IBPS SO Salary 2024 differs for each grade. The starting range for Grade 1 is 23,700/-, Grade 2's basic pay starts from 31,705/- and Grade 3's starts from 42,000/-.
IBPS SO salary 2024 structure is divided into three grades. IBPS post is one of the most sought-after posts in banking because of the salary, allowances, and other benefits associated with it. The Institute of Banking Personnel or IBPS recruits Specialist Officers for different posts under various departments. Apart from all these benefits, IBPS SO is a post of repute. Every year, lakhs of candidates appear for the IBPS SO exam conducted by the Institute of Banking Personnel.
IBPS SO Salary 2024: Grade wise Salary Structure
The monthly salary and increments are different for the different grade levels under the IBPS SO post. The salary structure is expected to change once the 11th Bipartite Settlement is implemented.
IBPS SO Salary 2024 Grade 1 Structure
The initial monthly salary, including basic pay and allowances for a Grade-II employee under the IBPS SO post, will increase to INR 36,400.
The table below shows the IBPS SO salary structure for Grade-I employees:
| Years in Office | Basic Pay | Increment |
|---|---|---|
| 0 - 7 years | INR 23,700 | INR 980 |
| After 7 years | INR 30,560 | INR 1,145 |
| 7 + 2 years | INR 32,850 | INR 1,310 |
| 7 + 2 + 7 years | INR 42,020 | -- |
Also Read: IBPS RRB Bank PO Salary: In-hand Salary, Allowances & Pay Scale
IBPS SO Salary 2024 Grade 2 Structure
The initial monthly salary, including basic pay and allowances for a Grade-II employee under the IBPS SO post, will increase to INR 48,800.
The table below shows the IBPS SO salary structure for Grade-II employees:
| Years in Office | Basic Pay | Increment |
|---|---|---|
| 0 - 1 year | INR 31,705 | INR 1,145 |
| After 1 year | INR 32,850 | INR 1,310 |
| 1 + 10 years | INR 45,950 | -- |
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IBPS SO Salary 2024 Grade 3 Structure
The initial monthly salary, including basic pay and allowances for a Grade-III employee under the IBPS SO post, will increase to INR 64,600.
The table below shows the IBPS SO salary structure for Grade-II employees:
| Years in Office | Basic Pay | Increment |
|---|---|---|
| 0 - 5 year | INR 42,020 | INR 1,310 |
| After 5 years | INR 48,570 | INR 1,460 |
| 5 + 2 years | INR 51,490 | -- |
IBPS SO Salary 2024 Allowances
Apart from the basic pay, employees of the IBPS SO post are entitled to a plethora of allowances like House Rent Allowance (HRA), Dearness Allowance (DA), City Compensatory Allowance (CCA), and Special Allowance (SA).
The table below shows the various allowances associated with the IBPS SO post:
| Allowances | Particulars |
|---|---|
| House Rent Allowance (HRA) | 7% to 9% of basic pay (depending on the location of posting) |
| Dearness Allowance (DA) | 36% of basic pay |
| City Compensatory Allowance (CCA) | 3% to 4% of basic pay (depending on the location of posting) |
| Special Allowance (SA) | 7.75% of basic pay |
In addition to the allowances mentioned above, IBPS SO employees is entitled to a lease allowance of up to INR 29,500, as per the location of the posting.
Also Read: RBI Grade B Officer Salary: In-hand Salary, Salary Structure
IBPS SO Promotion Policy
There is immense potential for growth for the employees of the IBPS SO post. Promotions are based on internal reviews and promotional exams that are conducted at regular intervals.
The table below shows the different positions that an IBPS SO officer can hope to achieve, along with grade and management level.
| Post | Management Level | Grade Scale |
|---|---|---|
| Specialist Officer | Junior Management | 1 |
| Manager | Middle Management | 2 |
| Senior Manager | Middle Management | 3 |
| Chief Manager | Senior Management | 4 |
| Assistant General Manager | Senior Management | 5 |
| Deputy General Manager | Top Management | 6 |
| General Manager | Top Management | 7 |
Also Read: 25 Best IBPS PO Interview Questions and Answers
About IBPS
Institute of Banking Personnel (IBPS) was founded by A.S. Deshpande in 1975. It acts as a recruitment body whose aim is to recruit and encourage young graduates into the public sector banks of India. Providing standardized systems for assessment and result processing services to various public and private run banks in the country is the chief responsibility of the Institute of Banking Personnel.
Also Read: IBPS Clerk Selection Process: Prelims, Mains, LPT
