SBI PO Salary 2023, Revised Salary Structure, Job Profile, Allowances

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
DA	Rs. 12,701
Location Allowance	Rs. 700
Learning Allowance	Rs. 600
HRA	Rs. 2,937
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
Particulars	Amount
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
Period	Increment	Basic Salary
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
Allowance	Amount
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%).

3. LTC.

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

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 PO Salary 2023: FAQs