Union Bank of India offers an attractive salary structure for Wealth Manager (Specialist Officer) posts under MMGS-II, with a starting basic pay of ₹64,820 and a gross monthly salary that can go significantly higher with allowances. The package includes various benefits, steady career progression, and financial security, making this role a lucrative opportunity in public sector banking.
Union Bank Wealth Manager Salary 2025
The Union Bank of India has invited applications for the post of Specialist Officer. A total of 250 vacancies are available for the wealth manager position. Candidates can check an overview of the Union Bank Wealth Manager salary details in the table below.
| Headings | Details |
| Organization | Union Bank of India |
| Exam Name | Union Bank of India SO Wealth Manager 2025 |
| Post | Specialist Officer – Wealth Manager |
| Vacancy | 250 |
| Scale/Grade | MMGS-II |
| Wealth Manager Pay Scale | ₹64,820–2,340 (1 year)–₹67,160–2,680 (10 years)–₹93,960 |
| Perks | Included as per government rules |
| Deductions | Included as per government rules |
| Official Website | www.unionbankofindia.co.in |
Union Bank SO Pay Scale 2025 for Wealth Manager
The selected candidates will be recruited in the MMGS-II (Middle Management Grade Scale II), which offers a higher pay scale and faster career growth. The salary progression is structured as below:
| Grade | Basic Pay Scale | Posts Covered |
| MMGS-II | ₹64,820 – 2,340 (1 year) – ₹67,160 – 2,680 (10 years) – ₹93,960 | Wealth Manager |
Union Bank Wealth Manager Salary Structure 2025
The wealth manager salary includes basic pay, dearness allowance, house rent allowance, and other benefits. The figures below are approximate estimates and can vary based on posting location and deductions:
| Salary Component | Estimated Amount (₹) |
| Basic Pay | ₹64,820 |
| Dearness Allowance (DA) | ₹25,000–₹28,000 |
| HRA/Lease Rent | ₹5,000–₹10,000 |
| Special Allowance | ₹5,000–₹6,000 |
| Other Perks | ₹2,000–₹3,000 |
| Gross Salary | ₹100,000–₹110,000 per month |
| Deductions | ₹10,000–₹12,000 |
| In-hand Salary | ₹88,000–₹100,000 per month |
Union Bank Wealth Manager Allowances and Perks
Along with the salary, wealth managers receive various allowances and benefits as per bank policies:
| Benefit Type | Description |
| Residential Quarters/Lease Rent | Accommodation or reimbursement as per eligibility |
| LFC (Leave Fare Concession) | Travel expense reimbursement for self and dependents |
| Medical Reimbursement | Coverage of medical and hospitalization expenses for employees and family |
| Pension Scheme/NPS | Retirement benefits under the National Pension Scheme |
| Provident Fund & Gratuity | Long-term financial security post-retirement |
| Staff Loans | Concessional rates for housing, vehicle, and personal loans |
Probation Period for Union Bank Wealth Manager
The selected candidates for the wealth manager post will be placed under a probation period of 2 years of active service starting from their date of joining. During this period, their performance, conduct, and suitability for the job will be assessed.
Service Indemnity Bond for Union Bank SO
Candidates appointed as wealth managers must execute a service indemnity bond committing to:
- Serve the bank for a minimum period of 3 years.
- If they leave the bank before completing 3 years, they must pay ₹2,50,000 plus applicable taxes as per government rules.
Career Path in Union Bank of India for SOs
Specialist officers recruited in this cycle will be posted in departments related to their specialization. Their career growth will follow the bank’s promotion policy. With experience and meeting eligibility criteria, they can apply for internal promotions.
- MMGS-II → MMGS-III → SMGS-IV → SMGS-V and above
Union Bank SO Salary Queries
Ans. The starting basic pay for a Union Bank SO Wealth Manager is ₹48,170 per month under the MMGS-II pay scale. With allowances, the in-hand salary can go up to ₹85,000 per month.
Ans. The official pay scale for the Union Bank SO Wealth Manager post is ₹48,170 – ₹1,740(1) – ₹49,910 – ₹1,990(10) – ₹69,810, under Middle Management Grade Scale-II (MMGS-II).
Ans. Along with the salary, wealth managers receive Dearness Allowance (DA), House Rent Allowance (HRA), medical benefits, travel reimbursement, and pension benefits.
Ans. Yes, the salary is revised periodically as per industry standards and bank settlements, including hikes in basic pay, allowances, and promotions.
Ans. After joining as a Wealth Manager, candidates can be promoted to higher positions like Senior Manager (MMGS-III), Chief Manager (SMGS-IV), and beyond based on performance and experience.
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