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SBI PO Salary Structure 2021- Know the Salary increment, Perks and benefits offered to a SBI PO Officer

Updated On -

Feb 25, 2021

State Bank of India is one of the largest Government banks in India and known for its perks, benefits and comparatively higher pay-package for the employees. SBI Probationary Officer posts for the year 2021 will soon be published. The salary package offered is affected by the location of the branch as well as the merit of the candidate but there is nevertheless a standardized scale that is maintained for all. Currently, the basic pay of SBI PO is Rs. 27620. In addition, the salary structure includes some other allowances and perks.

SBI Salary

SBI PO 2021- In Hand Salary

The salary scale of the SBI Probation officers is set according to the Bipartite Settlement. This comes with four advance increments in the compensation size of 23700-980 (7) – 30560 – 1145 (2) – 32850 – 1310 (7) – 42020. This means that the PO will get a basic of Rs 23700 with an increment of Rs 980 for the next 7 years, followed by a basic of Rs 30560 with an annual increment of Rs 1145 for the next two years and so on.

SBI PO is eligible for DA, HRA, CCA, Medical and other allowances also. The total in-hand salary will be around Rs. 40000 to 45000 depending on the location of posting and also on other factors.

Basic Pay Rs.27,620/- (with 4 advance increments)
1st Increment Increment of Rs. 980/- for next 7 years
2nd Increment Thereafter, Increment of Rs. 1145/- for next 2 years
3rd Increment Thereafter, Increment of Rs. 1310/- for next 7 years

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 Rs. 23700/- 980
For the next 2 years Rs. 30560/- 1145
Another 7 years Rs. 32850/- 1310

SBI POs are eligible for Lease Rental/ HRA, DA, Medical, CCA and other allowances. Hence, the total SBI PO salary per annum on CTC basis is varied between 8.20 lakhs to 13.08 lakhs. In addition, as per the latest official notification, SBI employees will be subject to a SMART compensation package.

SBI PO
SBI Allowances

SBI PO Perks and Allowances for the year 2021

SBI provides 100% medical insurance for the Officer and 75% insurance for family members of the employee. It offers cashless treatment in the selected medical facilities around the country.

Apart from these, they are provided with Newspaper Allowances, Books and Magazine Allowances, Petrol Allowances, House Maintenance Allowances, Telephone Bill Reimbursement, Entertainment Allowances, Concessionary interest rates for House Loan, Car Loan and Personal Loans.

Perks and Allowance Amount
Dearness Allowance 46.9% of the Basic Pay
City Compensatory Allowance 3% – 4% depending on location
House Rent Allowance 7% – 9% depending on Place of Posting
Furniture Allowance INR 1,20,000
Medical Insurance 100% cover for employee and 75% cover for dependent family members
Travelling Allowance AC 2-tier fare is reimbursed to the employee for official travels only
Petrol Allowance INR 1,100 – 1,250
Loan Benefits The employees get low-interest rates/discount on loans
Newspaper Allowance, Entertainment Allowance, Books Allowance, etc. Varies based on Cadre

SBI PO Salary Benefits

The SBI POs are getting the following benefits apart from the salary:

  • Medical insurance (100% for SBI PO and 75% for the family members)
  • Newspaper allowance
  • Petrol allowance
  • Telephone bill reimbursement
  • Leave fare concession/ Home Travel concession
  • Cashless treatment in selected medical facilities around the country
  • Books and magazines allowance
  • House maintenance allowance
  • Entertainment allowance
  • Concessionary interest rates for car loan, personal loan and house loan.
SBI Joining

SBI PO Salary 2021 Joining, Training & Career Path

Candidates who are shortlisted after the personal interview are given training regarding the basic banking knowledge before joining. At the time of joining, the candidates have to sign a bond of Rs 2 lakhs and serve the bank for a minimum of three years.

Once the candidate joins as a probationary officer in SBI, they will undergo a probation period or training of 2 years. If they successfully pass the training period, they will get the confirmation and be able to join as a Junior Manager Grade SCale I (JMGS-I). During the training period, they will be continuously assessed before getting promoted to the next level. Apart from that, the officers, who will be able to achieve the higher standards, will be considered for direct placement in the next higher grade that is Middle Management Grade Scale II (MMGS-II), just immediately after getting the confirmation.

The bank also offers many career opportunities in careers nationally and even a chance to get posted internationally.

After two-year probation, various promotion positions are as follows:-

  1. Assistant Manager
  2. Deputy Manager
  3. Manager
  4. Chief Manager
  5. Assistant General Manager
  6. Deputy General Manager
  7. General Manager
  8. Chief General Manager
  9. Deputy Managing Director
  10. Managing Director
  11. Chairman
SBI FAQs

SBI PO 2021 FAQ’s

Ques. How to apply for the post of SBI PO in 2021?

Ans. Candidates who fulfil the eligibility criteria can apply for the post-SBI PO by submitting the application form on the official website of State Bank of India i.e. www.sbi.co.in.

Ques. What is the starting salary of an SBI Probationary Officer?

Ans, The starting salary of an SBI Probationary Officer is Rs. 27,620 which is followed by four increments.

Ques. What is the highest rank an SBI PO can get?

Ans. Chairman is the highest rank one can get in his/her banking career. One gets a chance to get promoted to various ranks as per the credibility of the candidate.

Ques. Does an SBI PO get any allowances?

Ans. Yes, apart from the basic salary, State Bank of India PO gets various allowances such as House Rent Allowance, Dearness Allowance, Medical allowance, Personal loans etc.

Ques. What is the probation period of a Probationary Officer in SBI?

Ans. The selected candidates have to serve for a minimum of 3 years in the State Bank of India, out of which the first two years he/she is on probation. They undergo various checks and are kept under observation for this period.

Ques. Is there any security deposit during the joining of PO post?

Ans. At the time of joining, all the candidates have to sign a bond of Rs 2 lakhs for the probation period

*The article might have information for the previous academic years, please refer the official website of the exam.

Comments


3 Comments
S
sunny pandey
what is the inhand salary of sbi po?
K
kavita rani

Hi Sunny. The basic pay of SBI PO is INR 27620. 23700-980 (7) – 30560 – 1145 (2) – 32850 – 1310 (7) – 42020. This means that the PO will get a basic of Rs 23700 with at least increment of INR 980 for the next 7 years, followed by a basic of Rs 30560 with an annual increment of Rs 1145 for the next two years and so on.
Refer here for more details.
 

S
sameer
What are the leave policies of SBI officers?
K
kavita rani

Hi Sameer. SBI officers get 33 days of privilege leaves and 12 days of casual leaves. If any woman is pregnant, she will have the privilege of using 2 years of leave. Check out detailed SBI's leave policy here.
 

M
mohammed najamuddin
What is the salary of SBI PO during the probationary period?
K
kavita rani

Hi Mohammed. The maximum basic salary is INR 42020 per month. SBI PO is eligible for DA, HRA, CCA, Medical and other allowances also. The total compensation per annum on CTC is close to INR 8.20 lakhs to INR 13.08 lakhs depending on the place of posting. Further details related to the salary are presented here.