SBI PO Salary 2020: The State Bank of India Probationary Officer (SBI PO) is one of the most demanding and prestigious jobs in India. Being the largest nationalized bank in India, SBI ensures a secure future for its employees. It provides financial security and social status. In this article, we will provide the latest information regarding SBI PO salary. We will give details on the salary structure, 7th pay commission additions, additional benefits, allowances, and more.
In India, every year lakhs of candidates appear for the SBI PO exam to get into the banking sector. The notification for SBI PO 2020 which was expected to be released in the month of June 2020 is delayed due to COVID-19 Outbreak. Here we will provide information about the SBI PO job profile – roles and responsibilities, and scope of growth. Read on to find out.
SBI PO Salary 2020
Presently, the starting SBI PO Basic Pay is 27,620/- with 4 advance increments in the scale of:
- Rs. 23700-980/7
- Rs. 30560-1145/2
- Rs. 32850-1310/7
- Rs. 42020
SBI POs are also eligible for D.A, H.R.A/Lease Rental, C.C.A, Medical and other allowances and perquisites as per the rules in force from time to time. The total SBI PO Salary per annum on CTC basis will be a minimum of 8.20 lakhs and a maximum of 13.08 lakhs (depending on your place of posting and other factors).
According to the official notification, SBI may offer, subject to necessary approvals, a SMART Compensation Package which would enable candidates a choice to monetize specific elements of the SBI PO salary package.
Let us now look into the detailed SBI PO Salary Structure and allowances.
SBI PO Salary Structure After 7th Pay Commission
The 7th pay commission came into effect in September 2019 for all the banks and all employees got a good hike. Apart from the Basic Pay of Rs 27, 620 (in the scale of 23700-980/7- 30560-1145/2-32850-1310/7-42020), the SBI PO Salary includes the following allowances:
SBI PO Salary 2020: Allowances
|Dearness Allowance (DA)||The DA is calculated based on the Consumer Price Index (CPI) and is revised every quarter. You can expect your DA to be around 46 % of the Basic Pay. However, it will go up or down based on inflation.|
|City Compensatory Allowance (CCA)||This is calculated based on your city of posting and ranges between 3 to 4 % of the basics.|
|Leased House Accommodation / House Rent Allowance (HRA)||This too depends upon the city of your posting and can vary from Rs 8000 (in rural areas) to Rs 29,500 (in a city like Mumbai).|
|Travel Allowance (TA)||SBI reimburses the travel cost for official travels.|
|Medical Insurance||SBI provides 75% insurance for families and 100% for the employee.|
|Furniture Allowance||Rs 1,20,000 for the purchase of furniture.|
|Loan Benefits||Employees get a discount / low interests rates on loans.|
SBI PO Salary: Additional SBI PO Benefits
Apart from the above-mentioned allowances, an SBI PO also gets the following benefits:
|SBI PO Salary: Additional Benefits|
|Medical insurance (100 percent for SBI PO and 75 percent for family members)|
|Cashless treatment in selected medical facilities around the country|
|Books and magazines allowance|
|House maintenance allowance|
|Telephone bill reimbursement|
|Concessionary interest rates for House Loan, Car Loan, and Personal Loan|
SBI PO Salary: Perks Of Being An SBI PO
Apart from the SBI PO Salary, the following are the perks of being an SBI Probationary Officer:
- a) Financial stability and security
- b) Great growth opportunities
- c) Social status
SBI PO Job Profile: SBI PO Roles And Responsibilities
The SBI PO has a probation period of 2 years during which they learn the various aspects of banking. This 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, and after qualifying it, they will be promoted to Officer Middle Management Grade Scale-II.
SBI PO Promotion And Career Opportunities
The career path for SBI PO – the promotions and career growth is as under:
SBI PO Salary: SBI PO Promotions & Career Growth
Assistant General Manager
Deputy General Manager
Chief General Manager
|Assistant General Manager|
|Deputy General Manager|
|Chief General Manager|
As you can see, there are numerous reasons for you to take this exam seriously and give your best shot. Apart from the salary, there are great growth opportunities.
SBI PO Salary 2020: FAQ’s
What is the Pay scale of SBI PO.?
Ans. The Pay scale of SBI PO is 23700-980/7-30560-1145/2-32850-1310/7-42020.
What is the basic salary of SBI PO.?
Basic Pay Salary- Rs 27620/- with (4 Increments).
What is the in hand salary of SBI PO.?
The In-Hand salary of SBI PO is in between 42000 to 44000 per month.
What are the allowances we get in SBI PO.?
The allowances and perks offered in SBI PO are Medical Insurance, Travelling Allowance, Furniture Allowance, Petrol and other allowances.