Bank of Baroda SO Salary 2021

The Institute of Banking Personnel Selection (IBPS) conducts an online examination each year for the post of Specialist Officer. The main aim of the examination is to recruit officers in the banking sector. The job offers an array of opportunities and possibilities for candidates who aspire to pursue their careers in the banking sector. Bank of Baroda SO is one of the best career options for candidates who aspire to work as a specialist officer. The specialist officer will be appointed in the Middle Management Grade/Scale-III (MMG/S-III) and Middle Management Grade/Scale-II (MMG/S-II) in the banking sector.

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Important Factors of Bank of Baroda SO Recruitment Process

Service Bond:

The recruited candidate must serve for three years in the bank after joining the services or in lieu thereof, an amount of 1.5 Lakhs.

Location of posting:

• The place of posting will be dependent upon the Bank’s requirement from time to time.
• Candidates shall be placed at any of its Offices/Branches in India.
• Allowances may vary depending upon the place of posting.

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Bank of Baroda SO Salary 2021

The Specialist Officer (SO) position in the banking sector is one of the most sought positions among the graduates. The salary and allowances provided by the Bank of Baroda are far better than other banks in the market. Listed below is the detailed description of the net pay scale, allowances, and other benefits provided to a Specialist Officer Bank of Baroda.

Emoluments:

Candidates who are selected regularly.

1. Junior Management Grade or Scale one: Rs. 68000
2. Middle Management Grade or Scale two: Rs 84000
3. Middle Management Grade or Scale three: Rs 100000

At present, the initial monthly cost to the company at the initial level of Junior Management Grade Scale-I and MMG/S-II, including DA, Special Allowance, HRA, CCA and all perks and benefits like quarters facility, in place of HRA, for Officers; Conveyance; Medical Aid; LTC; etc., admissible as per rules of the Bank, in force from time to time is approximately Rs.71,000/- and Rs. 88,000/- per month (as amended from time to time.

Basic Salary:

• The basic salary sums up to Rs 23,700 as mentioned on the website

 Dearness Allowance:

• It is a bonus or pay increase to meet a rise in the cost of living.
• The minimum basic pay recommended for Central Government Employees at the entry-level by the 7th Pay Commission is Rs 18,000.

House Rent Allowance:

• The house rent allowances depend on the place of posting
• It is higher in metropolitan cities compared to other places.
• It can vary from Rs 2,000 to Rs 11,000

City Compensatory Allowance:

• It is an allowance provided by companies, the public sector or the private sector to its employees to compensate for the higher cost of living in metropolitan cities.
• The city compensatory allowances depend on the place of posting.
• An average of Rs 600 will be given out.

Other Basic Allowances:

• Other Basic – Rs 2370 (approximately)
• Other DA – Rs 1836 (on an average)
• Other CCA – Rs 60 (it varies from place)
• Other HRA – Rs 165 (approximately)
• Special Allowances (DA) – Rs 3260
• Other special Allowances – Rs 326 

Gross Pay:

• Gross salary is the term used to describe all the money an employee has made working for the company in a month or a year.
•  It is the salary that is without any deductions like income tax, PF, medical insurance etc. 
• Gross salary is inclusive of bonuses, overtime pay, holiday pay, and other differentials.
• On average Rs, 52345 will be credited as gross pay for a Specialist officer at Bank of Baroda

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Deductions

Profession Tax:

• Professional tax can be defined as a tax that is levied by a state government on all individuals who earn a living through any medium.
• Rs 200 will be deducted as professional tax 

NPS Fund:

• National Pension Scheme is a government-sponsored pension scheme account.
• It is a tax saving option 
• An average of Rs 2500 will be deducted as NPS fund.

Net pay:

• It is the amount received by an employee.
• It is computed by subtracting any deductions and contributions from the gross pay total.
• Net pay sums up to Rs 47517 per month.

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I hope the article was helpful. If you are a candidate who aspires to pursue a career in the banking field, it is a golden opportunity for you. The candidates who clear all the phases of the examination will be recruited for the post of Specialist Officer on a CTC basis and as per the industry standards. In case, you are a beginner and need help to clear the exam, our Entri app has it all covered for you. Login to our website today and make use of all the information and contents present. For any queries, feel free to post your question and our team will reach you. Well begun is half done. Start your preparation today. Good luck.