IBPS SO Salary 2024, Check Pay Scale, Salary Structure

Published on 22 August 2024 by

The attractive salary is a key reason many candidates pursue a career as an IBPS Specialist Officer (SO), along with job security, perks, and allowances. The basic pay for an IBPS SO is Rs 23,700, with an in-hand salary ranging from Rs 38,000 to Rs 39,000. This prestigious role requires specific qualifications for each of the six different posts. To learn more, explore details about the IBPS SO Salary, Job Profile, Career Growth, and Promotion Policy.

IBPS SO Salary

In addition to the basic salary, the IBPS SO Salary 2024 includes several perks and allowances, making the gross monthly salary approximately Rs. 46,000/- to Rs. 48,000/-. These perks include house rent allowance (HRA), dearness allowance (DA), medical benefits, and travel allowances, among others. After accounting for deductions such as provident fund (PF), the net in-hand salary for IBPS SOs is around Rs 38,000 to Rs 39,000. These financial benefits, combined with the prestige and job security associated with the role, make a career as an IBPS Specialist Officer highly desirable.

IBPS SO Notification 2024 Out for 896 Vacancies

IBPS SO Salary 2024- Post Names

The IBPS SO Recruitment 2024 covers six key posts, which are listed below:

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These positions offer excellent career prospects and benefits, making them highly sought after by candidates aiming to build a successful career in the banking sector.

Post CodePost Name
01I.T. Officer (Scale I)
02Agricultural Field Officer (Scale I)
03Rajbhasha Adhikari (Scale I)
04Law Officer (Scale I)
05HR/Personnel Officer (Scale I)
06Marketing Officer (Scale I)

IBPS SO In Hand Salary 2024

Successful candidates of the IBPS SO exam will be appointed in the Junior Management Grade Scale I Cadre. The pay scale is consistent across all posts, with a basic pay of ₹23,700. After the 7th Pay Commission, the in-hand salary for IBPS SO 2024 will reflect this pay scale.

IBPS SO Basic Pay and Pay Scale:

  • Basic Pay: ₹23,700
  • Pay Scale: ₹23,700-980(7)-₹30,560-1,145(2)-₹32,850-1,310(7)-₹42,020

IBPS SO Gross Salary:

  • Gross Salary: ₹38,000 – ₹39,000

IBPS SO In-Hand Salary:

  • In-Hand Salary: After deductions, the in-hand salary ranges from ₹33,000 to ₹35,000.
CategoryDetails
IBPS SO Basic Pay₹23,700
IBPS SO Pay Scale₹23,700-980(7)-₹30,560-1,145(2)-₹32,850-1,310(7)-₹42,020
IBPS SO Gross Salary₹38,000 – ₹39,000
IBPS SO In-Hand SalaryAfter deductions, the in-hand salary ranges from ₹33,000 to ₹35,000

IBPS SO Salary Structure 2024

The IBPS Specialist Officers salary in 2024 follows this pattern: starting at Rs. 23,700 and progressing through increments to Rs. 42,020, as per the latest official notification. Understanding the salary breakdown is crucial for candidates, including the gross and in-hand salaries. Typically, the gross salary is between Rs. 38,000 and Rs. 39,000, while the in-hand salary ranges from Rs. 33,000 to Rs. 35,000. This gives a clear idea of the earning potential for IBPS SO Salary.

ParticularsDetails
Gross SalaryRs.38000-Rs.39000
IBPS SO 2024 Pay ScalesRs. 23700-980/7-30560-1145/2-32850-1310/7-42020
Dearness Allowance (DA)36% of Basic Pay
City Compensatory Allowance0%-4% (Depending on Tier I to Tier III city)
House Rent Allowance (HRA)7%-9%(Depends on the Location)
Special AllowanceIt is about 7.75% of DA+Basic (Incentive or performance-based bonus)
PF ContributionBetween Rs. 3000 – Rs. 3500

IBPS SO Allowances 2024

The allowances and benefits are presented in a tabular form as follows

ComponentsValue
Dearness Allowance36% Approx. Rs 8600/
House Rent AllowanceBetween 7% to 9%. ( Varies based on posting location)
Conveyance AllowanceFixed amount of fuel expense depending upon 2-wheeler or 4-wheeler
Special Allowance7.75% of DA+Basic.
City Compensatory AllowanceAs per the place of posting of the candidate, it is between 0% to 4%
Lease AllowanceIn place of HRA, lease accommodation is optional and can be availed up to Rs29,500/ as per the place of posting.
PF ContributionIt varies between Rs. 3000/ – Rs. 3500/

IBPS SO Salary 2024 – Per Officer Scale

The IBPS Specialist Officer Salary details for various posts are given below:

GradeSalary
Officer Scale IMonthly salary– Rs. 36400/-(Pay Scale– Rs. 23700-980/7-30560-1145/2-32850-1310/7-42020)
Officer Scale-IIMonthly salary- Rs. 48800/-(Pay Scale- Rs. 31705-1145/1-32850-1310/10-45950)
Officer Scale IIIMonthly salary- Rs. 64600/-(Pay Scale- Rs. 42020-1310/5-48570-1460/2-51490)

IBPS SO can expect a hike of around 40% in their basic pay once the 11th Bipartite agreement is fully implemented across the banking sector.

IBPS SO Job Profile Post-wise Responsibilities

The responsibilities of each Specialist Officer under IBPS vary depending on their specific role. Below is an overview of the key duties associated with each position:

  • Agriculture Field Officer: Focuses on promoting rural banking, understanding the financial needs of rural communities, coordinating with organizations like NABARD, and overseeing loan inspections and recovery in rural areas.
  • IT Officer: Manages the bank’s core banking systems, addresses technical issues, develops and modifies software, and ensures the security of the bank’s IT systems to prevent cybercrimes.
  • Rajbhasha Adhikari: Responsible for proofreading and translating important banking documents, conducting language-related workshops, and training employees in the local language.
  • Law Officer: Handles all legal matters of the bank, represents the bank in legal suits, and monitors the accuracy and legality of banking processes.
  • HR/Personnel Officer: Manages the employee database, oversees recruitment processes, evaluates employee performance, and designs welfare schemes, promotions, and compensation plans.
  • Marketing Officer: Leads marketing and promotional activities within a state or region, works to increase profits through cost-effective strategies, promotes the bank’s services, and attracts new customers and business deals.

IBPS SO Salary 2024 – Promotion Policy

Specialist Officers (SO) are given ample opportunities to get promoted to a higher level based on their performances. Find below the hierarchy followed at the time of promotion:

IBPS SO Salary 2024 – FAQs

Q1. What is the starting IBPS SO salary?

A1. The starting salary for IBPS SO is around INR 36,000 per month.

Q2. What is the career growth for IBPS SO?

A2. IBPS SOs can have a long and rewarding career, with the potential to reach the level of General Manager.

Q3. What are the job responsibilities of an IBPS SO?

A3. IBPS SOs are responsible for a variety of tasks, including customer service, processing transactions, and managing accounts.

Q4. What are the skills required for IBPS SO?

A4. IBPS SOs need to have strong analytical and problem-solving skills, as well as good communication and interpersonal skills.

Q5. What are the benefits of being an IBPS SO?

A5. IBPS SOs enjoy a number of benefits, including a competitive salary, good career growth prospects, and a variety of learning and development opportunities.

Q6. What are the challenges of being an IBPS SO?

A7. The challenges of being an IBPS SO can include long working hours, dealing with difficult customers, and the pressure to meet targets.

Q7. How can I become an IBPS SO?

A7. You can become an IBPS SO by clearing the IBPS SO exam and meeting the eligibility criteria.

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