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SBI PO Salary 2024, In Hand Salary, Salary Structure, Job Profile

The SBI PO Salary is an attractive avenue for candidates applying for the PO post. The SBI PO Salaries start at Rs. 41,960 (plus 4 advance increments). SBI PO is one of the most attractive jobs among banking aspirants. Every banking job aspirant is attracted to SBI PO Jobs and the perks and benefits associated with it. In this article, we have discussed all about SBI PO Salary 2024, Allowances, Perks, Benefits & Job profile. Go through the article to check all the details.

SBI PO Salary 2024

The SBI PO basic salary is 41,960. Besides this SBI PO gets other allowances and benefits like house allowances, DA, Medical Insurance, and others. A Probationary Officer has many responsibilities which include the task of handling multiple operations such as finance, accounting, billing, investment, revenue collection, etc. during his/her probation period. SBI PO is one of the most demanding government jobs in India. Candidates who want to appear in the SBI PO 2024 exam must go through the article to have a better understanding of SBI PO salary, perks, allowances, and career growth.

SBI PO Salary Structure

The State Bank of India Probationary Officer (PO) is considered the most demanding and prestigious government job in India as SBI is one of the top nationalized banks. When a candidate is appointed as a PO in SBI he/ she starts receiving Rs.41,960 as his basic salary (with 4 advance increments). The salary structure of SBI PO follows the range of 36000-1490/7-46430-1740/2-49910-1990/7-63840. In this article, details of the SBI PO Salary, In Hand Salary, Perks, and Job Profile are discussed.

SBI PO Salary Structure
Basic Pay Rs. 41,960
Special Allowance Rs. 6,881
DA Rs. 12,701
Location Allowance 700
Learning Allowance 600
Special Allowance 6881
Gross Salary 65780
Deductions 12,960
Net Salary Rs 52,820

SBI PO Salary- Deductions

Various benefits are given to SBI POs in terms of deductions that can be claimed by them while filling their ITR and calculating tax liabilities. The table below has got all the claimable deductions in the SBI PO Salary structure 2024.

SBI PO Salary 2024
Particulars Amount
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

The In-hand salary of SBI PO 2024 ranges from Rs. 65,780 – Rs. 68,580/Month. This amount may vary depending on the location of the posting. As the banks follow Bipartite settlements, there is no applicability of the 7th pay commission on the amount. Even then, the in-hand salary is attractive enough for the aspirants and thus there remains a huge demand for such Bank jobs.

SBI PO Allowances

The SBI PO Salary includes a basic salary in addition to several allowances that increase an employee’s take-home pay. Allowances that come with SBI PO Salary are tabulated below:

SBI PO Salary Allowances
Allowance Amount
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 employees | 75% covered for dependent family
Traveling 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 & Benefits

Being a Bank job, SBI PO Perks include the benefit of having a settled career, job security, fixed allowances, and increments. This job is thus an attractive one to a huge number of candidates.

The additional benefits of the salary include:

  1. Medical insurance (100 percent for self and 75 percent for family members)
  2. Cashless treatment in selected medical facilities around the country
  3. Newspaper allowance
  4. Books and magazines allowance
  5. Petrol allowance
  6. House maintenance allowance
  7. Telephone bill reimbursement
  8. Entertainment allowance
  9. Concessionary interest rates for House Loan, Car Loans, and Personal Loan
  10. New pension scheme contribution
  11. Leave Travel Concessions (LTC)

SBI PO Job Profile

The following are the duties of an SBI Probationary Officer regularly:

  1. Supervision of clerical activities, customer service, processing loans, opening bank accounts, etc.
  2. Marketing of New Schemes
  3. Bringing New Business to the bank
  4. Any other task bestowed by the bank from time to time.
  5. On-site training, such as at SBI training institutes.

SBI PO Promotions

A candidate gets hired as a probationary officer after passing all phases of the selection process, and they must then serve a probationary period that can last up to two years. Candidates shall be appointed to the Junior Management Grade Scale-I (JMGS-I) and confirmed in the Bank’s service if they pass the evaluation standards established by the Bank. As the bank holds promotional exams regularly, hopefuls have a good opportunity to move up to the Top Management Grade quickly.

  1. Assistant Manager
  2. Deputy Manager
  3. 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
  11. Chairman

SBI PO Salary Increment

The salary and the in-hand salary of SBI PO are subject to increments every year. There is a fixed amount of increment given to every SBI PO based on the period of service given by them. The table below shows the SBI PO Salary increment annually and the final salary.

Time Increment Basic Salary
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 Salary Slip

Candidates who are going to be selected as Probationary officers in SBI Bank and want to check the SBI PO salary slip can check below. Here we have shared the salary slip of the probationary officer. The salary slip will help you understand the salary structure like perks and allowances, deductions, and the total in-hand salary of the SBI PO.

SBI PO Salary 2024, In Hand, Salary Structure, Job Profile_30.1Career As an SBI PO

Overall, the salary and perks offered by the SBI PO Job profile are very attractive and give good career growth. The banking sector releases a decent number of vacancies to offer a good opportunity to aspirants. Numerous candidates apply for the post every year and are currently enjoying a stable life with a good income.

SBI PO Selection Process SBI PO Cut Off (Previous Year)

 

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FAQs

What is the Pay scale of SBI PO.?

The Pay scale of SBI PO is 36000-1490/7-46430-1740/2-49910-1990/7-63840.

What is the basic salary of SBI PO?

The Basic Pay of an SBI PO is Rs 27620/- with 4 advanced Increments. Complete details are given in the article.

What is the in hand salary of SBI PO?

The In-Hand salary of SBI PO is between Rs. 65,780- Rs. 68,580 / Month and it keep on increasing after years.

What are the allowances we get in SBI PO.?

The allowances and perks offered in SBI PO are Medical Insurance, Travelling Allowance, Furniture Allowance, Petrol and other allowances.

What is the promotion hierarchy of SBI PO?

The promotion hierarchy is Assistant Manager, Deputy Manager, Manager, Chief Manager, Assistant General Manager, Deputy General Manager, General Manager, Chief General Manager, Deputy Managing Director, Managing Director,Chairman

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