to research new products that would be viable growth options for the bank.

IT Officer:

An IT Officer is responsible for the fol. activities: look after the Core Banking Systems (CBS) of the bank, bank software, mgmt. of internet/ mobile banking, ATMs, kiosks, etc., security for banks to avoid cybercrime and manage technical issues of banking operations.

Law Officer:

The job role of a Law Officer is to take care of legal doc./matters of the bank, representing the bank in case of suits filed, ensure compliance with RBI norms, ensure compliance with RBI norms and the bank’s engagement in deals/contracts is legal.
Rajsabha Adhikari.

The fol. tasks are perf. By RAJBHASHA ADHIKARI: translation of doc., conduction of language-related workshops, promoting the official language.

 

IBPS SO Salary 2021 in Hand:

After the IBPS SO Final Allotment, the entrants are placed in the JMGS-I cadre. The IBPS SO Salary Structure of an IBPS SO is given in detail below in which all the profiles will be similar. All the Allowances and perks are also explained in detail with the amt. rec. by the SO of the bank.

Basic Pay:

Basic Pay is the amt. of salaries paid to the bank emp. excl. extra payments like allowances, bonuses, etc. 23700-980(7)-30560-1145(2)-32850-1310(7)-42021.

Dearness Allowance:

The place where the IBPS SO will live, the bank provides all the cost incurred for living adj. excl. the basic salary, aimed at edging the impact of inflation. It is almost the cost of living and is 36% of the BASIC PAY. (approx. Rs.8605).

House Rent Allowance:

This allowance is provided by banks to the emp. as house accommodation exp. on behalf of banks acc. to the city of residence. HRA is the accommodation exp. and it varies from city to city. As per the city, the bank pays 9%, 8%, 7% HRA.

Special Allowance:

The employees are given a perf. based allowance or incentives which is known as the Special Allowance.

City Compensatory Allowance:

CCA varies in the range of 4%, 3% or 0% as per the city of posting. It is provided to the employees living in metropolitan cities to compensate for the high cost of living.

Lease Allowance:

In place of HRA, as per the posting location, the Lease Allowance can be availed up to Rs.29500/-

In-Hand Salary:

he Gross Salary of an IBPS SO is Rs.38000 – 39000/- and after deductions, the In-Hand Salary of an IBPS SO is Rs.33000 – 35000/-.

 

IBPS SO Salary 2021 as per posts:

• Metropolitan cities: Rs.30758/-
• State Capitals: Rs.30448/-
• District Level and Rural Areas: Rs.29927.5/-

Other Benefits:

The IBPS SO faces fewer transfers as compared to the general bankers. Bank jobs are usually secure so there is no fear for the entrants in losing their jobs. On the other hand, an IBPS SO enjoys the same promotions, perks, and benefits enjoyed by gen. bankers. Also, working as a SO in a bank will increase their finance and economy domain knowledge which will help in planning the economy better.

 

Perks Offered to an IBPS SO:

Apart from the above allowances, an IBPS SO also receives other perks like Conveyance Allowance, Newspaper Allowance, House and Furniture Allowance, Medical Allowance, Entertainment Allowance, etc.

IBPS SO Revised Salary After 7th Pay Commission:

By 2018, the Indian Financiers (bankers) expanded. The Seventh Pay Commission is good to execute and the difference between Govt representative commission and financiers are considerably profound.

The news about the expansion of investor’s pay had begun after the Dept. of Finance Services issued notification for Next Compensation (Wage Revision) correction out in the open segment banks (Public Sector Banks) on 12.01.17.

The Salary Structure after 7th Pay Commission in Metro Cities, State Capital, District Level, and Rural Areas are given in a table below:

Assets	Metro Cities	State Capital (in rupees)	District Level and Rural Areas
Basic Pay	Rs.14500/-	14500/-	Rs.14500/-
Dearness Allowance (DA)	Rs.14485.50/-	14485.50/-	Rs.14485.50/-
City Compensatory Allowance (CCA)	Rs.540/-	375/-	–
Total Salary (excl. HRA)	Rs.29525.50/-	29360.50/-	Rs.28985.50/-
HRA	Rs.1232.50/-	1087.50/-	Rs.942.50/-
Total Salary (incl. HRA)	Rs.30758/-	30448/-	Rs.29927.50/-

 

The IBPS SO aspirants must have knowledge about the Salary Structure in different grades. Therefore, the info. Is given below:

Name of Posts	Approx. emoluments per month inclusive DA and HRA at Current Rate
Officer Scale III	Rs.64600/-
Officer Scale-II	Rs.48800/-
Officer Scale I	Rs.36400/-

 

IBPS SO Career Growth Opportunities:

A Junior Mgmt. Grade Scale I Officer gets a lot of opportunities for promotions, based on their perf. over the yr. The promotion/growth hierarchy of an IBPS SO is given below:

1. Junior Mgmt.- Scale I (Officer/Assistant Manager)
2. Junior Mgmt.- Scale Ii (Manager)
3. Middle Mgmt.- Scale Iii (Senior Manager)
4. Senior Mgmt.- Scale Iv (Chief Manager)
5. Senior Mgmt.- Scale V (Assistant General Manager)
6. Top Mgmt.- Scale Vi (Deputy General Manager)
7. Top Mgmt.- Scale Vii (General Manager)

 

IBPS SO Salary Structure FAQs