SBI is the largest public sector bank in India and accordingly provides a great compensation package for the Probationary Officers (PO). In this section, we will look at the SBI PO salary structure, in-hand salary, benefits and allowances applicable to the SBI PO.
SBI PO Salary 2021
The in-hand salary of a Probationary Officer in SBI is one of the most frequently questioned questions among aspirants. 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. SBI PO Salary in terms of CTC will be ₹8.20–₹13.08 LPA depending on the place of posting and other factors.
|Location Allowance ||700|
|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)
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
Apart from salary, SBI PO enjoys some other perks and benefits which are as follows:
- 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|