SBI PO Reasoning Preparation Tips
May 17, 2016
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SBI PO Salary 2023: Check In-Hand, Salary, Salary Slip, Promotion & Perks
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.
| Practice Unlimited SBI PO Questions | |
|---|---|
| Reasoning Ability Section Questions | Data Analysis & Interpretation Section Questions |
| English Section Practice Questions | Chapters-wise Practice Questions |
**Steps to practice unlimited questions are given in this article below
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.
SBI PO Salary 2023
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.
SBI PO Salary Structure
Candidates interested in the position of SBI Probationary Officer should be aware of the salary structure for this post:
| Components | Amount |
|---|---|
| Basic Pay | Rs. 41,960 |
| Special Allowance | Rs. 6,881 |
| DA | Rs. 12,701 |
| Location Allowance | Rs. 700 |
| Learning Allowance | Rs. 600 |
| HRA | Rs. 2,937 |
| 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.
What is SBI PO In-Hand Salary?
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.
Practice Unlimited SBI PO Prelims Exam Questions
Aspirants can practice unlimited free SBI PO Prelims exam questions at Embibe by following the steps mentioned below:
- 1st Step: Visit Embibe’s official website, i.e., embibe.com.
- 2nd Step: Use the mobile number/email to log in.
- 3rd Step: Click on the “Getting a Government Job” menu bar.
- 4th Step: Select the Goal “Banking” from the dropdown and click on “Next”.
- 5th Step: Search and select “SBI PO Prelims” and click on “Next”.
- 6th Step: Select the preferred language and click on “Done”.
- 7th Step: Click “Practice” from the header section.
- 8th Step: Scroll down to the “Subjects” section.
- 9th Step: Click on any SBI PO Prelims subjects.
- 10th Step: Scroll down to click on the chapters from the selected subject to begin the practice.
Starting Salary of SBI PO Officers and Increment
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.
SBI PO Salary Increment
| Components | Amount |
|---|---|
| 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 PO Allowances
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:
| Allowance | Amount |
|---|---|
| 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 |
SBI PO Perks
Along with the handsome and lucrative in-hand salary, SBI POs also enjoy the following perks and benefits:
- Contribution Pension Scheme/New Pension Scheme.
- Medical Aid for self (100%) and for family (75%).
- LTC.
- Home Travel Concession/ Leave Fare Concession.
- Concessional interest rates for Housing/Car/Personal Loans.
SBI PO Salary Deduction
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
| Particulars | Deductions |
|---|---|
| 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 |
What Benefits are Provided apart from SBI PO Salary 2023?
Apart from the allowances mentioned above, an SBI PO candidate also gets the following benefits:
- Medical Insurance (100 per cent for SBI PO and 75 per cent for family members)
- Cashless Treatment in selected medical facilities around the country
- Newspaper Allowance
- Books and magazines allowance
- Petrol allowance
- House maintenance allowance
- Telephone bill reimbursement
- Entertainment allowance
- Leave Fare Concession/Home Travel Concession
- Concessionary interest rates for House Loan, Car Loan, and Personal Loan
Collectively, the job offers a good salary, career growth and social status, which candidates seek.
SBI PO Job Profile & Promotion
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.
SBI PO Career Growth
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:
- Deputy Manager
- Manager
- Chief Manager
- Assistant General Manager
- Deputy General Manager
- General Manager
- Chief General Manager
SBI PO Job Profile, Roles and Responsibilities
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.
Also, check:
FAQs on SBI Bank PO Salary 2023
The frequently asked questions related to SBI PO 2023 salary are given below:
Q: What is the starting basic pay for SBI PO?
Ans: The SBI PO Basic Pay is INR 41,960/- at joining.
Q: What is the in-hand salary of an SBI PO?
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.
Q: What is the probation period for an SBI PO officer?
Ans: The probation period for SBI PO officers is 2 years.
Q: When can SBI PO officers expect an increment in their salaries?
Ans: SBI PO officers can get increments in their salaries in the range of 7 years – 2 years – 7 years.
Q: What is the highest rank SBI PO can get in his/her bank career?
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.
Stay tuned to Embibe to catch all the updates about the SBI PO 2023!
