SBI SO Salary and Allowances | SBI Specialist Officer Salary 2018

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The State Bank of India would be releasing the SBI SO 2018 notification for the session 2018-2019. Like every year, a lot of candidates are going to appear for this exam. If you are looking for a safe, secure and well-paying job, then SBI SO is one of the best options for you. One of the first things that come to the mind of every candidate is the salary that they would be getting after they get selected. Well, the SBI SO salary would be enough for you to live a comfortable lifestyle in the country. In this article, we would be taking a look at the SBI Specialist Officer salary and understand the different components of the salary.

The In-hand SBI SO Salary

Alright, let us start with the most important topic of them all – what would be the salary that you would be getting every month in your hand? As an SBI SO, you would be getting a lot of allowances. However, you are not going to get all of the allowances in your salary every month. Some of them would be paid at the end of the year, whereas others would be used to pay for facilities like medical benefits and the likes. So, what is the salary you would be getting in your hand every month as an IBPS Specialist Officer(SO)?

Well, there are three different officer scales recruited by the SBI SO examination. They are the Junior Management Grade Scale I, Middle Management Grade Scale-II and Middle Management Grade Scale III. The salary differs from post to post. If you look at the in-hand salary for JMGS Scale I, then it would be around Rs. 40,000 per month. The salary would be higher for MMGS Scale II and MMGS Scale III.

If you are looking at the annual CTC package, then it would around Rs. 11.63 lakhs for JMGS Scale I, Rs. 15.09 lakhs for MMGS Scale I and Rs. 18.32 lakhs for MMGS Scale II.

The SBI SO Salary – Pay Scale

Let us now look at the SBI SO Salary Pay Scale. This would give you an idea about the basic salary, the grade pay and the annual increments that you would be getting.

The salary structure for different posts in the SBI SO is given below

Grade Pay Scale
Grade Pay Scale
Junior Manager Grade Scale I Rs. 23700-42020
Middle Management Grade Scale III Rs. 42020-51490
Middle Management Grade Scale-II Rs. 31705-45950
Here we have given the details of the basic SBI Specialist Officer Salary. There would be other allowances as well. Some of the allowances that you would get are the DA, HRA, CCA, Contributory Pension Fund and other allowances like newspaper allowance, entertainment allowance, leave travel concession (LTC) etc.
We would be talking about these allowances in the next section.

The Allowances within the SBI SO Salary

Let us understand a bit about the allowances you would be entitled you when you get selected as an SBI specialist officer.

Dearness Allowance (DA) – The DA is provided to you to meet with the ever-growing expenses. The DA is linked to the CPI. Therefore, as the inflation rises, your DA would rise as well. It is calculated as a percentage of your basic salary. This means that more your salary, more DA you would get.

House Rent Allowance (HRA)– This is provided so that you can rent a place for you and your family at the location of your posting. This would depend on the location of your posting as well as your grade. So, if you are in the MMGS Scale II and you are posted in a major metropolitan city, then you would be getting much more HRA than a JMGS Scale I officer posted in a smaller town.

Compensatory City Allowance (CCA)– This would be paid to you if you are posted in a major metropolitan area.  The CCA is the allowance is paid so that you can meet the additional expenses of living in a big city.

Contributory Pension Fund – This would be paid to you but it would not be deposited to your salary account but your pension fund. Once you retire from the job, you would be getting a handsome pension from the fund.

Leave Travel Concession  – At regular intervals, the bank would bear the expenses of your vacation. This means that you would be able to go on a vacation and all or a part of the expenses would be borne by the bank.

So, these were some of the most important information about the SBI SO salary 2018. As you can see if you can work hard and get selected through the SBI SO 2018, you would get to lead a live a comfortable life. You can check out our other articles to know more about the SBI SO 2018 Exam.

SBI SO 2019 Exam Date
SBI SO Syllabus and Exam Pattern