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SBI PO Salary 2019 | Growth & Promotion

SBI PO Salary

State Bank of India has released the SBI PO 2019 notification announcing 2000 vacancies for Probationary Officer post. SBI PO is one of the biggest banking exams that every aspirant wants to crack not only because of the SBI PO tag associated with it but also because of the economic stability and immense growth opportunities that it offers. In this article we’ll discuss about SBI PO salary, allowances, perks, and promotion. Let’s check in detail what an SBI PO would get after clearing the exam –

Also Check: SBI PO Study Plan

SBI PO Salary and Perks

According to the official notification, presently, the starting basic pay is Rs. 27,620/- (with 4 advance increments) in the scale  of Rs. 23700-980/7-30560-1145/2-32850-1310/7-42020 applicable to Junior Management Grade Scale-I. 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. The total compensation per annum on CTC basis be a minimum of Rs. 8.20 lacs  and  maximum of Rs. 13.08 lacs depending on place of posting and other factors.

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Following are the perks provided with SBI PO Salary -:

  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

Basic Pay

INR 27,620

Pay Scales Applicable

23,700 – 980/7 – 30,560 – 1,145/2 – 32,850 – 1,310/7 – 42,020

Dearness Allowance

 46.9% of Basic Pay

City Compensatory Allowance

3% – 4% depending on City

House Rent Allowance

7% – 9% depending on City/Place of Posting

Furniture Allowance

INR 1,20,000

Medical Insurance

100% covered for employee; 75% covered for family members

Travelling Allowance

AC 2-tier fare is reimbursed to the employee for official travels

Petrol Allowance

INR 1,100 – 1,250

Newspaper Allowance, Entertainment Allowance, Books Allowance, etc.

Varies based on Cadre

Gross Compensation

8.20 Lakhs (minimum) to Rs. 13.08 lakhs (maximum) per annum.

SBI PO in hand Salary 2019 – After all the deduction, the take-home salary generally ranges from 42,000 to 44,000.

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SBI PO: Promotion & Growth

SBI PO is considered as 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 have a clearly defined system for 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 hierarchy in a very short time, due to 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 to the meritorious and exceptionally brilliant officers to reach the Top Management Grade in a reasonably quick time.

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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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Following is the promotion ladder which a PO can climb in SBI -:

  1. After completing two years of Probation, the PO is deputed as an Assistant Manager
  2. Deputy Manager
  3. Manager
  4. Chief Manager
  5. Assistant General Manager
  6. Deputy General Manager
  7. General Manager
  8. Chief General Manager
  9. Deputy Managing Director
  10. Managing Director
  11. Chairman

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

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SBI PO Mock Test Series

To start your SBI PO 2019 Preparation we are giving you a FREE SBI PO Mock Test 2019. You just need to register on 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.

Note:

  • Mock Tests are available in HINDI and ENGLISH both
  • Tests can be taken on Mobile App or PC

Read the preparation strategy for SBI PO Exam from SBI Toppers here.

That’s all from us in this blog. We hope you all now have a clear picture about SBI PO Salary, Promotion and the growth opportunities. If you wish to get in touch with your fellow competitors for preparation of SBI PO 2019 Exam, you can visit Oliveboard’s discuss forum.

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