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SBI PO Salary 2024: The in-hand salary of a Probationary Officer in SBI is one of the most frequently questioned questions among aspirants. Candidates choose SBI PO knowing it is a lucrative and rewarding career. This article will provide all details you need to know about your salary, benefits, and job description on clearing the SBI PO Recruitment.
The initial basic salary offered to an SBI Probationary Officer is Rs 41,960 (with 4 advanced increments). With four advance increments, the pay scale for a Probationary Officer is 36000-1490/7-46430-1740/2-49910-1990/7-63840. This means the PO will get a basic of Rs 36000 with an increment of Rs 1490 for the next 7 years, which is followed by a basic salary of Rs 46430 with an annual increment of Rs 1740 for the next two years, and so on. The maximum basic salary will be Rs 63840.
The following table provides the salary components and their amounts that an SBI PO can avail.
Salary Components | Amount |
Basic Pay | 41,960 |
DA (26%) | 12,701 |
HRA | 2937 |
Location Allowance | 700 |
Learning Allowance | 600 |
Special Allowance | 6,881 |
Gross Salary | 65,780 |
The SBI PO salary is subject to monthly deductions, following which the in-hand salary is ₹52,820. The deduction components and their amounts are as given below.
Components | Amount |
PF Contribution | 4196 |
Income Tax | 3290 |
Professional Tax | 200 |
Contributory Pension Fund | 5,274 |
Total Deductions | 12,960 |
Net Salary | 52,820 |
Go through the following table to know more about the year-wise basic pay along with the annual increment:
Period | SBI PO Basic Salary | Increment |
For the first 7 years | INR 41,960/- | 980 |
For the next 2 years | INR 48,820/- | 1145 |
Another 7 years | INR 51,110/- | 1310 |
For instance, SBI PO Salary in Assam will be lesser than that of the SBI PO Salary in Mumbai due to the standard of living and other factors.
SBI PO take-home salary or the SBI PO Salary in-hand generally ranges from 52,820 to 53,000 per month.
The salary of a PO in SBI has annual increments. Wondering what will be your salary after 5 years of working with SBI? Well, if you perform exceptionally, you might get promoted to Scale-II officer.
Nevertheless, if you are in Scale-I, your salary will be around 65,000 to 66,000. People get an increment of 980/- annually on basic pay with an additional allowance of 10,000/- to 15,000/-.
Apart from salary, SBI PO enjoys some other perks and benefits which are as follows:
Benefits | Details |
Dearness Allowance (DA) | 26% of the Basic Pay |
City Compensatory Allowance (CCA) | 3 to 4 % of the Basic Pay. |
Leased House Accommodation/House Rent Allowance (HRA) | Varies based on the job location. It can range from Rs 8000 (in rural areas) to Rs 29,500 (in a metro city like Mumbai). |
Travel Allowance (TA) | AC 2-tier fare is reimbursed to the employee for official travels only |
Medical Insurance | SBI provides 75% insurance for families and 100% for the employee. |
Furniture Allowance | Rs. 1,20,000 for the purchase of furniture. |
Loan Benefits | Employees get a discount/ low interests rates on loans. |
Petrol | Rs. 1100 – Rs. 1250 |
Newspaper Allowance, Entertainment Allowance, Books Allowance, etc. | Varies based on the cadre |
What are the duties of SBI PO? The work that you can expect on clearing SBI PO is detailed in the section below.
Candidates must also be curious what their career path will look like after joining SBI PO. The following section will detail the career prospects when it comes to SBI PO.
Q1. What is the salary of an SBI PO?
A1. The initial basic salary offered to an SBI Probationary Officer is Rs 41,960 (with 4 advanced increments).
Q2. What are the perks and benefits of an SBI PO job?
A2. SBI POs enjoy benefits such as Provident Fund, Pension, Gratuity, Leave Fare Concession, Insurance Coverage, Loan Benefits, and Employee Provident Fund.
Q3. Is there any probation period for an SBI PO?
A3. Yes, SBI POs undergo a probation period of 2 years, during which they receive training and are evaluated for their performance and suitability for the job.
Q4. What are the working hours for an SBI PO?
A4. The working hours for an SBI PO are typically 9:30 AM to 5:30 PM, but they may vary based on the branch's operational requirements.
Q5. Is an SBI PO job secure?
A5. Yes, an SBI PO job is considered secure due to the stability and reputation of the State Bank of India as a leading public sector bank.
Q6. Is there a bond or service agreement for SBI POs?
A6. Yes, SBI POs are usually required to sign a bond or service agreement to serve the bank for a minimum specified period, typically around 3 years.
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SBI PO is an acronym for State Bank of India Probationary Officer. SBI PO test is held once a year for the recruitment of Probationary Officers by the State Bank of India. This is the most renowned exam in the banking area.
The SBI PO Exam is held once a year.
Yes, SBI PO is a government bank job.
Presently, the starting basic pay is 41,960/- (with 4 advance increments) in the scale of 36000-1490/7-46430-1740/2-49910-1990/7-63840 applicable to Junior Management Grade Scale-I. The official will also be eligible for D.A, H.R.A/ Lease rental, C.C.A, Medical and other allowances & perquisites as per rules in force from time to time.
The age limit for SBI PO Exam is 21 years to 30 years.
Yes, candidates in their last year are eligible to apply. If they are summoned for an interview, they must provide proof of their date of passing out.
In the SBI PO preliminary examination, there is no sectional cut-off.
The application fee for SC/ST/PWD category students is NIL, whereas the application fee for general and other category students is Rs. 750.
The general candidate can apply only 4 times, while an OBC can apply 7 times. Moreover, SC/ST does not have any restrictions.
Candidates can apply online from the official site of SBI once the registration procedure starts.
SBI PO Notification 2024 is expected to be released in the month of August.
Candidates can know the vacancies for SBI PO 2024 after the release of notification.
30 years is the upper age limit for the SBI PO 2024. Reserved categories candidates are provided with the age relaxation in years as per government advisory.
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