SBI PO Salary 2023: Structure, Allowance, Profile and Promotional System

The State of Bank of India (SBI) is the largest and oldest bank in India with the most number of branches. Every year, SBI releases an official notification for the recruitment of Probationary Officers (PO). It is the dream of many candidates to get selected for the post of PO in SBI. A lot of candidates wonder what is the SBI PO Salary 2023. We are going to answer this question for you through this post.  Here, we are going to provide complete details related to the SBI PO 2023.

SBI PO in Hand Salary 2023

The actual in-hand salary of an SBI PO depends upon many factors including his/ her job location. Still, we can have some rough estimates about the in-hand salary as explained below.

  • Approximately, the in-hand salary of SBI PO is between Rs. 40000/- and Rs. 42000/-.
  • If we talk about the yearly compensation, we can say that the Gross compensation received by an SBI PO is Rs. 8. 20 Lakhs (minimum) to Rs. 13. 08 Lakhs (maximum) per annum.

SBI PO Allowance 2023 after 11th Barpatite Settlement

The in-hand salary of a probationary officer is a combination of various salary components. There are many allowances that a PO in SBI along with the basic salary.

Salary Component Amounts
SBI PO Basic Pay Salary in India Rs. 27620/- (increment in 4 stages)

 

1st Increment – Rs. 23700/- – 980/ 7

2nd Increment – Rs. 30560/- – 1145/ 2

3rd Increment – Rs. 32850/- – 1310/ 7

4th Increment – Rs. 42020/-

Leased House Accommodation Minimum – Rs. 8000/- (Rural)

 

Maximum – Rs. 29500/- (Urban)

Dearness Allowance (DA) 46.9% of the basic pay
Travelling Allowance Reimbursement for AC – 2 Tier (Exclusively for official travels)
Medical Insurance 100% for employees

 

75% for family members

City Compensatory Allowance (CCA) From 3% to 4% (Depending on the place of posting)
Petrol Allowance Rs. 1100/- to Rs. 1300/- (only in case of personal vehicles)
Miscellaneous Rs. 4000/-
Total Compensation (Annually) Rs. 7.5 lakhs to Rs. 12.9 lakhs
Travelling Allowance Reimbursement for AC – 2 Tier (Exclusively for official travels)
Loan Benefits Concession on interest rates

SBI PO Salary 2023 Components

To understand how much an SBI PO earns it is important for us to understand various components of the SBI PO salary structure 2023.

  • Basic Salary – Basic salary is the basic unit of salary that a probationary officer gets without any additional compensation or deduction. The minimum basic salary of an SBI PO is Rs. 27620/-.
  • Dearness Allowance – The dearness allowance is given to the Probationary Officers in addition to their basic salaries. You should note that the dearness allowance depends upon the inflation rate. Currently, the Dearness Allowance given is 46.9% of the basic salary.
  • City Compensatory Allowance – The city compensatory allowance depends upon the location of the town, city, metro, or village in which the SBI PO is posted. Generally, the city compensatory allowance is around 3% to 4% of the basic salary.
  • Petrol Allowance – The patrol allowance is also given only if the employee has his/ her own vehicle. Generally, it is around Rs. 1100/- to Rs. 1300/-
  • Travelling Allowance – The traveling allowance is given only for the official visits of the PO.

Perks for SBI PO 2023

Apart from the salary mentioned above, there are many more perks offered by the SBI to its probationary officers.

  • Medical Aid for the PC (up to 100%) along with family members (75%)
  • Contribution Pension Scheme/ New Pension Scheme.
  • Home Travel Concession/ Leave Fare Concession.
  • T.C
  • Probationary Officers also get concessions in the interest rates for Home/ Car/ Personal Loans.

SBI PO Job Profile and Promotional System

State Bank of India (SBI) is one of the most prestigious banks in the country. It is known for ample growth opportunities for its employees. SBI organizes promotion exams annually. Offers can participate in these examinations and get a hike in the job profile, position, and salary. Overall, we can say that Probationary Officers get enough exposure for career growth. Initially, all Probationary officers have to work on probation for 2 years. After that, they can get promoted and reach the following positions.

  • Assistant Manager
  • Deputy Manager
  • Manager
  • Chief Manager
  • Assistant General Manager
  • Deputy General Manager
  • General Manager
  • Chief General Manager
  • Deputy Managing Director
  • Managing Director
  • Chairman

SBI PO Salary Slip 2023

The sample of the salary slip of an SBI PO is given below. Please note that it is not an actual salary slip, we are providing it just to give you some reference.

State Bank of India PO Salary Slip 2023 – Sample
Earning Amount (in Rs.) Deductions (Cr. To A/C no. ) Amount (in Rs.)
Basic Pay 27, 620.00 Emp. PF contribution 2, 762.00
Dearness Allowance 18, 183.70 Contributory Pension Fund 4, 450.00
House Rent Allowance 2, 485.80    
City Compensatory Allw 870.00    
Arrears of earnings 0.01    
Special Allowance 2, 140.00    
Total 51, 300.04 Total 7, 212.00
    Take Home Pay 44, 088.00

FAQs

What is the SBI PO Salary Structure 2023 as per the official notification?

As per the official notification, the starting basic pay is Rs. 27, 620/- (with 4 advance increments) on 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 a CTC basis be a minimum of Rs. 8. 20 lacs and a maximum of Rs. 13. 08 lacs depending on the place of posting and other factors.
SBI may offer, subject to necessary approvals, a SMART compensation package that would enable candidates a choice to monetize specific elements of the salary package.

What is the medical allowance mentioned in the SBI PO Salary 2023 structure?

The officer gets medical insurance cover of up  to 100%. Plus, the family members get insurance cover of up to 75%.

What is HRA in SBI PO Salary?

The HRA stands for House Rent Allowance. Because SBI PO is a transferable job, the house rent allowance is provided to officers posted in any city or village.

What is the Job description of SBI PO?

The general duties of SBI bank Probation Officers are as follows.
Handling and Addressing the customer queries
Issuance of bank services, ATM cards, Demand Draft, Cheque books, etc.
Supervising general functioning of the bank
Managing loan approving, marketing, and planning.

Spread the Knowledge

Leave a Reply

Your email address will not be published. Required fields are marked *