SBI PO Reasoning Preparation TipsMay 17, 2016
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SBI PO Salary 2023: The State Bank of India (SBI) PO exam is one of the most sought-after exams in the country. This exam gets a large number of applicants because of its lucrative salary and benefits and, more importantly, the career growth opportunities. The basic salary for a State Bank of India Probationary Officer (SBI PO) is Rs 41,960. According to the modified Bipartite Settlement, a Probationary Officer’s salary is 36,000-1490/7-46430-1740/2-49910-1990/7-63840, with four advance increments.
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The SBI PO pay structure includes a number of extra components, making this position lucrative. Many aspirants are unaware of the most recent changes to the SBI PO Salary. Continue reading to learn more about the updated SBI PO Job Profile & Promotion, Salary Structure, Career Growth, and Allowances.
An SBI Probationary Officer’s starting basic salary is Rs 41,960. According to the amended Bipartite Settlement, the salary of a Probationary Officer is 36000-1490/7-46430-1740/2-49910-1990/7-63840 with four advance increments. It means that the PO will receive a basic salary of Rs 36000 with an annual increment of Rs 1490 for the following seven years, followed by a basic salary of Rs 46430 with an annual increment of Rs 1740 for the next two years, and so on. The maximum basic pay is Rs 63840.
Candidates interested in the position of SBI Probationary Officer should be aware of the salary structure for this post:
|Basic Pay||Rs. 41,960|
|Special Allowance||Rs. 6,881|
|Location Allowance||Rs. 700|
|Learning Allowance||Rs. 600|
|Gross Salary||Rs. 65,780|
|Deduction (PF/Income Tax/Professional Tax/Pension)||Rs. 12,960|
|Net Salary||Rs. 52,820|
Understanding all types of pay and benefits is crucial for the aspirants before applying for SBI PO to know what they will be getting after they get shortlisted for the post. The job profile and roles and responsibilities of an SBI PO are also discussed in this article. We strongly suggest all candidates be acquainted with all salary information to understand if this is the right position.
The starting salary of an SBI PO is between Rs. 52000 and Rs. 55000 per month, with a basic compensation of Rs. 41,960. The annual gross compensation ranges from Rs. 8.20 lakhs (minimum) to Rs. 13.08 lakhs (highest). In addition to base pay, SBI Probationary Officers are eligible for Lease Rental/ HRA, DA, Medical, CCA, and other allowances. The fee fluctuates depending on where the job posting is located.
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In the first year, an SBI PO officer will get a basic pay of Rs 36000. For the first 7 years, the officer will get an increment of Rs. 1490. In the next two years, the officers will draw a salary of Rs. 46430 and get an increment of Rs. 1740. For the next 7 years, the officer will get a salary of Rs. 49910 and get an increment of Rs. 1990. Following this period, the candidates will get a salary of Rs. 63840.
|Basic Pay||Rs 41,960 (Increment in 4 stages):|
|1st Increment||Rs. 36000-1490/7|
|2nd Increment||Rs. 46430-1740/2|
|3rd Increment||Rs. 49910-1990/7|
|4th Increment||Rs. 63840|
SBI POs are eligible for benefits such as DA, HRA/Lease Rental, CCA, Medical and other allowances and perquisites as per the rules in force from time to time. Location and other factors impact the annual salary amount drawn by an SBI PO officer. Refer to the below table to know the salary, allowances and increments received by an SBI PO officer:
|Dearness Allowance||26% of the Basic Pay|
|City Compensatory Allowance||3% – 4% depending on location|
|House Rent Allowance||7% – 9% depending on the Place of Posting|
|Furniture Allowance||Rs. 1,20,000|
|Medical Insurance||100% covered for employees | 75% covered for dependent family|
|Travelling Allowance||AC 2-tier fare is reimbursed to the employee for official travels|
|Petrol Allowance||Rs. 1,100 – 1,250|
|Newspaper Allowance, Entertainment Allowance, Books Allowance, etc.||Varies based on Cadre|
Along with the handsome and lucrative in-hand salary, SBI POs also enjoy the following perks and benefits:
While knowing the in-hand salary of an SBI Probationary Officer is important for applicants filling out the application form, paying attention to the deduction in the salary is also worth it. After candidates are shortlisted as SBI POs, they will get a monthly in-hand salary; however, some amount from their overall income is deducted.
These deductions could be income tax, professional tax (PT), or others. Take a look to find out more:
Deduction in SBI PO Salary
|Provident Fund (PF) Contribution||Rs 4,196|
|Income Tax (IT)||Rs 3,290|
|Contributory Pension Fund||Rs 5,274|
|Professional Tax (PT)||Rs 200|
|Total Deductions||Rs 12,960|
Apart from the allowances mentioned above, an SBI PO candidate also gets the following benefits:
Collectively, the job offers a good salary, career growth and social status, which candidates seek.
Candidates selected through the SBI PO exam will have to go through a probation period of 2 years. During probation, they will be assessed for their performance. Those who will qualify in the assessments determined by the bank will be confirmed as Junior Management Grade Scale I.
If a candidate fails to perform to the required standards, the bank holds the right to terminate the employment of the candidate. After that, candidates will be promoted to higher posts based on their performance, work experience and other parameters.
The bank provides immense opportunities to candidates for growth in their careers. It includes the opportunity of being posted in foreign countries as well. Check the career path that follows the post of SBI PO is provided below:
SBI PO job role includes supervising clerical activities, customer service, processing loans, opening bank accounts, etc. They will also learn about various fields of banking like Retail Banking, Rural Banking, etc.
Apart from this kind of on-site training, Probationary Officers also get trained at SBI training institutes. SBI PO, which is Junior Management Grade Scale-I, after completion of the probation period, will undergo screening. After qualifying, they will be promoted to Officer Middle Management Grade Scale-II.
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The frequently asked questions related to SBI PO 2023 salary are given below:
Ans: The SBI PO Basic Pay is INR 41,960/- at joining.
Ans: The in-hand salary for a Probationary Officer at SBI amounts to around Rs.50,000. However, location and other factors determine the take-home salary of the candidates.
Ans: The probation period for SBI PO officers is 2 years.
Ans: SBI PO officers can get increments in their salaries in the range of 7 years – 2 years – 7 years.
Ans: SBI PO can be promoted to the highest post of Chief General Manager over a period of time.
We hope that this article has helped you. If you have any queries or doubts, feel free to ask us through our app, and we will get back to you at the earliest.
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