SBI PO Salary 2023: SBI PO Salary is an attraction to all banking aspirants, which is the main reason every year lakhs of candidates rush towards to grab this job opportunity. With the release of the SBI PO vacancies each year and high package paid than other nationalized banks, a lot of candidates compete for this post. Many of the applicants must not be aware of the recent revisions made to SBI PO Salary. Read further to know about the revised SBI PO Salary Structure, Job Profile, Career Growth, Allowances, and Promotion of an SBI PO.
SBI PO Salary
The SBI PO salary is one of the major reasons for candidates to get into the banking domain apart from security, lucrative perks, and allowances. The initial basic salary offered to an SBI Probationary Officer is INR 41,960 (with 4 advanced increments). As per the revised Bipartite Settlement With four advance increments in the compensation size of a Probationary Officer is 36000-1490/7-46430-1740/2-49910-1990/7-63840. This means the PO will get a basic of INR 36000 with an increment of INR 1490 for the next 7 years, followed by a basic of INR 46430 with an annual increment of INR 1740 for the next two years and so on. The maximum basic salary for the officer can be INR 63840.
SBI PO Salary Structure
The starting in-hand salary of an SBI Probationary Officer (PO) is between INR 52000 to INR 54000. The below Salary Structure has been prepared as per the revised SBI PO Salary, the candidates who are dreaming for the job opportunity of SBI Probationary Officer must be aware of the increased Salary of SBI PO.
|SBI PO Salary Structure in India|
|Basic Pay||INR 41,960|
|Special Allowance||INR 6,881|
|Location Allowance||INR 700|
|Learning Allowance||INR 600|
|Gross Salary||INR 65,780|
|Deduction (PF/Income Tax/Professional Tax/Pension)||INR 12,960|
|Net Salary||INR 52,820|
SBI PO Salary Deduction
From the Gross Salary of SBI PO i.e. INR. 65,780, the following monthly deductions will be done after which the officers get the in-hand salary of INR 52,820. Check the SBI PO Salary Deduction as detailed below.
|SBI PO Salary Deduction|
|PF Contribution||INR 4,196/-|
|Income Tax||INR 3,290/-|
|Professional Tax||INR 200/-|
|Contributory Pension Fund||INR 5,274|
|Total Deductions||INR 12,960|
SBI PO In-Hand Salary
The initial in-hand salary of SBI PO ranges between INR 52000- INR 55000 per month with the basic pay of INR 41,960. The Gross compensation received lies between 8.20 Lakhs (minimum) to INR. 13.08 lakhs (maximum) per annum. The SBI Probationary Officers are eligible for Lease Rental/ HRA, DA, Medical, CCA and other allowances besides basic pay. The amount varies with the location of the job posting.
SBI PO Salary Increment
The SBI POs will be awarded a yearly increment which is fixed for a particular period. Check the below table to know about the SBI PO Increment cycle.
|SBI PO year-wise Increment|
|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
The salary includes a number of allowances that contributes to the total sum. These are some standard allowances that a Probationary officer in SBI gets along with the basic amount. These include:
|SBI PO Salary Allowances|
|Dearness Allowance||26% of the Basic Pay|
|City Compensatory Allowance||3% – 4% depending on location|
|House Rent Allowance||7% – 9% depending on Place of Posting|
|Furniture Allowance||Rs. 1,20,000|
|Medical Insurance||100% covered for employee | 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 handsome and lucrative in-hand salary, SBI PO also enjoys various perks & benefits which has been listed below:
1. Contribution Pension Scheme/New Pension Scheme.
2. Medical Aid for self (100%) and for family (75%).
4. Home Travel Concession/ Leave Fare Concession.
5. Concessional interest rates for Housing/Car/Personal Loans.
Also Check IBPS PO Revised Salary & Pay Scale 2023
SBI PO Job Profile & Promotion
The candidates who are shortlisted for SBI PO posts have to go through training regarding the basic banking knowledge before joining as Probationary Officer. At the time of joining, the candidates have to sign a bond of Rs. 2 lakhs and serve the bank for a minimum of three years. After the probation period, the candidates will be confirmed as Junior Manager Grade Scale I (JMGS-I)
Being the most prestigious bank of the country, the employees ought to get the best from the job. SBI conducts promotion exams annually, that increases the job standard(profile), position and salary. Thus, a PO gets good exposure in the overall terms of his career. A two-year probation needs to be served by the SBI PO. After that, the promotion positions are as follows:
1. Assistant Manager
2. Deputy Manager
4. Chief Manager
5. Assistant General Manager
6. Deputy General Manager
7. General Manager
8. Chief General Manager
9. Deputy Managing Director
10. Managing Director