SBI PO: Salary, Allowances and Pay Scale
State Bank of India is the largest bank in India having its operations all over the country. Every year SBI conducts a recruitment process for the recruitment of Probationary Officer (PO). Lakhs of candidates apply for the SBI Probationary Officer (PO) recruitment, not only because it is an attractive bank job but also due to attractive salary and pay scale.
Understanding the Salary and Compensation is important just like paying attention to the Job profile. Knowing the technicalities beforehand not only saves you from unexpected surprises after joining SBI but also gives you an extra edge in planning your life accordingly.
We have also included certain important doubts that arise in the aspirant’s mind. This is a must read for all.
Benefits of Joining SBI at the post of Probationary Officer
SBI is India’s prestigious bank which offers the following benefits to its employees:
- Brand SBI
- High salary package and allowances
- Provides exposure to employees
- No service Bonds
- Greater opportunities for career growth
- Possibility of working abroad
Pay Scale of SBI-PO:
As per the SBI PO 2018 notification
The starting basic salary of SBI-PO in 2018 is Rs. 27,620/- (with 4 advance increments) in the scale of 23700-980/7-30560-1145/2-32850-1310/7-42020 applicable to Junior Management Grade Scale-I.
In addition to basic pay, the official is also eligible for the following allowances:
- Dearness Allowance(DA): The Dearness Allowance (DA) is a cost of living adjustment allowance paid to Government employees, Public sector employees (PSU)and pensioners in addition to the basic pay. DA in banks is revised on quarterly basis. The new revised current DA (for the month of May 2019, June 2019 and July 2019) is 64.5% of the Basic Pay.
- House Rent Allowance(HRA): HRA is paid by the employer to the employee to meet the expenses associated with the rent of the accomodation which the employee might have to take for their residential purpose. HRA depends on the place of posting and it can be 7%,8% or 9% depending on the place of posting.
- Special pay: This is 7.75% of your (Basic Salary + DA).
- CCA,Medical and other allowances as per the rules and norms in force from time to time.
- The total compensation per annum would vary from a minimum of Rs.8.50 lacs to a maximum of Rs. 14.23 lacs depending on the place of posting and other factors.
Note: SBI plans to offer SMART compenation package which would enable the candidates to monetize specific elements of salary package.
Important Doubts Regarding SBI PO Salary:
Will I get any salary during my Probation??
Yes,All selected candidates for officer position will be on a probation period of two years. You will get the same salary given above during probation as well.
Do I have to pay for training like the case with various Manipal Courses??
No, not even a single penny. Instead when you are undergoing your classroom training, even then you will be getting the full salary. (LEARNING AND EARNING AT THE SAME TIME)
Will I really get 12 lakhs Rs per year as a salary in hand??
Well this is the most doubtful question. Not your inhand salary, but yes the total compensation can go upto 14 lakhs per annum which includes
- Your basic salary
- Dearness Allowance
- City Compensatory Allowance
- Tax and PPF
- Allowances like Petrol, Newspaper, Entertainment, Tea and Coffee.
- Leased rent Accommodation (Or Staff Quarter if available at your place of posting)
We hope that after reading this article now you must have a very good idea about the salary of a SBI PO. The salary of SBI Officer may appear a little low if we compare it to other similar level jobs in Central Government and other PSBs, however over a period the salary of a SBI Officer increases quickly. The reason for growth in the salary of SBI Officer is that in SBI, Probationary Officers normally get very fast promotion and if all goes well one can reach to senior management cadre in just -7-8 years time. So with every year there is substantial increase in the salary. Further, Dearness Allowance also increase every quarter so every quarter there is some increase in the salary. Apart from all that the annual increment amount is also very good in bank. Hence the salary increases quite fast and there is no doubt that SBI takes care of its employee and pays very handsome salary and perks.
Apart from the above salary, perks and allowances discussed above a SBI PO also gets concessional loans, LTC and HTC facility, furniture allowances, scholarship for kids, study leave and various other benefits which bank extends from time to time.
If you have any query about the SBI PO Salary and pay scale, you can ask your query below