SBI PO Salary 2023: SBI PO Salary is a charm for all banking aspirants, which is why lakhs of candidates apply every year for this job opportunity. With the release of SBI PO vacancies every year and a higher pay package than other nationalized banks, this position attracts a large number of applicants. Many of the candidates must be unaware of the recent changes to the SBI PO Salary. Continue reading to learn more about the SBI PO Salary Structure, Job Profile, Career Growth, Allowances, and Promotion.
SBI PO Salary 2023
The basic salary for an SBI Probationary Officer is Rs 41,960. (with 4 advanced increments). According to the revised Bipartite Settlement, a Probationary Officer's compensation is set at 36000-1490/7-46430-1740/2-49910-1990/7-63840 with four advance increments. This means that the PO will receive a basic salary of Rs.36,000 with an annual raise of Rs. 1490 for the next 7 years, followed by a basic salary of Rs. 46430 with a yearly bonus of Rs. 1740 for the following two years, and so on. The maximum basic salary is Rs. 63840.
SBI PO Salary Structure:
The Salary Structure below has been prepared by the revised SBI PO Salary; candidates interested in the position of SBI Probationary Officer should be aware of the increased SBI PO Salary.
|Basic Pay||Rs. 41,960|
|Special Allowance||Rs. 6,881|
|Location Allowance||Rs. 700|
|Learning Allowance||Rs. 600|
|Gross Salary||Rs. 65,780|
|Deduction (PF/Income Tax/Professional Tax/Pension)||Rs. 12,960|
|Net Salary||Rs. 52,820|
Also Check: IBPS PO Salary
SBI PO Salary Deduction:
The following monthly deductions will be made from the SBI PO's gross salary of Rs. 65,780, after which the officers will receive an in-hand wage of Rs. 52,820. Please see the table below for the SBI PO Salary Deduction.
|PF Contribution||Rs. 4,196/-|
|Income Tax||Rs. 3,290/-|
|Professional Tax||Rs. 200/-|
|Contributory Pension Fund||Rs. 5,274|
|Total Deductions||Rs. 12,960|
SBI PO In-Hand Salary:
With a basic pay of Rs. 41,960, the initial in-hand salary of an SBI PO ranges between Rs. 52000 and Rs. 55000 per month. The annual gross compensation ranges from Rs. 8.20 lakhs (minimum) to Rs. 13.08 lakhs (maximum). Apart from basic pay, SBI Probationary Officers are eligible for Lease Rental/ HRA, DA, Medical, CCA, and other allowances. The amount varies depending on the job posting's location.
SBI PO Salary Increment:
SBI POs will be given a yearly raise that is set for a specific period. To learn more about the SBI PO Increment cycle, look at the table below.
|First 7 years||Rs. 1490/-||Rs. 36,000/-|
|Next 2 years||Rs. 1740/-||Rs. 46,430/-|
|Another 7 years||Rs. 1990/-||Rs. 63,840/-|
SBI PO Allowances:
Several allowances are included in the salary, each contributing to the total amount. Along with the basic salary, a probationary officer in the SBI receives the following standard allowances. These include:
|Dearness Allowance||26% of the Basic Pay|
|City Compensatory Allowance||3% – 4% depending on the location|
|House Rent Allowance||7% – 9% depending on the Place of Posting|
|Furniture Allowance||Rs. 1,20,000|
|Medical Insurance||100% covered for employees | 75% covered for dependent family|
|Travelling Allowance||AC 2-tier fare is reimbursed to the employee for official travels|
|Petrol Allowance||Rs. 1,100 – 1,250|
|Newspaper Allowance, Entertainment Allowance, Books Allowance, etc.||Varies based on Cadre|
SBI PO Perks:
Along with the attractive and lucrative in-hand salary, SBI POs also enjoy the following perks and benefits:
- New Pension Scheme/Contribution Pension Scheme.
- Medical assistance (100%) for self and family (75%).
- Fare Concession for Home Travel/Fare Concession for Leaving.
- Low-interest rates on housing, car, and personal loans.
Also Check: RBI Assistant Salary
SBI PO Job Profile & Promotion:
Before starting as a Probationary Officer, candidates who are shortlisted for SBI PO positions must complete training in basic banking knowledge. Candidates must sign an Rs. 2 lakh bond and commit to working for the bank for a minimum of three years when they apply. The candidates will be confirmed as Junior Manager Grade Scale I after the probation period (JMGS-I).
As the country's most prestigious bank, employees should expect to get the most out of their jobs. SBI holds annual promotion exams, which raise the job standard (profile), position, and salary. As a result, a PO gets a lot of exposure throughout his career. The SBI PO must serve a two-year probationary period. Following that, the following are the promotion positions:
- Assistant Manager
- Deputy Manager
- Chief Manager
- Assistant General Manager
- Deputy General Manager
- General Manager
- Chief General Manager
- Deputy Managing Director
- Managing Director