SBI PO Salary 2024 | Job Profile, Allowances & Other Benefits

March 11, 2024
sbi po salary

Table of Contents

Table of Contents

Bank PO full form refers to an acronym for bank probationary officer, is a position that is tied to both the public and commercial sectors and gives a managerial-level position. It is no surprise that positions in the banking sector are highly regarded.

One of the most sought-after financial sectors is the State Bank of India, the No. 1 bank in India, which yearly seeks applications for a variety of positions. In India, SBI PO is regarded as one of the most honourable and challenging jobs. The following other elements are a part of the SBI PO salary structure:

  • Furnished rental housing, medical insurance, travel expenses, and transportation allowances.
  • For personal, car and housing loans, monthly benefits and reduced interest rates are available.
  • Candidates who put in the most effort can quickly advance to the highest level.

Many candidates preparing for the SBI PO recruitment 2024 examination are unaware of the most current adjustments to the SBI Probationary Officer Salary. You will learn more in this blog about the work description, pay scale, benefits, and potential career paths for SBI POs.

sbi po salary

SBI PO Salary: Structure and Components

The 11th bipartite settlement resulted in a recent adjustment to the SBI PO salary structure in 2024. For employees with 0 to 5 years of experience, the average SBI PO salary in India is 8.2 lakhs. SBI offers a PO pay slip that ranges from 5.0 to 12.0 lakhs.

The starting salary of SBI PO will receives four advance increments on a scale of 41,960/-. (with 4 advance increments). The following benefits are available to candidates hired as probationary officers in addition to the SBI PO Salary 2024:

  • Dearness Allowance
  • House Rent Allowance
  • City Compensatory Allowance
  • Medical Payments
  • Travelling Allowance
Components of SBI PO SalarySBI PO Salary 2022
Basic PayRs. 41,960
Dearness Allowance46.9% of Rs. 41,960
City Compensatory Allowance3.4% of Rs, 41,960
Location AllowanceRs. 8000 to Rs. 29500
Medical InsuranceFor Employees, 100% of the basic salary and family 75% of the basic salary
Travelling AllowancePayment of AC-2Tier (Only for official trips)
PetrolRs. 1100 to Rs. 1300
MiscellaneousRs. 4000
Annual Compensation7.5 lakhs to 12.9 lakhs

The average income for a probationary officer at State Bank of India is 6% higher than the average salary for a probationary officer at other Indian banks, which is 7.7 Lakhs per year.

SBI PO Salary Increment

For a certain period, the annual increase on the SBI PO Salary 2024 slip is fixed. For the first three years, SBI PO is paid a base salary of Rs. 41960 with an annual raise of Rs. 1490.

For the following three years, SBI PO is paid a base salary of Rs. 46430 with an annual raise of Rs. 1740. The SBI PO Salary 2024 Increment Details  ( sbi po salary after 2 years, salary of sbi po after 5 years, sbi po salary increment per year, etc) are available here

PeriodIncrementBasic Salary of SBI PO
First 7 yearsRs. 1490Rs. 36,000
Next 2 yearsRs. 1740Rs. 46,430
Another 7 yearsRs. 1990Rs. 63,840

After the first increment, the salary of a PO in other banks is Rs. 30,560; after the second increment, it is Rs. 32850; and after the third, it is Rs. 42020.

SBI PO In Hand Salary 2024

SBI PO In Hand Salary is calculated after deductions like PF, Income Tax, Professional Tax, Contributory Pension Fund, etc. SBI PO Salary saw an increase in Basic Pay and other allowances. Here’s the detailed Salary structure of SBI PO 2024:-

ParticularsAmount
Base SalaryRs. 41,960
Dearness AllowanceRs. 16,300
House Rent AllowanceRs. 2937
Location AllowanceRs. 700
Learning AllowanceRs. 600
Special AllowanceRs. 6,881
Gross EarningsRs. 69,378

SBI PO Deductions from Salary

After deductions for things like PF, income tax, professional tax, contributing pension fund, etc., the SBI PO In Hand Salary is determined. Basic Pay and other allowances in the SBI PO Salary increased. The SBI PO 2024 salary structure is given below:

DeductionsAmount
PF ContributionRs. 4,196
Income TaxRs. 3,290
Profession TaxRs. 200
Contributory Pension FundRs. 5,274
Total Deduction AmountRs. 12,960

SBI PO Allowances & Perks

Employees will also receive a variety of allowances in addition to their SBI Probationary Officer salary in 2024.

  • Allowance for dearness – The Consumer Price Index (CPI) serves as the foundation for determining the dearness allowance. The dearness allowance will be updated on a quarterly and yearly basis. The dearness allowance will vary as a result of inflation as well. Nearly 46.9% of the SBI PO Basic Salary 2022 will be covered by the granted dearness allowance.
  • City Compensatory Allowance – The city compensatory payment is intended to cover the cost of living in cities. The amount of the city compensatory payment will vary depending on where you work. The municipal compensating allowance ranges from 3% to 4% of the basic pay on the SBI PO Salary Slip. The CCA will be worth between 870 and 900.
  • Residence Allowance – Depending on the posting location, the house rent allowance will also change. It’s given to you as payment for the costs of your rental housing. It will be between 9%, 8%, and 7% of the base compensation for SBI POs in 2022. 2486 is a rough estimate of its worth. Greater than in rural areas is the housing rent allowance in metropolitan areas.
  • Allowance for furnishings – The furniture allowance is given to help with the cost of buying appliances and other necessary home furnishings. Depending on the scale, it will change for the officers. The furniture allowance is worth roughly 1,20,000 yen.
  • Medical Insurance – SBI staff members are given full medical coverage. While 75% of the cost of medical care is provided for their family members.
  • Travelling Allowance – It is often referred to as a conveyance allowance or a travel allowance. The staff members receive reimbursement for AC 2-tier fares when travelling on business. It will cover the costs of employees’ business trips.
  • Fuel Allowance – This is a payment made to cover the cost of fuel used for official travel. The gasoline allowance will be between Rs.1100 and Rs. 1250 in value.

SBI PO Job Profile, Joining, Training Career Prospects

Job Profile

Verification of every sort of work performed by bank clerks is also part of the SBI PO job profile.  In the age of internet banking and electronic transactions, SBI POs need to be knowledgeable about all types of innovations and developments. Additionally, he needs to be informed of all bank frauds including ATMs, digital transactions, etc.

If an SBI PO demonstrates their abilities and qualities, they will receive additional training and be given significant jobs in the areas of planning, budgeting, marketing, loan processing and approval, and investment management.  SBI POs must complete any task or activity that has a banking-related component within their two-year probationary period.

 Joining

Before starting, the chosen candidates will participate in and finish an online course that introduces them to fundamental banking concepts. The chosen individuals will be referred to as “Probationary Officers” upon joining and will be on probation for two years.

  • The chosen candidates will be required to sign a three-year bond at the time of joining. The probationary period will be served by the candidate for the first two years after joining.
  • The candidates’ confirmation to serve in the Junior Management Grade Scale-I shall follow the satisfactory conclusion of the training term (JMGS-I).
  • On the other hand, only a select few outstanding trainees will be considered for immediate promotion to Middle Management Grade Scale II (MMGS-II).

Training

SBI POs will also receive training in several additional fields, including

  • finance
  • accounting
  • marketing
  • billing
  • investment

They will become trustworthy and responsible in their duties and obligations, which mostly include sensitive and confidential financial transactions, as a result of the training they receive. An SBI PO will receive this kind of training on the actual practises and procedures of all significant banking activities.

The main goal is to develop in them a degree of adaptability that will enable them to carry out a variety of banking tasks, including engaging with clients. They will gain flexibility and adaptability through these training courses for the workplace. They will thus get used to a variety of crucial banking processes and duties

Career Prospects

Massive career-growth prospects, including those for international postings, are offered by the bank.

  • Officers who can uphold greater standards at work will be qualified for several chances abroad.
  • The Bank’s enticing promotion policy gives deserving and extraordinarily gifted officers the chance to advance to the Top Management Grade in a respectably short amount of time.

The article guided you through in-depth SBI PO salary analysis. Remember that the salary of SBI PO increments every year depending on the post and job. Besides, State Bank of India PO salary has many allowances, perks & benefits.

FAQs

What is the in-hand salary of SBI PO?

The in hand salary of SBI PO is Rs. 41,960.

What is the salary of SBI PO after 2 years?

After 2 years, the basic salary of SBI PO will be Rs. 46,430.

What is the salary of SBI PO after 5 years?

After 5 years, the salary of SBI PO  will be ₹8.20–₹13.08 LPA.

Does SBI PO get a house?

Yes. If they are assigned to a significant urban area, they will receive a nice apartment owned by SBI. In other locations, SBI pays you a house rent allowance that you can use to rent an appropriate residence. This allowance ranges from 7-9% of your salary, depending on the location.

What are the working hours of bank PO?

SBI PO’s typical working hours are from 10 AM to 5 PM. An SBI officer does not, however, have any set hours. Compared to clerical cadres, probationary officers receive some additional time extensions at work.

Does SPI PO get a pension?

No, SBI employees must choose NPS if they want a pension.