This article has been written by Oishika Banerji of Amity Law School, Kolkata. This article discusses the IBPS exam and the associated importance of taking it. 

It has been published by Rachit Garg.


Law and banking? Sounds interesting, doesn’t it? You being from a legal background can join the banking sector and land up with a sea full of opportunities.  

Want to know how? Well the IBPS examination is one such gateway. 

Being a law graduate, if you have decided to appear for the IBPS examination or you are thinking of doing so, it is necessary for you to know the benefits associated with such an examination and the possible opportunities that will open for you right after you crack the said exam. 

Guidance concerning the benefits and roads of opportunities available post successful sailing through the IBPS examination has been laid down hereunder. 

Why appear for the IBPS SO exam

Illustrative career

These days, working in public sector banking is a prestigious career choice since it offers competitive pay, benefits, job security, rapid growth, and an excellent work-life balance. In 1975, the Indian government established Personnel Selection Services (PSS) for the purpose of hiring clerks and probationary officers for all public-sector banks. In 1984, the Institute of Banking Personnel Selection (IBPS) was established in place of PSS, at the direction of the Reserve Bank of India (RBI).

IBPS SO job profile

IBPS SO (Specialist Officer) is a well-known position in the banking industry that offers its employees a number of advantages. During their probationary phase, probationary officers receive training in a variety of operations, including finance, billing, collection, accounting, revenue, and investment. They might also be required to perform other duties, like:

  • Resolve customer queries.
  • Maintain and supervise branch activities.
  • Public relations, addressing issues, and complaints of customers.
  • Daily transactions of customers.
  • Processing loan(s) detail.
  • To bring new businesses to the bank branch.

Low work pressure 

The branch where you are posted determines the level of stress you will experience at work. The workload is unquestionably heavier at branches that are head offices, regional offices, or are found in major cities. A local branch, on the other hand, is less taxing and difficult. Additionally, because a significant portion of the job involves client engagement, the level of stress can vary day to day. However, if you appreciate your work, like a challenge, and have the desire to advance, becoming a bank SO would undoubtedly appeal to you.

Ideal working hours for a bank SO are from 10 a.m. to 5 p.m., which coincides with Indian banking hours. Each bank has a different lunch break. The work hours can be increased, though, if there is a heavier workload at the time of conclusion of the fiscal year.

The work pressure is relatively less if you’re posted in a regional office or zonal office. You are even luckier if you are posted in the staff department, administration, or HR in RO/ZO/HO. 

Job security 

IBPS jobs are considered one of the most secure and stable jobs among aspirants across the country. There is no issue of job security as an IBPS SO. You need not fear any layoffs or recession, this is because it is a government job. Hence, security and additional perks walk along with it.  Even at entry-level, the income range is profitable, and there are several benefits and regular raises that together make the job a relatively stable one. The SO’s compensation, including perks and benefits, is relatively greater than that of many other government sector jobs.

Handsome salary 

The revised basic salary structure of IBPS SO pay scale (as per 10th Bipartite settlement) is rupees 23700 – (980 x 7) – 30560 – (1145 x 2) – 32850 – (1310 x 7) – 42020. 

This means IBPS SO Basic pay after 7 Years – Rs 30,560, Basic Salary after 7 + 2 Years – Rs 32,850, and Basic Salary after 7 + 2 + 7 Years is Rs 42,020.

Basic PayRS. 23,700
Special AllowanceRs. 1,836.75
Dearness Allowance Rs. 10,163.63
CCA (City Compensatory Allowance)Rs. 870
Total pay (without HRA)Rs. 36,570.38
House Rent AllowanceRs. 2,133.00
Gross salary with HRARs. 38,703.38

IBPS SO salary after the Bipartite Settlement

The IBPS SO schedules a timely increment in the salary of IBPS SO officers. The table given below shows the increment after bipartite settlement:

Increment PercentageIBPS SO Basic PayGross Salary
15 %Rs.26,706/-Rs.37,068/-
20 %Rs.27,866/-Rs.38,678/-
25 %Rs.29,026/-Rs.40,288/-
30 %Rs.30,187/-Rs.41,899/-

IBPS SO promotion and career growth

Many public sector banks adhere to the promotion policy guidelines set forth by the Ministry of Finance. They adhere to both merit and conventional channels. The probationary officer is paid between 23,700 to 42,020 rupees per month. 

The career growth of IBPS SO is given below:

  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.

The average pay offered to Scale 1, Scale 2, Scale 3 employees through IBPS are:

GradeIBPS SO Salary
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 bank exam

Entitlements and additional benefits available 

The candidates will also receive a generous compensation package and a number of benefits. These allowances will be included in the wage slip and added to the basic pay.

Particulars Amount 
IBPS SO Basic PayRs 23700/- ( Increment in 4 stages-Salary after Increment- Rs. 30560/-Salary after second Increment-Rs. 32850/-Salary after the third Increment- Rs. 42020/-
House Rent Allowances7%-9% of the basic pay
Dearness Allowance39.8% of the Basic Pay (vary based on inflation rates)
City Compensatory Allowance (CCA)3% or 4% (depends on the place of posting)
Special Allowance7.75% of the basic pay

IBPS SO HRA (House Rent Allowance)

Depending on the posting, the house rent allowance might range from 9.0 percent to 8.0 percent to 7.0 percent of the base pay, depending on the type of city.

IBPS SO DA (Dearness Allowance)

The Ministry of Statistics and Program Implementation publishes data on the All India Consumer Price Index, which is used to update dearness allowances every three months.

IBPS SO SA (Special Allowance)

Currently, a special allowance of about 7.75 percent of the base pay is added to the wage. It became effective on January 1, 2016.

IBPS SO CCA (City Compensatory Allowance)

This allowance varies from city to city based on the type of city, it can be 0%, 3%, or 4%.

Job role of Bank SO that every aspirant appearing for IBPS exam must know 

  1. The employee will be required to do a variety of tasks, including managerial and clerical duties, during the probationary period. This is primarily done to acquaint new hires with the many ways in which the bank operates.
  2. An employee who successfully completes their probationary period may be posted as an assistant bank manager at any bank branch. They now have to handle routine consumer operations like cheque passing and draught issuance.
  3. By effectively managing cash flow, loans, mortgages, and other funds, they must also seek to improve the banks’ operations.
  4. Additionally, the SO must serve in a public relations capacity. They must deal with consumer complaints as well as any discrepancies in the clients’ accounts. They must fix any errors in the accounts, control unauthorised charges, and carefully examine customer complaints about the banks’ services.
  5. The tasks that the probationary officer is given in due course depend solely on how well they perform and are able to adapt to the operations of the bank. They may eventually be tasked with more important banking duties like planning, budgeting, processing loan, and approval, investment management, etc.
  6. Verifying every task carried out by the clerks is another duty of the SO. The maker and the checker actively participate in all functions within the bank. For instance, the clerk who handles a monetary transaction would be considered the maker. The SO, who in this case is the checker, must supervise and carefully inspect the action. The checker should be held accountable for all errors and losses.
  7. When a loan application is approved, the SO may occasionally be required to handle loan-related paperwork and site visits.
  8. Additionally, the SO must be up to date on all bank-related news, read all circulars that are released, and be aware of all decisions made by bank management.
Position Details
Agriculture Field Officer They are responsible for promoting rural banking and generating leads.They look after the financial needs of people living in rural areas.They are responsible for coordinating with other RRBs, NABARD, and other organizations.Look after loan inspection and recovery in rural areas.
IT OfficerThey look after the core banking system.They are responsible for managing technical issues within the departmentThey develop and update the software.Also, they take care of the security systems to avoid cybercrimes.
Rajbhasha AdhikariThe employees proofread and translate crucial documents used in the banking system.They arrange relevant language-related workshops.They provide training employees in the local language.
Law OfficerThey manage all legal affairs within the departmentThey represent the bank if any case is filed.Look after the errors and loopholes within the banking system.
HR/Personnel OfficerThey maintain employees’ database.They track employees’ performance.They design several welfare schemes, promotions, and compensation for the benefit of the employees
Marketing Officer They look after State or region-wise marketing and promotional activities.Look for value-added ways to boost the revenues.Help get new business deals.

Although the life of a bank SO can be entertaining, it largely depends on your personal interests. This is a position you will like if the potential for advancement and an ambitious career that is steady, respected, and offers a generous compensation package excites you. 

Are you interested? Then why wait? It’s already time for you to start strategic preparation and successfully get through the IBPS examination in order to discover a whole new opportunity filled world waiting for you.

All the best!

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