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What is the salary of SBI PO? What perks and allowances are given to them? 

 May 25, 2022

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SBI PO exam is conducted to recruit suitable candidates for an entry-level managerial post. The candidates who are shortlisted after the written exam first and the personal interview later are given proper training on the basic banking knowledge required for the job before joining. At the time of joining, the candidates have to sign a bond of INR 2 lakhs and serve the bank for three years for further promotions and benefits.

The candidates undergo a probation period or training period of 2 years after joining as a probationary officer in SBI. Upon successfully passing the training period, the candidates get the confirmation that they are now eligible to join as a Junior Manager Grade Scale I (JMGS-I). During the entire training period, the candidates are continuously assessed before being promoted to the next level. Apart from that, the probationary officers who can achieve the higher standards are directly considered for the placement in the next higher grade, which is the Middle Management Grade Scale-II (MMGS-II). The bank also offers many career opportunities in the country and even a chance to get posted in foreign locations.

After the two-year probation, the candidates can be promoted to various promotion positions such as Scale 1 (PO Assistant Manager), Scale-II (Manager), Scale III (Senior Manager), Scale-IV (Chief Manager), Scale V (Assistant General Manager), Scale VI (Deputy General Manager), Scale VII (General Manager), Chief General Manager, Executive Director, and MD & CEO. 

PAYSCALE AND ALLOWANCES

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The basic pay of SBI PO is INR 41,960. SBI PO receives four advance increments. 

SBI Probationary Officers receive four increments initially when joining itself, making it different from other Bank PO exams. On being shortlisted as the SBI PO, the officer receives a basic pay of Rs 41,960 with an annual increment of Rs 1,490 for the next three years. The increment is followed by a basic salary of Rs 46,430 with an annual increment of Rs 1740 for the next two years, and the process continues. SBI probationary officers are given four advance increments at the time of joining, and the three remaining increments are given at the rate of 1,490 in consecutive years. 

SBI PO is also eligible for DA, HRA, CCA, Medical, and other allowances. The total in-hand salary of an SBI Probationary officer depends on the location of the posting and other factors.

The In Hand salary SBI PO is calculated after making the  PF, Income Tax, Professional Tax, Contributory Pension Fund, and other deductions. 

SBI POs are eligible for Lease Rental/ HRA, DA, Medical, CCA, and other allowances. Hence, the total SBI PO salary per annum on a CTC basis varies between 8.20 lakhs to 13.08 lakhs. Additionally, as per the latest official notification, SBI employees will now be able to access a SMART compensation package as well.

PERKS AND BENEFITS OF PROBATIONARY OFFICERS

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SBI Probationary Officers Perks and Benefits are included in a 5in1 monthly allowance, including allowances for Petrol, newspaper, house help, mobile bill, and cleansing material. The total allowance total adds up to Rs 10,000 every month. Moreover, upon clearing the JAIIB and CAIIB, the candidates also get one annual increment for each qualification.

Apart from these, the Probationary officers are also provided with Newspaper Allowances, Books and Magazine Allowances, Petrol Allowances, House Maintenance Allowances, Telephone Bill Reimbursement, Entertainment allowances, Concessionary interest rates for House Loan, Car Loan, and Personal Loans.

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