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.
The org. participating in IBPS SO are as follows:
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.
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.
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.
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.
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.
The fol. tasks are perf. By RAJBHASHA ADHIKARI: translation of doc., conduction of language-related workshops, promoting the official language.
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 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.
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).
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.
The employees are given a perf. based allowance or incentives which is known as the Special 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.
In place of HRA, as per the posting location, the Lease Allowance can be availed up to Rs.29500/-
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/-.
• Metropolitan cities: Rs.30758/-
• State Capitals: Rs.30448/-
• District Level and Rural Areas: Rs.29927.5/-
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.
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.
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|
|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/-|
|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 I||Rs.36400/-|
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:
The DA% of SO employees are revised in each quarter by the bank personnel.
TA is the travelling allowance and it varies according to the various classification of cities as made by the pay commission.
There is 5 major allowance provided to the SO officers: • (DA) Dearness Allowance • (TPTA) Transport Allowance • HRA or House Rent Allowance • Medical Allowance • Hardship Allowance.
All SO officers are given an allowance for ration which the family of the officer can avail.
HRA % may change according to the location of job posting of the SO officer. The candidates should always try to check the job profile, salary, DA, allowances etc before applying for the job. The work profile of all the posts are different and there are a lot of perks i.e. TA,DA, Newspaper allowance, PF allowance etc.