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SBI PO Salary 2023
The State Bank of India has released the SBI PO 2023 Notification for a total of 2000 vacancies. The SBI PO is the most attractive banking examination in India. It is the salary and job profile SBI Offers that attracts lakhs of candidates over other banking examinations. As per the official notification, the basic pay for SBI PO Salary 2023 is Rs. 41,960 (with 4 advance increments) and the salary structure is in the scale of 36000-1490/7-46430-1740/2-49910-1990/7-63840 applicable to Junior Management Grade Scale-.The salary and benefits of working in SBI are at par with the best standards in the banking industry. There are numerous allowances that are added to salary which make it even more lucrative. Here in this article, we have provided the complete information on SBI PO Salary 2023 with details on allowances, in-hand salary, and job profile.
SBI PO Revised Salary Structure
SBI PO is a dream job for banking aspirants as the bank provides immense opportunities for growth in careers. After final selection candidates are appointed as “Probationary Officers” and have to undergo a probation period that may extend up to two years. SBI PO Salary varies according to the place of posting but the basic pay remains the same. The net salary includes basic pay along with various perks and allowances. The latest salary structure as mentioned in the official notification for SBI PO 2023 is as follows: 36000-1490/7-46430-1740/2-49910-1990/7-63840. Aspirants preparing for the examination can go through the SBI PO Salary 2023 in the post discussed below.
SBI PO Salary Structure
The below Salary Structure has been prepared as per the revised SBI PO Salary, the candidates who are dreaming of the job opportunity of SBI Probationary Officer must be aware of the increased Salary of SBI PO.
|SBI PO Salary Structure in India|
|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|
SBI PO Salary Deduction
From the Gross Salary of SBI PO i.e. Rs. 65,780, the following monthly deductions will be done after which the officers get the in-hand salary of Rs. 52,820. Check the SBI PO Salary Deduction as detailed below.
|SBI PO Salary Deduction|
|PF Contribution||Rs. 4,196/-|
|Income Tax||Rs. 3,290/-|
|Professional Tax||Rs. 200/-|
|Contributory Pension Fund||Rs. 5,274|
|Total Deductions||Rs. 12,960|
SBI PO In-Hand Salary
The initial in-hand salary of SBI PO ranges between Rs. 52000- Rs. 55000 per month with the basic pay of Rs. 41,960. The Gross compensation received lies between 8.20 Lakhs (minimum) to Rs. 13.08 lakhs (maximum) per annum. The SBI Probationary Officers are eligible for Lease Rental/ HRA, DA, Medical, CCA, and other allowances besides basic pay. The amount varies with the location of the job posting.
SBI PO Salary Increment
The SBI POs will be awarded a yearly increment which is fixed for a particular period. Check the below table to know about the SBI PO Increment cycle.
|SBI PO year-wise Increment|
|First 7 years||Rs. 1490/-||Rs. 36,000/-|
|Next 2 years||Rs. 1740/-||Rs. 46,430/-|
|Another 7 years||Rs. 1990/-||Rs. 63,840/-|
SBI PO Allowances
The salary includes a number of allowances that contributes to the total sum. These are some standard allowances that a Probationary officer in SBI gets along with the basic amount. These include:
|SBI PO Salary Allowances|
|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 PO also enjoys various perks & benefits which has been listed below:
1. Contribution Pension Scheme/New Pension Scheme.
2. Medical Aid for self (100%) and for family (75%).
4. Home Travel Concession/ Leave Fare Concession.
5. Concessional interest rates for Housing/Car/Personal Loans.
SBI PO Job Profile & Promotion
The candidates who are shortlisted for SBI PO posts have to go through training regarding the basic banking knowledge before joining as Probationary Officer. 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. After the probation period, the candidates will be confirmed as Junior Manager Grade Scale I (JMGS-I)
Being the most prestigious bank of the country, the employees ought to get the best from the job. SBI conducts promotion exams annually, that increases the job standard(profile), position and salary. Thus, a PO gets good exposure in the overall terms of his career. A two-year probation needs to be served by the SBI PO. After that, the promotion positions are as follows:
1. Assistant Manager
2. Deputy 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
SBI PO Salary 2023: FAQs
Q. What is the Pay scale of SBI PO.?
Ans. The pay scale of a Probationary Officer is 36000-1490/7-46430-1740/2-49910-1990/7-63840
Q. What is the highest rank an SBI PO can get in his/her bank career?
Ans: Chairman is the highest rank, an SBI PO can get in his/her bank career.
Q. What is the in-hand salary of SBI PO.?
Ans: SBI PO gets a total of Rs 52000 to 55000 INR in-hand Salary.
Q. What is the starting salary of an SBI PO?
Ans: The starting SBI PO salary is Rs. 41960/- (basic pay) with four advanced increments.