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