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.
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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