The SBI PO Salary 2024 offers an excellent starting package, making it one of the most attractive job roles in the banking sector. The starting basic pay for a Probationary Officer (PO) is ₹41,960, which can rise to ₹60,270 per month after five years, following periodic increments. Along with the basic salary, SBI POs receive several allowances and benefits such as Dearness Allowance (DA), House Rent Allowance (HRA), and Travel Allowance (TA).
With a recent update from the All India Bank Employees Association (AIBEA), the DA rate has been raised by 2.63%, bringing the DA to 19.83% effective from November 2024. These benefits make the SBI PO role one of the most attractive positions in the banking sector.
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SBI PO Salary 2024
The SBI PO Salary 2024 structure is periodically revised based on agreements between the bank and its employees. Newly recruited POs start with a basic pay of ₹41,960. The gross salary, after including various allowances like DA and HRA, totals ₹65,780 per month. However, after deductions such as Provident Fund (PF) and taxes, the in-hand salary comes to around ₹52,820 per month. Below is a breakdown of the salary structure:
| Component | Amount |
| Basic Pay | ₹41,960 |
| Special Allowance | ₹6,881 |
| Dearness Allowance (DA) | ₹12,701 |
| Location Allowance | ₹700 |
| Learning Allowance | ₹600 |
| Gross Salary | ₹65,780 |
| Deductions | ₹12,960 |
| Net Salary | ₹52,820 |
SBI PO Annual Package 2024
The annual package of SBI PO Salary 2024 is very appealing for candidates. A newly appointed PO has a base annual salary of ₹5,03,520, excluding allowances. Including benefits like DA, HRA, and other perks, the total annual package exceeds ₹7 lakh, making this a highly competitive salary in the public sector.
SBI PO Salary Slip 2024
The SBI PO Salary Slip 2024 provides a detailed breakdown of an SBI PO’s earnings, including the gross salary, allowances, deductions, and net pay. The gross salary is the sum of the basic pay and various allowances, such as the special allowance, dearness allowance, location allowance, learning allowance, and house rent allowance.
Deductions such as provident fund (PF), income tax, professional tax, and pension contributions are subtracted from the gross pay to calculate the net salary. The salary slip thus gives a clear picture of the overall emoluments of an SBI PO.
| Particulars | Amount (Rs.) |
| Basic Pay | 41,960 |
| Special Allowance | 6,881 |
| Dearness Allowance | 12,701 |
| Location Allowance | 700 |
| Learning Allowance | 600 |
| House Rent Allowance | 2,937 |
| Gross SBI PO Salary | 65,780 |
| Deductions (PF, Tax, etc.) | 12,960 |
| Net SBI PO Salary in hand | 52,820 |
Details of Deductions in SBI PO Salary Slip
| Particulars of Deductions | Amount (Rs.) |
| PF Contribution | 4,196 |
| Income Tax | 3,290 |
| Professional Tax | 200 |
| Contributory Pension Fund | 5,274 |
| Total Deductions | 12,960 |
This salary structure ensures that SBI PO employees are provided with a comprehensive set of allowances, while also accounting for necessary deductions to arrive at the net salary.
SBI PO Salary Deductions
The SBI PO 2024 Salary is subject to several deductions, which include contributions to the Provident Fund (PF), taxes, and other statutory deductions. Here’s a detailed breakdown:
| Particulars | Amount |
| PF Contribution | ₹4,196 |
| Income Tax | ₹3,290 |
| Professional Tax | ₹200 |
| Contributory Pension Fund | ₹5,274 |
| Total Deductions | ₹12,960 |
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SBI PO Salary Increments
SBI POs benefit from regular increments, ensuring steady salary growth over time. The year-wise increments are as follows:
| Period | Increment | Basic Salary |
| First 7 years | ₹1,490 | ₹36,000 |
| Next 2 years | ₹1,740 | ₹46,430 |
| Another 7 years | ₹1,990 | ₹63,840 |
For instance, the SBI PO Salary may vary based on the location of the posting, with cities like Mumbai offering slightly higher salaries compared to smaller towns.
SBI PO Perks and Benefits
Apart from the SBI PO Salary, officers enjoy numerous perks and benefits, adding value to their overall compensation package. These include:
- Dearness Allowance (DA): 26% of Basic Pay
- House Rent Allowance (HRA): 7% to 9% of Basic Pay, based on location
- Furniture Allowance: ₹1,20,000
- Medical Insurance: Full coverage for employees; 75% for dependents
- Travel Allowance: Reimbursement for AC 2-tier travel for official duties
- Petrol Allowance: ₹1,100 to ₹1,250 depending on the location
SBI PO Job Profile
As an SBI PO, you will be involved in various banking operations like finance, billing, accounting, and investment management. The role includes a probation period of two years, during which candidates undergo continuous assessment to develop the skills required for higher positions in the bank. High performers may be directly promoted to managerial roles, ensuring excellent career growth.
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SBI PO Career Progression
The SBI PO Salary 2024 is just the start of a promising career. After joining, candidates have opportunities for rapid promotions to higher grades such as:
| Designation | Grade Pay Level |
| Probationary Officer | Scale I |
| Deputy Manager | Scale II |
| Manager | Scale III |
| Senior Manager | Scale IV |
Why SBI PO Salary 2024 is Attractive?
The SBI PO Salary 2024 offers a lucrative package along with multiple benefits and allowances, making it a highly desirable position among banking aspirants. With the opportunity for consistent salary growth, attractive perks, and excellent career advancement options, the role of SBI PO remains one of the best choices in the banking sector.
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SBI PO Salary 2024 – FAQs
A1. The initial basic SBI PO Salary is Rs 41,960 (with 4 advanced increments).
A2. SBI POs enjoy benefits such as Provident Fund, Pension, Gratuity, Leave Fare Concession, Insurance Coverage, Loan Benefits, and Employee Provident Fund.
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.
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.
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.
A6. Yes, SBI POs are usually required to sign a bond or service agreement to serve the bank for a minimum specified period, around 3 years.
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