SBI PO Salary 2024, Revised Structure & Allowances, Job Profile & Promotions: The post of probationary officer is one of the most desirable, respectable and demanding jobs in India. The PO operates in various domains like accounting, finance, billing investment, revenue collection etc. basic salary and additional pugs and announcements are very attractive for State Bank of India probationary officers which attract thousands of youth seeking job towards this shining opportunity. In the various banking sector jobs SBI PO is one of the most wanted jobs for aspiring candidates because of the salary and growth opportunity provided by it throughout their career. Here in this article we have provided every important information regarding the SBI PO salary 2024.
All the important information about the State Bank of India probationary officer salary structure is released by the State Bank of India on its official website via notification PDF. Candidates who are aspiring to join as probationary officers in State Bank of India are requested to thoroughly read the notification PDF. People who will join the position of PO in SBI will get various allowances and perks along with the basic payment which is rupees 41,960/-. After the release of notification PDF for the salary information the number of candidates aspiring for this job will increase significantly. For the candidates who don’t know about the salary and allowances of SBI PO should read our article thoroughly.
The basic salary structure of SBI PO position is rupees 41960/- with four advance increments. The salary of a probationary officer 36000-1490/7-46430-1740/2-49910-1990/7-63840 compensation size as per revised Bipartite settlement after four advance increments. In simplified words the basic salary of PO will be 36,000 rupees with an increment of rupees 1490 for next 7 years. In the next year the basic pay will be 46430 with an increment of 1740 for the next 2 years and so on. The highest basic salary of PO position in SBI Bank can increase up to 63,840 rupees. The salary structure for SBI PO salary 2024 is given in the table below with gross salary, deductions and net salary In the table below.
From the basic salary of rupees 65780/- monthly reductions will be done such as PF contribution of rupees 4196/-, income tax professional tax contributory pension fund etc. After all deductions the probationary officer will get a salary of rupees 52820/- in hand. All the deductions are given in the table below.
SBI PO Salary Deduction
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 Bank In-Hand Salary
With the basic pay of 41960 the probationary officer will get a salary ranging from 52,000 to 55,000 rupees per month in hand. The gross compensation will be ranging from 8.2 lakhs to 13.08 lakh annually. Besides the basic payment the probationary officer will get allowances for lease rental HRA, DA, medical, CCA and other allowances. The amount of the allowances will be depending upon the location of job posting.
The probationary officer in SBI will get a yearly increment which is fixed for the first 7 years and after that next 2 years and after that another 7 years. The increment year voices given in the table below.
SBI PO year-wise Increment
Period
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 Allowances
Various allowances such as dearness allowances, City compensatory allowances, house rent allowances, furniture allowance, medical allowance, medical insurance, traveling allowance. Also petrol allowance, newspaper allowance, entertainment allowance, etc., accompany the basic payment for the SBI PO post. Details about the allowances appear in the table 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 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 lucrative basic salary and allowances the SBI PO will be given additional perks which are mentioned in the table below.
Benefit
Description
Contribution Pension Scheme/New Pension Scheme
Employees contribute towards a pension scheme, ensuring financial security post-retirement.
Medical Aid
Provides medical coverage for both the employee (100%) and their family (75%).
LTC (Leave Travel Concession)
Allows employees to avail of travel benefits during their leave periods.
Home Travel Concession/Leave Fare Concession
Offers concessions on travel expenses for employees and their families.
Concessional Interest Rates for Loans
Provides employees with discounted interest rates for housing, car, and personal loans.
Basic Pay
INR 41,960 (with 4 advance increments). The pay scale is INR 36000-1490/7-46430-1740/2-49910-1990/7-63840
Dearness Allowance
DA is revised every quarter and is calculated based on CPI (Consumer Price Index). Currently, DA is 46.9 percent of the basic pay
City Compensatory Allowance (CCA)
CCA varies with the place of posting of 4 per cent or 3 per cent
Leased House Accommodation
SBI PO is entitled to take a house on lease. The amount of which varies with posting between a minimum of INR 8000 (in rural areas) and a maximum of INR 29, 500 (In Mumbai)
Furniture Allowance
INR 12,0000 for the purchase of furniture
Medical Insurance
100 per cent of medical coverage for SBI employees and 75 per cent for their family members
Travelling Allowance
For official travels, reimbursement of AC 2-tier fare is provided
Petrol
50 Lts (For 2 wheelers) Or 55 Lts (For 4 Wheeler) Or Approx. INR 1100-1250 if you do not have 2/4 wheelers (conveyance allowance)
Candidates who will be selected for the State Bank of India probationary officer post will be called for training to prepare for the job. And they will be learning about basic banking knowledge to join as probationary officer. All the selected candidates will have to sign a bond of rupees 200000 and to serve the bank for at least 3 years of time frame at the joining. After the probation period, the bank will promote selected candidates to the position of Junior Manager Grade Scale 1. Candidates, upon serving as probationary officers for 2 years, will become eligible for promotion to various posts mentioned in the table below.
Entry-level position where candidates undergo training in basic banking knowledge.
Junior Manager Grade Scale I
After the probation period, POs are confirmed as Junior Managers Grade Scale I (JMGS-I).
Assistant Manager
Entry-level managerial position responsible for supervising teams and executing operational tasks.
Deputy Manager
Mid-level managerial position responsible for overseeing specific departments or functions within the bank.
Manager
Mid-level managerial position with increased responsibilities in decision-making and team management.
Chief Manager
Senior managerial position with leadership responsibilities and involvement in strategic planning.
Assistant General Manager
Senior leadership position overseeing multiple departments or regions within the bank.
Deputy General Manager
Executive-level position responsible for implementing strategic initiatives and driving organizational growth.
General Manager
Executive-level position with significant authority and responsibility in leading the bank’s operations and strategic direction.
Chief General Manager
Senior executive position responsible for managing key aspects of the bank’s operations and contributing to high-level decision-making.
Deputy Managing Director
Top-level executive position with broad oversight over various departments and functions within the bank.
Managing Director
Top-level executive position responsible for steering the bank’s overall direction and ensuring financial stability and growth.
Chairman
Highest-ranking position in the bank’s hierarchy, responsible for providing leadership to the board of directors and representing the bank’s interests externally.
