SBI PO Salary: Check In-Hand Salary, Increments, Perk, Benefits

Updated On: December 06, 2023 09:33 am IST

SBI PO draws a handsome salary along with a lot of perks and benefits that come along with the post. Read the article to know about the SBI PO salary 2023.

Table of Contents

SBI PO Salary in India
SBI PO Salary In Hand
SBI PO Salary Increment
SBI PO Perks and Allowances

SBI PO Salary : The salary offered by State Bank of India is one of the many reasons why candidates wish to work in this prestigious organization. SBI is one of the largest banks in India and starting a banking career in it can be life-changing. The basic pay of SBI PO is INR 41960 after revision as per the official notification 2023-24. The best part about the SBI PO salary is that it comes with four advance increments in the compensation size of 36000-1490/7-46430-1740/2-49910-1990/7-63840 and various perks.

In this article, we bring to you details of the SBI PO 2023 salary structure, basic pay, pay scale, in-hand salary and the additional perks & benefits offered to a Probationary Officer.

SBI PO Salary in India

The SBI PO salary is decided as per the Bipartite Settlement according to which the employees of the State Bank of India are given their salaries. SBI has one of the best pay scales in the banking sector that is one more and more candidates sit for its exam every year, especially for Probationary Officer. To discuss in detail, we have mentioned below the SBI PO salary in hand based on the Bipartite Settlement.

SBI PO Salary In Hand

The in-hand salary of an SBI Probationary Officer is calculated after deductions like PF, Income Tax, Contributory Pension Fund, Professional Tax, etc. So, given in the table is the detailed Salary structure of SBI PO 2023:

Salary Details	Amount (INR)
Basic Pay	41,960
DA (26%)	16,300
HRA	2937
Location Allowance	700
Learning Allowance	600
Special Allowance	6,881
Gross Salary	69,378

Deductions

Deductions	Amount (INR)
PF Contribution	4196
Income Tax	2425
Professional Tax	200
Contributory Pension Fund	5,580
Total Deductions	12,401
In Hand Salary	56,977

Also Read: SBI PO Prelims 2023 Exam Day Instructions

SBI PO Salary Increment

Probationary Officers in SBI receive 4 increments at the time of joining, which makes it different from other Bank PO.

Basic Pay	INR 41,960/- (with 4 advance increments)
1st Increment	Increment of INR 1490/- for next 3 years
2nd Increment	Thereafter, Increment of INR 1740/- for next 2 years
3rd Increment	Thereafter, Increment of INR 1990/- for next 7 years
4rth Increment	INR 63,840

SBI PO Perks and Allowances

There are so many other allowances and benefits given to a Probationary Officer in SBI. There is a 5-in-1 monthly allowance which includes allowances for Petrol, house help, newspaper, cleansing material, and mobile bill. So, let’s take a look at all the perks and allowances that can be availed by an SBI PO.

Allowances	Amount
Dearness Allowance	32.97% of the Basic Pay
Lease	Rural(population less than 10,000) - Rs 9,000 per month Semi - Urban(Population of 10,000 and above and less than 1 lakh) - Rs 10,000 per month Urban(Population of 1 lakh and above and less than 10 lakh) - Rs 17,500 per month Metro(Population more than 10 lakh) - Rs 20,000 - 30,000 per month
Petrol	60 litres per month
Newspaper	Rs 300 per month
Entertainment	Rs 2000 per month (Rs. 12500 Annually)
Cleansing	Rs 1500 per month
Furniture Allowance	Rs 2,00,000 for 10 years
Furniture Maintenance Allowance	20,000 per year
City Compensatory Allowance	3% – 4% depending on location
House Rent Allowance	7% – 9% depending on Place of Posting if lease not taken
Medical Insurance	100% covered for employee \| 75% covered for dependent family
Traveling Allowance	AC 2-tier fare is reimbursed to the employee for official travels or Training travels
Utility Allowance	Rs 4500 annually for balti/mugs
Loan	Interest rates are reduced for home loans, car loans, and personal loans.

For more information on SBI PO Salary, keep checking CollegeDekho.

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