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

Vaibhav Bansal

Updated On: December 06, 2023 09:33 AM

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

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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