SBI PO Salary 2023: The SBI PO Salary serves as a major attraction for banking aspirants, drawing thousands of candidates each year due to its high package and additional benefits compared to other nationalized banks. The recent revisions to the SBI PO Salary Structure, Job Profile, Career Growth, Allowances, and Promotions are crucial for aspirants.
SBI PO Salary:
The initial basic salary for an SBI Probationary Officer is INR 41,960 (with 4 advanced increments), as per the revised Bipartite Settlement. The compensation structure involves increments over the years, culminating in a maximum basic salary of INR 63,840. The starting in-hand salary ranges between INR 52,000 to INR 54,000.
SBI PO Salary Structure:
| SBI PO Salary Structure in India | |
| Parameters | Amount (INR) |
| Basic Pay | INR 41,960 |
| Special Allowance | INR 6,881 |
| DA | INR 12,701 |
| Location Allowance | INR 700 |
| Learning Allowance | INR 600 |
| HRA | INR 2,937 |
| 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 | |
| Particulars | Amount |
| 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 ranges from INR 52,000 to INR 55,000 per month, with a basic pay of INR 41,960. The Gross compensation per annum varies between INR 8.20 Lakhs (minimum) to INR 13.08 Lakhs (maximum). Additional allowances vary based on the job location.
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 | ||
| 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:
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 | |
| 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:
Apart from the in-hand salary, SBI POs enjoy perks like the Contribution Pension Scheme/New Pension Scheme, Medical Aid, LTC, Home Travel Concession, and concessional interest rates for loans.
SBI PO Job Profile & Promotion:
Selected candidates undergo training in basic banking knowledge before joining as Probationary Officers. After the probation period, candidates are confirmed as Junior Manager Grade Scale I (JMGS-I).
Promotions include positions such as
- Assistant Manager
- Deputy Manager
- Manager
- Chief Manager
- Assistant General Manager
- Deputy General Manager
- General Manager
- Chief General Manager
- Deputy Managing Director
- Managing Director, and Chairman.
As the most prestigious bank in the country, SBI provides opportunities for career growth, exposure, and increased responsibilities through annual promotion exams.
