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?
- How Does an SBI PO Promotion Cycle Works?
- What is the SBI PO’s Career Growth?
- How To Prepare For SBI PO 2021? – Get Complete Online Course & Mock Test Series
- SBI PO Salary 2021 | FAQs
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,
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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)
|Contributory Pension Fund||5,274|
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
- Contribution Pension Scheme/New Pension Scheme
- Medical Aid for self (100%) and for family (75%)
- Home Travel Concession/ Leave Fare Concession
- 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.
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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.
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
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SBI PO Salary 2021 | FAQs
SBI PO Salary 2021 starts with basic pay of Rs 41,960 (with four advance increments) on a scale of ₹ 36000 to ₹ 63840.
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.
SBI offers the highest pay package to its probationary officers.
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.
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.
A bank PO undergoes a 2 year probation period or training and then gets the post of Assistant Manager on joining a branch.
As a Probationary Officers in SBI, you can be posted anywhere in India including places near your hometown.
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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