IBPS SO Salary Structure, Pay Scale, Allowances & Benefits 2021

Before choosing a direction to one’s future, one always checks what lies ahead. The salary, the benefits and everything else that one might come across down the road, so it is with the profitable IBPS SO (Institute of Banking Personnel Selection Specialist Officers) exam candidates. Before applying for the IBPS SO exams, one must check the salary and benefits that can be achieved through this exam. IBPS SO is a recruitment exam to fill positions in various nationalised banks in India. Other than getting paid with some of the best salary packages, candidates selected to fill the vacancies through IBPS SO also avail many added benefits in their positions like allowances and compensation.

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In the 2020 examinations, there were 4122 vacancies that needed to be filled. The vacancies for 2021 is not out yet but based on the data of 2020 aspiring candidates can make a decided call.

IBPS SO Salaries for Several Positions of 2020

The In-hand Salary is calculated after subtracting of multiple factors from the gross salary. The gross salary is from between Rs. 38000 to Rs. 39000, so after all the deductions the Officer gets around Rs. 33000 - Rs. 32000 as the Take Home Salary Slip.

Benefits apart from Salary

There are many benefits that are also availed apart from the salary and some of them are:-

1. The compensation packages per annum for SO ranges from Rs. 7.55 lakhs to Rs. 12.93 lakh depending on the post and the location of the post along with other deciding factors.
2. Housing- SOs recruited through the exam also have the House Rent Allowance (HRA) included in their salary package. HRA is for the accommodation expense faced by an Officer and also depends on the place of posting.
3. Conveyance Allowance- This allowance is based on the availability of the conveyance (2 wheeler or 4 wheeler) possessed by the Officer. The Officer gets a fixed amount of fuel and other maintenance allowance for their vehicle per month.
4. Newspaper Allowance- There are the charges for a newspaper included for the Officer.
5. Leave policy- The Officer recruited through the exam can take many leaves as per the policy of the banks they have posted into. Some of the leaves they can take are casual leaves, privilege leaves, and any medical leaves. It also permits Women Specialist Officers to take 6-month maternity leave. Women or Single men with aged parents, children that are posted can also take a sabbatical leave of a total 2 years.
6. Leave Travel Concession (LTC)- LTC is a benefit that an Officer can avail upon need. It is given on the employer’s discretion.
7. Holiday Homes- Employees’ guest house and holiday homes of the banks are available for use of the Officer that are posted at major cities and tourist destinations.
8. Constant Training and development- As the posts are intellectually demanding for the Officer, the banks also train their SOs on a regular basis to ensure that they are updated about the technicalities and nuances of the banking industry.
9. Allowances such as Entertainment Allowance and Furniture Allowance is also taken care of.

The Specialist Officers recruited through IBPS have to be on probation for at least a period of one year, so they are accustomed to the job and the work that it entails. In this period they have many pieces of training and mentorship to the nuances of the banking and their post. The appraisals are fair and transparent for all the employees through IBPS officers. There are a lot of growth options and the Officer can reach the top management level through departmental exams and in house promotions. Sometimes there are also foreign posting available for Officers.

An example of the promotion ladder

1. Scale 1 Officer
2. Scale 1 Assistant Manager
3. Scale 2 Manager
4. Scale 3 Senior Manager
5. Scale 4 Chief Manager
6. Scale 5 Assistant General Manager
7. Scale 6 Deputy General Manager
8. Scale 7 General Manager