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SBI PO Salary in 2024: In Hand Salary, Job Profile, Benefits And Allowances

According to the latest SBI PO notification, the salary for SBI PO positions starts from Rs. 41,960, which includes four boost increments. For SBI PO 2024, the salary may be updated based on bipartite agreements or pay revisions to be notified in the notification. The SBI PO examination is considered one of the most important bank examinations in India. This recognition is owed to the SBI PO jobs, followed by several of the best perks and benefits. The position of a Probationary Officer involves a large number of responsibilities following the probation phase. These obligations consist of a range of operations, together with financial control, accounting, billing, funding, sales series, and more, all in the probationary period.

To get knowledge on the array of responsibilities of the role of SBI PO in banks, in addition to other details, you should know about the SBI PO salaries, perks, and allowances. This post will tell you about the SBI PO job role, responsibilities, salary, and many more. So, if you want to get in-depth information, then you should read this article till the end.  

SBI PO Salary in 2024

The SBI PO basic salary is Rs. 41,960, along with other allowances and benefits like house allowances, DA, Medical Insurance, etc. A Probationary Officer has many duties, which consist of the mission of managing multiple operations, which include finance, accounting, billing, funding, salaries, etc. At some point in their probation period, SBI PO is one of the most responsible government jobs in India. Candidates who need to appear in the SBI PO 2024 exam need to check all details on salary, job role, responsibilities, perks, benefits, etc.

Here is the table you should look at to get enough idea about SBI PO salary 2024:

Components of SBI PO SalarySBI PO Salary 2022
Basic PayRs. 41,960
Dearness Allowance46.9% of Rs. 41,960
City Compensatory Allowance3.4% of Rs, 41,960
Location AllowanceRs. 8000 to Rs. 29500
Medical InsuranceFor Employees, 100% of the basic salary, and family 75% of the basic salary
Traveling AllowancePayment of AC-2 Tier (Only for official trips)
PetrolRs. 1100 to Rs. 1300
MiscellaneousRs. 4000
Annual Compensation7.5 lakhs to 12.9 lakhs

The average salary of SBI PO officers in India is 6% more than average salary of SBI PO at other banks, that is 7.7 Lakhs per year.

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SBI PO In Hand Salary Structure in 2024

The State Bank of India Probationary Officer (PO) is taking into consideration the most demanding and prestigious authority job in India as SBI is one of the top nationalized banks. When a candidate is appointed as a PO in SBI, they start receiving Rs.41,960 as his basic salary (with four advance increments). The SBI PO salary structure follows the range of 36000-1490/7-46430-1740/2-49910-1990/7-63840. Here is the SBI PO salary structure for 2024

Basic PayRs 41,960
Special AllowanceRs. 6,881
DARs. 12,701
Location Allowance700
Learning Allowance600
Special Allowance6881
Gross Salary65780
Deductions12,960
Net SalaryRs 52,820

SBI PO Salary in 2024- Deductions

Various advantages are given to SBI POs in terms of deductions that can be claimed by them while filling their ITR and calculating tax liabilities. The given table shows the SBI PO salary deductions. If you want to get SBI PO jobs or prepare for it, then you should know these deductions  

ParticularsAmount
PF ContributionRs. 4,196
Salary TaxRs. 3,290
Professional TaxRs. 200
Contributory Pension FundRs. 5,274
Total DeductionsRs. 12,960

SBI PO In Hand Salary

The preliminary in-hand salary of SBI PO ranges between INR 52000- INR 55000 per month with the basic pay of INR 41,960. The Gross compensation obtained lies at 8.20 Lakhs (minimum) to INR. 13.08 lakhs (maximum) per annum. The SBI Probationary Officers are eligible for Lease Rental/ HRA, DA, Medical, CCA, and different allowances except for basic pay. The amount of salary of SBI PO varies with the location of the job posting.

SBI PO in Hand Salary Increment

SBI PO Salary and in-hand salary are expected to increase each year. Based on the time of SBI PO service, a fixed increment is given to applicants. The increment presented to SBI PO is given below. 

PeriodIncrement (In INR)Basic Salary (In INR)
First 7 years149036,000
Next 2 years174046,430
Another 7 years199063,840

Job Profile of SBI PO

Being one of the top banking groups in India, SBI gives brilliant career opportunities. Starting as an SBI PO (Scale I) offers many opportunities to enter as an employer and consistently develop your career. SBI gives excellent opportunities in which you can move ahead in your career at a fast speed to better scales. The position of an SBI PO encompasses the following job profile.

  • Pre-Joining Training: Candidates undergo complete training in basic banking standards via an online course before starting their roles.
  • Mandatory Course Completion: A successful final touch of the training direction is important to become a member of the bank as an SBI PO.
  • Bond Agreement: Upon joining, decided-on applicants are required to make a bond amounting to Rs. 2 lakhs, committing to a service tenure of 3 years.
  • Probation Period: SBI POs undergo a 2-year probation time, at some point of which they have interaction with various duties and responsibilities to great experience.
  • Ongoing Evaluation: Continuous tests are conducted throughout probation to evaluate employee performance and ensure constant improvement and development.
  • Confirmation: Candidates go through the overall performance criteria to confirm their roles as SBI Probationary Officers.
  • Advancement Opportunities: Exceptional performers have the possibility for quick career development. Those attaining higher ratings may be considered for direct placement in the promoted grade, Middle Management Grade Scale-II (MMGS-II), quickly after affirmation.

The SBI PO job profile entails a dependent and innovative trajectory that ensures training, tests, and career advancement for individuals intending to build a successful career in the banking sector.

Allowances of SBI PO Salary in 2024

The SBI PO Salary 2024 includes some of the allowances in addition to the basic pay that passes in the direction of a worker’s average take-home pay. According to the notification received upon joining, the PO may be certified for diverse benefits and perks according to guidelines that might be periodically in effect, such as DA, HRA, CCA, PF, Contributed Pension Fund (NPS, LFC, Medical Facility, Lease Rental Facility, etc.). The following is a listing of some of the standard benefits that an SBI probationary officer is eligible to get

  • Dearness Allowance, which amounts to 50% of the Basic Pay
  • City Compensatory Allowance, starting from 3% to 4% based on the employee’s vicinity
  • House Rent Allowance, starting from 7% to 9%, relying on the location of the posting
  • Medical Insurance, with 100% insurance for the employee and 75% insurance for the dependent family
  • Traveling Allowance, which reimburses the worker for AC 2-tier fare at some point during official travels
  • Additional allowances, like Newspaper Allowance, Entertainment Allowance, and Books Allowance, vary based on their posting location 

Here is the information on SBI PO allowances in amount and chances as per structure for SBI PO Salary 2024

AllowanceAmount
Dearness Allowance26% of the Basic Pay
City Compensatory Allowance3% – 4% depending on place
House Rent Allowance7% – 9% relying on Place of Posting
Medical Insurance100% covered for employees, 75% covered for family
Traveling AllowanceAC 2-tier fare is reimbursed to the employee for travels
Petrol AllowanceRs. 1,100 – 1,250
Newspaper Allowance, Entertainment Allowance, Books Allowance, and so forth.Varies on the basis of Cadre

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SBI PO Perks

Along with the allowances, the SBI PO Salary is made extra attractive by using a great number of allowances attached to the process. Here are the perks related to the SBI PO Salary Slip 2024:

  • Medical insurance 
  • Cashless treatment in selected scientific centers across the country
  • Newspaper allowance
  • Books and magazines allowance
  • Petrol allowance
  • House protection allowance
  • Telephone invoice compensation
  • Entertainment allowance
  • Concessionary interest rates for House Loan, Car Loans, and Personal Loans
  • New pension scheme contribution
  • Leave Travel Concessions (LTC)

Career Path of SBI PO

As an SBI PO, you may be posted as a Junior Management Grade-1 Officer. You may be on a probation period of 2 years. After successful training in the bank, you need to go through the screening process at various tiers and observe a career course (as described below) that begins from the Middle management scale II. Here is the career growth of SBI PO employees, from junior management grade officers to higher posts. The growth in their career also ensures growth in their salary and access to more perks and benefits. 

ScalePost
Scale IJunior Management Grade Officer i.e. PO
Scale IIMiddle Management Grade i.e Manager
Scale IIIMiddle Management Grade i.e  Senior Manager
Scale IVSenior Management Grade i.e Chief Manager
Scale VSenior Management Grade i.e Assistant General Manager
Scale VITop Management Grade  i.e Deputy General Manager
Scale VIITop Management Grade i.e General Manager
Scale VIIIChief General Manager (CGM)Deputy Managing Director (DMD)Managing Director (MD)Chairman

How is SBI PO Promoted?

As we know, the SBI PO salary is one of the most attractive salaries compared to other banking jobs. So, there are a lot of promotions given to SBI PO according to the level of their SBI Job. SBI conducts a few exams to check the abilities of SBI PO every year. This gives SBI PO an option to get a promotion easily based on their overall performance at work and on the exam. So there’s a high career increase ordinary in SBI JOB. Here is the SBI PO Promotion Hierarchy in the State Bank Of India.

  • Assistant Manager
  • Deputy Manager
  • Manager
  • Chief Manager
  • Assistant General Manager
  • Deputy General Manager
  • General Manager
  • Chief General Manager
  • Deputy Managing Director
  • Managing Director
  • Chairman

Conclusion 

The agreement makes a current adjustment to the SBI PO salary structure in 2024. For employees with 0 to 5 years of experience, the SBI PO salary in India is 8.2 lakhs. SBI offers a PO pay slip that ranges from 5.0 to 12.0 lakhs. The starting salary of SBI PO will receive 4 improvement increments on a scale of Rs 41,960.

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