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.

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

SBI Career 2021 Update | SBI PO Notification 2021 Released

Candidates can apply online for SBI PO 2021 till 25th October. A total of 2056 vacancies has been announced this year, which includes 56 backlog SBI PO Vacancies. Final year students can also apply given that they submit the certificate on or before the date mentioned in the SBI PO Notification 2021 PDF. Also, check the SBI PO Syllabus, Previous Year Cut Off, Eligibility, Exam Analysis, Salary, Study Plan and more on Oliveboard. Additionally,

Take Our SBI PO Crash Course On YouTube Video  – Most Important topics for SBI PO Prelim 2021 Enrol For Complete SBI PO Crash Course + Test Series

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 DetailsAmount
Basic Pay41,960
DA (26%)12,701
HRA2937
Location Allowance 700
Learning Allowance600
Special Allowance6,881
Gross Salary65,780
City Compensatory Allowance and the DA determines the difference in the SBI PO Salary.

Deductions

Salary DetailsAmount
PF Contribution4196
Income Tax3290
Professional Tax200
Contributory Pension Fund 5,274
Total Deductions12,960
Net Salary52,820

Go through the following table to know more about the year-wise basic pay along with the annual increment:

PeriodSBI PO Basic SalaryIncrement
For the first 7 yearsINR 41,960/-980
For the next 2 yearsINR 48,820/-1145
Another 7 yearsINR 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 InsuranceSBI provides 75% insurance for families and 100% for the employee.
Furniture AllowanceRs. 1,20,000 for the purchase of furniture.
Loan BenefitsEmployees get a discount/ low interests rates on loans.
PetrolRs. 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 Slip 2021 issued by HRMS SBI mentions the Take Home Pay, Total and the deductions in SBI PO Salary.
SBI PO Salary Slip 2020,

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.

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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.

SBI PO Salary

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

Give a Boost to your preparation by joining the SBI PO Course where you can learn with faculty members who have cleared Bank PO / Clerk and other competitive exams. Join Now

Also, to start your SBI PO 2021 Preparation we are giving you a FREE SBI PO Mock Test 2021, Register Now to avail. You just need to register on the Oliveboard portal and start with your SBI PO Free Mock Test. With the free Mock Test, you can know where you stand and how much you need to prepare for different topics from SBI PO Syllabus.

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SBI PO Salary 2021 | FAQs

What is SBI PO Salary 2021?

SBI PO Salary 2021 starts with basic pay of Rs 41,960 (with four advance increments) on a scale of ₹ 36000 to ₹ 63840.

What is the SBI PO Salary In Hand?

Approximately, a total of Rs 52,820 to 53,000 salary is the monthly in-hand salary of SBI PO. The Gross compensation received lies between 8.20 Lakhs (minimum) to Rs. 13.08 lakhs (maximum) per annum. The amount varies with the location of the job posting.

Which Bank PO gets the highest salary?

SBI offers the highest pay package to its probationary officers.

Does SBI PO get a pension?

The newly recruited Bank PO is provided with an NPS facility in which a certain amount of money from the employees and the employers are contributed to the pension funds. The same is invested in the market. In addition to that, you will get a certain amount as a pension each month.

Is the SBI PO exam tough?

It is a competitive exam, if it is tough for one candidate, it will be tough for others too. Your level of preparation will make all the difference.

Can I crack SBI PO in the first attempt?

Yes, it is possible with regular studiesexpert guidance, and the requisite amount of revision before the exam.

How long is SBI PO Training?

A bank PO undergoes a 2 year probation period or training and then gets the post of Assistant Manager on joining a branch.

Can SBI PO get home posting?

As a Probationary Officers in SBI, you can be posted anywhere in India including places near your hometown.

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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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