The State Bank of India conducts an All India level exam for the recruitment of probationary officers in its branches across the country. The recruitment process consists of 3 levels, Prelims, followed by mains, and the interview. Lakhs of candidates appear every year in the recruitment process and why not, it is one of the most lucrative jobs in the banking industry. In this article, we will cover one of the most highlighted aspects of this job, SBI PO Salary & Perks 2021.
So, hold tight and read till the end to know all the benefits and in-hand pay received by a PO in SBI.
What is SBI PO Salary in 2021?
According to the official notification of 2019, the starting basic pay of SBI PO is Rs. 27,620/- (with 4 advance increments) in the scale of Rs. 23700-980/7 – 30560-1145/2 – 32850-1310/7 -42020 applicable to Junior Management Grade Scale-I.
For those who find the pay structure hard to understand in the beginning, 23700-980/7 translates to – Your basic pay is ₹ 23,700 and your increment for the next 7 years will be ₹980/year.
The official will also be eligible for D.A, H.R.A/ Lease rental, C.C.A, Medical, and other allowances & perquisites as per rules in force from time to time.
SBI PO Salary in terms of CTC will be ₹8.20–₹13.08 LPA depending on the place of posting and other factors.
Note: Any changes in the salary after the official notification of SBI PO 2021, will be updated here.
SBI PO Salary 2021 (Pay Scale including Perks & Benefits)
Basic Pay
INR 27,620
Pay Scales Applicable
23,700 – 980/7 – 30,560 – 1,145/2 -32,850 – 1,310/7 – 42,020
Dearness Allowance
46.9% of Basic Pay
City Compensatory Allowance
3% – 4% depending on City
House Rent Allowance
7% – 9% depending on City/Place of Posting
Furniture Allowance
INR 1,20,000
Medical Insurance
100% covered for employee; 75% covered for family members
Travelling Allowance
AC 2-tier fare is reimbursed to the employee for official travels
Petrol Allowance
INR 1,100 – 1,250
Newspaper Allowance, Entertainment Allowance, Books Allowance, etc.
Varies based on Cadre
Gross Compensation
8.20 Lakhs (minimum) to Rs. 13.08 lakhs (maximum) per annum.
SBI PO in hand Salary – After all the deduction, the take-home salary of an SBI PO generally ranges from 42,000 to 44,000.
The salary of a PO in SBI has annual increments. Wondering what will be your salary after 5 years of working with SBI? Well, if you perform exceptionally, you might get promoted to Scale-II officer.
Nevertheless, if you are in Scale-I, your salary will be around 47,000/- to 48,000/-. People get an increment of 980/- annually on basic pay with an additional allowance of 10,000/- to 15,000/-.
Some Additional Benefits
Looking for SBI PO Salary Slip? – Here You Go!
Here’s a glimpse of what an SBI PO’s salary slip looks like:
SBI PO Salary After 5 Years
The only thing that varies considerably is the annual increment to your basic pay each year. Other constrains in the SBI PO salary remains constant more or less. So after 5 years your basic pay will become ₹ 31,540 i.e an addition of ₹3920 to your basic pay. Based on the SBI PO salary slip above –
SBI PO Salary After 5 Years will be ₹ 55,220.
How Does an SBI PO Promotion Cycle Works?
SBI PO is considered one of the most prestigious banking jobs. The Bank has a strong work culture that encourages dedicated employees to grow professionally, by providing them immense growth opportunities.
SBI conducts promotion exams annually and has a clearly defined system for promotions and growth of its employees. SBI POs have faster promotions and can rise up much faster in comparison to POs of other banks.
The annual appraisal that happens at SBI is fair and transparent. Dedicated and hardworking employees can reach higher in the hierarchy in a very short time, due to a huge number of vacancies in all grades of their promotion channels.
State Bank of India provides immense opportunities for growth in career, including opportunities for posting abroad.
The attractive promotion policy of the Bank provides an opportunity to the meritorious and exceptionally brilliant officers to reach the Top Management Grade in a reasonably quick time. Sounds Interesting?
On joining, the selected candidates will be designated as “Probationary Officers” and will be on probation for two years. They will be subjected to continuous assessment during the probation period.
Those candidates who qualify in the assessment as per standards determined by the Bank from time to time will be confirmed in the Service of the Bank in Junior Management Grade Scale-I (JMGS-I).
Further, those officers who achieve higher standards/ scores stipulated by the Bank may be considered for direct placement in the next higher grade, Middle Management Grade Scale-II (MMGS-II) immediately after confirmation.
Free videos, free mock tests and free GK tests to evaluate course content before signing up!
What is the SBI PO’s Career Growth?
The candidate selected in the SBI PO has to be on 2 years of probation and complete multiple evaluations test. Here is the career graph for a PO in SBI.
Author:
Abhishek Patil, CEO and Co-Founder of Oliveboard
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