SBI PO Salary 2021: Perks, In-Hand Salary, Benefits & Career Growth

The State Bank of India conducts an All India level exam for the recruitment of probationary officers in its branches across the country. The recruitment process consists of 3 levels, Prelims, followed by mains, and the interview. Lakhs of candidates appear every year in the recruitment process and why not, it is one of the most lucrative jobs in the banking industry. In this article, we will cover one of the most highlighted aspects of this job, SBI PO Salary & Perks 2021.

So, hold tight and read till the end to know all the benefits and in-hand pay received by a PO in SBI.

What is SBI PO Salary in 2021?

According to the official notification of 2021, the starting basic pay of SBI PO is Rs. 41,960/- (with 4 advance increments) on the scale of Rs. 41960-980 (7) – 48820 – 1145 (2) – 51110 – 1310 (7) – 60280 applicable to Junior Management Grade Scale-I. This revised salary and increment structure are as per the Bipartite Settlement.

For those who find the pay structure hard to understand in the beginning, 36,000+1490*4 and an increment of 980 for the next 7 years which translates to – Your basic pay is ₹ 41960 and your increment for the next 7 years will be ₹980/year.

Since the SBI PO new joinees get 4 additional increments in advance at the time of joining, SBI PO starting Basic Salary will be [36,000 + (1490*4)] = 41,960

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.

SBI PO Salary in terms of CTC will be ₹8.20–₹13.08 LPA depending on the place of posting and other factors.

SBI PO Salary 2021 (Pay Scale including Perks & Benefits)

Salary Details	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

Deductions

Salary Details	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 salary in hand 2021

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/-.

SBI PO – Benefits and Allowances

1. Contribution Pension Scheme/New Pension Scheme
2. Medical Aid for self (100%) and for family (75%)
3. LTC
4. Home Travel Concession/ Leave Fare Concession
5. Concessional interest rates for Housing/Car/Personal Loans

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

SBI PO Salary Slip 2021

Here’s a glimpse of what an SBI PO’s salary slip looks like:

SBI PO Salary After 5 Years

The only thing that varies considerably is the annual increment to your basic pay each year. Other components in the SBI PO salary remains constant more or less. So after 5 years, your basic pay will become ₹ 41,960 i.e an addition of ₹4900 to your basic pay. Based on the SBI PO salary slip above –

SBI PO Salary After 5 Years will be ₹ 46,860 (Basic Pay).

How Does an SBI PO Promotion Cycle Works?

SBI PO is considered one of the most prestigious banking jobs. The Bank has a strong work culture that encourages dedicated employees to grow professionally, by providing them immense growth opportunities.

SBI conducts promotion exams annually and has a clearly defined system for the promotions and growth of its employees. SBI POs have faster promotions and can rise up much faster in comparison to POs of other banks.

The annual appraisal that happens at SBI is fair and transparent. Dedicated and hardworking employees can reach higher in the hierarchy in a very short time, due to a huge number of vacancies in all grades of their promotion channels.

State Bank of India provides immense opportunities for growth in career, including opportunities for posting abroad.

The attractive promotion policy of the Bank provides an opportunity for the meritorious and exceptionally brilliant officers to reach the Top Management Grade in a reasonably quick time. Sounds Interesting? Start Preparations Now with a Free Mock test

On joining, the selected candidates will be designated as “Probationary Officers” and will be on probation for two years. They will be subjected to continuous assessment during the probation period.

Those candidates who qualify in the assessment as per standards determined by the Bank from time to time will be confirmed in the Service of the Bank in Junior Management Grade Scale-I (JMGS-I).

Further, those officers who achieve higher standards/ scores stipulated by the Bank may be considered for direct placement in the next higher grade, Middle Management Grade Scale-II (MMGS-II) immediately after confirmation.

What is the SBI PO’s Career Growth?

The candidate selected in the SBI PO has to be on 2 years of probation and complete multiple evaluations test. Here is the career graph for a PO in SBI.

Did You Know: Former First Woman Chairman of SBI, Smt. Arundhati Bhattacharya joined SBI in 1977 as a Probationary Officer.

How To Prepare For SBI PO 2021? – Get Complete Online Course & Mock Test Series

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SBI PO Salary 2021 | FAQs

That brings us to the end of the article, SBI PO Salary. We have covered the major aspects and highlights of the post and its benefits. You can register here for a free mock test and start your preparations for SBI PO 2021.

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