One of the most significant reasons candidates opt for a job in the banking sector is the SBI PO salary. The Bank PO salary has been discussed in-depth in this article. Along with all the benefits and allowances that an SBI PO receives.
PO (Probationary Officer) is the most searched job for candidates pursuing jobs in the banking sector, with a significant career development option. The SBI Bank PO salary includes several perks and allowances that an employee is liable to receive.
The standard SBI PO salary in India is currently around Rs 27,620/-. For a Probationary Officer, there are various other elements in the salary structure.
A Probationary Officer has many duties after training, including overseeing several activities during his probation period, such as finance, banking, billing, investment, revenue collection, etc.
In India, the SBI PO salary is set as per the Bipartite Settlement. One of the highest pay scales in the banking sector, particularly for a probationary officer, is provided by the State Bank of India. The SBI PO salary dependent on the Bipartite Settlement is discussed below.
Candidates looking forward to appearing for bank exams should compare Bank PO & Bank Clerk job profile. In this article, candidates will find more details about the SBI Clerk and SBI Bank PO salary, along with the salary details of other banks.
The following are the relevant aspects of the SBI PO salary structure in India:
|SBI PO Salary structure in India|
|SBI PO Salary – Basic Pay||Rs 27,620/- (Increment in 4 stages)
1st Increment- Rs 23,700-980/7
2nd Increment-Rs 30,560-1145/2
3rd Increment- Rs 32,850-1310/7
4th Increment- Rs 42,020
|Dearness Allowance||46.9% of the basic pay|
|City Compensatory Allowance (CCA)||3% or 4% (depending on the place of posting)|
|Leased House Accommodation||Minimum- Rs 8000/-(Rural)
Maximum- Rs 29500/-(Urban)
|Furniture Allowance||Rs 1,20,000/-|
|Medical Insurance||100% for employees
75% for families
|Travelling Allowance||Reimbursement for AC-2Tier (Exclusively for official travels)|
|Petrol||Rs 1,100-Rs 1,300( in case of absence of personal vehicle)|
|Total Compensation (Annually)||Rs 7.5 lakhs to Rs 12.9 lakhs|
|Loan Benefits||Concession on interest rates|
Here is the SBI PO salary structure mentioned in the SBI PO Notification 2020.
At present, the starting basic SBI PO salary is Rs 27,620 (with 4 advance increments). The pay scale for Junior Management Grade Scale I is 23700-980/7-30560-1145/2-32850-1310/7- 42020. Candidates are also eligible for DA, HRA/Lease rental, CCA, Medical and other allowances. The total compensation per annum on CTC basis is Rs 8.20 lakhs (minimum) and Rs 13.08 lakhs (maximum) depending on the place of posting. SBI also offer a SMART Compensation Package which enables candidates a choice to monetize specific elements of the salary package.
Here are the levels of career growth that follows after the candidate has been appointed as an SBI PO:
We, at Direction, wish you all the best for your upcoming Bank PO examination. Also, if you need guidance for preparation, contact us here.
Ans. The SBI PO in-hand salary is approximately Rs 40,000 to Rs 45,000 per month.
Ans. The starting SBI PO salary in India is Rs 27,260 (basic pay) followed by four increments in future.
Ans. A Probationary Officer (PO) in India is liable to the following benefits & privileges apart from his salary.
Ans. The medical allowance includes 100% coverage for any medical care that the employee himself seeks and 75% reimbursement for any medical treatment obtained by the employee’s immediate family members.