The post of probationary officer is one of the most desirable, respectable and demanding jobs in India. The PO operates in various domains like accounting, finance, billing investment, revenue collection etc. basic salary and additional pugs and announcements are very attractive for State Bank of India probationary officers which attract thousands of youth seeking job towards this shining opportunity. In the various banking sector jobs SBI PO is one of the most wanted jobs for aspiring candidates because of the salary and growth opportunity provided by it throughout their career. Here in this article we have provided every important information regarding the SBI PO salary 2024.
SBI PO Salary 2024
All the important information about the State Bank of India probationary officer salary structure is released by the State Bank of India on its official website via notification PDF. Candidates who are aspiring to join as probationary officers in State Bank of India are requested to thoroughly read the notification PDF. People who will join the position of PO in SBI will get various allowances and perks along with the basic payment which is rupees 41,960/-. After the release of notification PDF for the salary information the number of candidates aspiring for this job will increase significantly. For the candidates who don’t know about the salary and allowances of SBI PO should read our article thoroughly.
SBI PO Bank Salary Structure
The basic salary structure of SBI PO position is rupees 41960/- with four advance increments. The salary of a probationary officer 36000-1490/7-46430-1740/2-49910-1990/7-63840 compensation size as per revised Bipartite settlement after four advance increments. In simplified words the basic salary of PO will be 36,000 rupees with an increment of rupees 1490 for next 7 years. In the next year the basic pay will be 46430 with an increment of 1740 for the next 2 years and so on. The highest basic salary of PO position in SBI Bank can increase up to 63,840 rupees. The salary structure for SBI PO salary 2024 is given in the table below with gross salary, deductions and net salary In the table below.
| SBI PO Salary Structure in India | |
| Parameters | Amount (INR) |
| 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 basic salary of rupees 65780/- monthly reductions will be done such as PF contribution of rupees 4196/-, income tax professional tax contributory pension fund etc. After all deductions the probationary officer will get a salary of rupees 52820/- in hand. All the deductions are given in the table 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 Bank In-Hand Salary
With the basic pay of 41960 the probationary officer will get a salary ranging from 52,000 to 55,000 rupees per month in hand. The gross compensation will be ranging from 8.2 lakhs to 13.08 lakh annually. Besides the basic payment the probationary officer will get allowances for lease rental HRA, DA, medical, CCA and other allowances. The amount of the allowances will be depending upon the location of job posting.
SBI PO Salary Increment
The probationary officer in SBI will get a yearly increment which is fixed for the first 7 years and after that next 2 years and after that another 7 years. The increment year voices given in the table below.
| 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
Various allowances such as dearness allowances, City compensatory allowances, house rent allowances, furniture allowance, medical allowance, medical insurance, traveling allowance. Also petrol allowance, newspaper allowance, entertainment allowance, etc., accompany the basic payment for the SBI PO post. Details about the allowances appear in the table below.
| 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 Place of Posting |
| Furniture Allowance | Rs. 1,20,000 |
| Medical Insurance | 100% covered for employee | 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 lucrative basic salary and allowances the SBI PO will be given additional perks which are mentioned in the table below.
| Benefit | Description |
| Contribution Pension Scheme/New Pension Scheme | Employees contribute towards a pension scheme, ensuring financial security post-retirement. |
| Medical Aid | Provides medical coverage for both the employee (100%) and their family (75%). |
| LTC (Leave Travel Concession) | Allows employees to avail of travel benefits during their leave periods. |
| Home Travel Concession/Leave Fare Concession | Offers concessions on travel expenses for employees and their families. |
| Concessional Interest Rates for Loans | Provides employees with discounted interest rates for housing, car, and personal loans. |
| Basic Pay | INR 41,960 (with 4 advance increments). The pay scale is INR 36000-1490/7-46430-1740/2-49910-1990/7-63840 |
| Dearness Allowance | DA is revised every quarter and is calculated based on CPI (Consumer Price Index). Currently, DA is 46.9 percent of the basic pay |
| City Compensatory Allowance (CCA) | CCA varies with the place of posting of 4 per cent or 3 per cent |
| Leased House Accommodation | SBI PO is entitled to take a house on lease. The amount of which varies with posting between a minimum of INR 8000 (in rural areas) and a maximum of INR 29, 500 (In Mumbai) |
| Furniture Allowance | INR 12,0000 for the purchase of furniture |
| Medical Insurance | 100 per cent of medical coverage for SBI employees and 75 per cent for their family members |
| Travelling Allowance | For official travels, reimbursement of AC 2-tier fare is provided |
| Petrol | 50 Lts (For 2 wheelers) Or 55 Lts (For 4 Wheeler) Or Approx. INR 1100-1250 if you do not have 2/4 wheelers (conveyance allowance) |
SBI PO Job Profile & Promotion
Candidates who will be selected for the State Bank of India probationary officer post will be called for training to prepare for the job. And they will be learning about basic banking knowledge to join as probationary officer. All the selected candidates will have to sign a bond of rupees 200000 and to serve the bank for at least 3 years of time frame at the joining. After the probation period, the bank will promote selected candidates to the position of Junior Manager Grade Scale 1. Candidates, upon serving as probationary officers for 2 years, will become eligible for promotion to various posts mentioned in the table below.
| Job Profile | Description |
| Probationary Officer (PO) | Entry-level position where candidates undergo training in basic banking knowledge. |
| Junior Manager Grade Scale I | After the probation period, POs are confirmed as Junior Managers Grade Scale I (JMGS-I). |
| Assistant Manager | Entry-level managerial position responsible for supervising teams and executing operational tasks. |
| Deputy Manager | Mid-level managerial position responsible for overseeing specific departments or functions within the bank. |
| Manager | Mid-level managerial position with increased responsibilities in decision-making and team management. |
| Chief Manager | Senior managerial position with leadership responsibilities and involvement in strategic planning. |
| Assistant General Manager | Senior leadership position overseeing multiple departments or regions within the bank. |
| Deputy General Manager | Executive-level position responsible for implementing strategic initiatives and driving organizational growth. |
| General Manager | Executive-level position with significant authority and responsibility in leading the bank’s operations and strategic direction. |
| Chief General Manager | Senior executive position responsible for managing key aspects of the bank’s operations and contributing to high-level decision-making. |
| Deputy Managing Director | Top-level executive position with broad oversight over various departments and functions within the bank. |
| Managing Director | Top-level executive position responsible for steering the bank’s overall direction and ensuring financial stability and growth. |
| Chairman | Highest-ranking position in the bank’s hierarchy, responsible for providing leadership to the board of directors and representing the bank’s interests externally. |
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