SBI PO Salary 2020 Check HRA,DA,Allowances & Benefits

The State Bank of India (SBI) is one of the largest public sector banks all over India. It holds the authority to recruit probationary officers in different branches across India through the SBI PO Exam. If you are a banking aspirant and wondering what is Salary of SBI PO? Then, go through the complete article to know the SBI PO Salary, allowances, and many more.

• The SBI PO In Hand Salary after 7th Pay Commission is fixed at Rs.27,620 per month which is inclusive of various other allowances.
• SBI PO Job Profile includes managerial tasks, such as supervision of clerical work, making certain decisions, management of cash balance.
• As per the reports, the SBI PO Starting Salary starts from Rs 25000 per month. Apart from the Basic SBI PO Bank Salary, the employee is entitled to get various other allowances and perks.
• In the previous year, a total of 2000 vacancies were released. This year it is expected that there will be more than 2000 SBI PO Vacancies released.

SBI PO Salary 2020

State Bank of India is going to release its SBI PO 2020 Notification on the official website soon. Knowing about the salary, job profile, and allowances will help you decide whether to apply or not for the vacancies this year. After all the deductions, the Officers will get an in-hand SBI PO salary ranging from Rs. 42,000 to Rs. 44,000. This salary is subject to change depending on the location of the posting.

• The starting salary of an SBI PO is 27620 (with 4 advance increments) in the PayScale of 23700-980/7-30560-1145/2-32850-1310/7-42020.
• It is noted that SBI Offers the highest salary to their PO as compared to other PSB’s PO.
• As per the notification, the in-hand salary of an SBI PO will be around 44,000 and it varies based on the job posting.
• Every year, lakhs of students appear for the exam due to its handsome SBI PO Salary and satisfying job profile.
• It is a golden opportunity for most candidates looking for a career in the banking sector.
• The article has complete details regarding the SBI PO 2020 salary structure.

SBI PO Salary Structure 2020

As per the SBI PO Salary Structure, the basic pay of SBI PO is Rs 27620. With four advance increments in the compensation size of 23700-980 (7) – 30560 – 1145 (2) – 32850 – 1310 (7) – 42020, the PO will get a basic of Rs 23700 with an increment of Rs 980 for the next 7 years, followed by a basic of Rs 30560 with an annual increment of Rs 1145 for the next two years and so on. The maximum basic salary will be Rs 42020.

SBI PO In-Hand Salary After 7th Pay Commission

An SBI PO can expect a good hike in the salary after the implementation of the 7th pay commission. Check the table below to know the SBI PO In-Hand Salary and other allowances offered by SBI.

SBI PO Salary: Benefits & Allowances

Along with the SBI PO In Hand Salary, the SBI Probationary Officer has certain salary benefits, allowances, and perks. Let us go through all the SBI PO allowances, benefits and perks one by one-

Dearness Allowance (DA):

Dearness allowance is modified every Quarterly basis in the month of February, May, August, and November on the basis of Consumer Price Index (CPI) as announced by the Government of India. DA increases with the increase in inflation and vice-versa.

Housing Allowance:

The remuneration covers rental settlement as well. The Officer gets the house rent allowance as part of the SBI PO 2020 salary package.

Travel Allowance:

POs also get time off to travel and the allowances for the same are looked after by the State Bank of India. Occasional Home and Work visits are taken care of by SBI. Along with the SBI PO In Hand Salary, the benefits and perks that the PO will recieve are as follows-

Medical Benefits:

Bank certainly take interest in the well being of POs and their family members. SBI provides 100% medical benefits to the employees and 75% benefits to their family members. The bank also has several tie-ups with various Medical offices and hospitals across the country and the individuals working as PO under SBI can certainly take advantage of the cashless treatment at all those medical Institutions.

Monthly benefits:

Apart from the regular pay structure, he/she will also eligible for various perks and prerequisites. The bank offers Daily paper stipend and other allowances like petrol, entertainment, house upkeep, books and magazine remittance, portfolio recompense, repayment of phone bills are a portion of the prerequisites to the employees.

Miscellaneous benefits:

As part of SBI PO Salary, the SBI Bank POs would also get the benefits of  Housing Loans, Car Loan, and Personal Loans at a concessionary rate of premium. In addition to this, the Bank also awards the scholarship to the meritorious children of all the workers. Pension is another blessing that comes in handy post-retirement for the Employees who joined prior to 2010-

• General Leave Policy: A SBI Probation Officer receives 12 casual Leaves,30 privilege Leaves and 15 medical Leaves per year. Maternity Leave will be provided for 6 months for women.
• Travel Leave Concession: This concession can be availed by the selected SBI PO in a block of 2 to 4 years. The SBI PO will be provided Guest House for themselves and the family anywhere in the country if required.
• Personal Development and Consistent Training: State Bank of India provides for regular training opportunities so that the  officers remain updated with banking nuances
• SMART Compensation: The officers are provided with packages where the officer can choose to monetize certain parts of the package.

SBI PO Salary: Perks

Apart from the salary, an SBI PO is entitled to get other perks and those are as follows:

• Financial stability and security
• Great growth opportunities
• Social status
• Upward Mobility
• Encash privilege leaves
• Contribution Pension Scheme/New Pension Scheme
• Medical Aid for self (100%) and for family (75%)
• LTC
• Home Travel Concession/ Leave Fare Concession
• Concessional interest rates for Housing/Car/Personal Loans

SBI PO Annual Package

As per the SBI PO Notification 2020, the Annual Package of an SBI PO ranges from Rs.8.20 lakhs to Rs.13.08 lakhs depending on factors such as place of posting and other factors. An employee will get comparatively a bit more amount if he gets posted in cities like Mumbai, Delhi, and Kolkata.

SBI PO Salary Slip 2020

The SBI PO In Hand Salary Slip contains Personal Details such as Employee Number, Name, Position, PF Index Number, DOB, Date of Joining, etc., Earning Details such as Basic Pay, Dearness Allowance, Special Allowance, etc. and Deduction details such as Employment PF Contribution, Contributory Pension Fund. Go through the image below to know how the SBI PO 2020 Salary slip looks like 

SBI PO Job Profile 2020

The SBI PO Job Profile includes a number of tasks such as banking, administration, and managerial tasks. Let us see these details-

• The SBI PO is subject to a probation period of 2 years where the officers will be given training on various aspects of banking
• The Training in the Probation Period will include Retail Banking, Advances, Rural Banking and more
• Post Probation, the officer undergoes a screening procedure to check eligibility for the post of Officer Middle Management Grade Scale 3
• On-site training in branches to train about banking procedures in the branch itself where he/she is posted
• Planning, Budgeting, and Marketing
• Issuing ATM
• He/She has to do all Clerical Tasks and verification of clerical tasks done by employees etc.
• He/She has to work as a Public Relation Officer

SBI PO Promotions and Career Growth 2020

SBI conducts promotion exams annually and that increases the job profile, position and salary. Thus, a PO gets good exposure in the overall term of his career. Two-year probation needs to be served by the SBI PO in order to get promoted to the next level. The hierarchy in the SBI PO Promotions and Career Growth is as follows.

• Assistant Manager
• Deputy Manager
• Manager
• Chief Manager
• Assistant General Manager
• Deputy General Manager
• General Manager
• Chief General Manager
• Deputy Managing Director
• Managing Director
• Chairman

SBI PO Probation Period

As per the notification, the probation period of SBI Probationary Officer is two years. In these 2 years, candidates need to work either clerical or an assistant type of job.

• SBI aims to make a candidate well versed with all working procedures of the bank.
• Candidates will be trained in various departments like finance, accounting, marketing, billing as well as an investment during the probation.
• This work profile will help employees to get practical knowledge and also perfection in the work.

SBI PO Salary after 5 years

The basic pay of SBI Probationary Officer will be Rs. 27,620/- and the increment will be given in four stages and those are as follows:

• 1st Increment: Rs. 23700-980/7
• 2nd Increment: Rs. 30560-1145/2
• 3rd Increment: Rs. 32850-1310/7
• 4th Increment: Rs. 42020

This will be the scenario of SBI PO 2020 Salary after 5 years-

• Annual Increment: increase in Annual Increment may bring an increase in salary.
• Dearness Allowance for four times average in a year.4% TO 5% Hike every year can be expected. In 5 years,20 DA the officer will recieve
• If the PO gets promotion in his/her job, the SBI PO In Hand salary scale may increase from Scale 1 to Scale 2 pay scale
• The benefit of 2 Bipartite Settlements in 5 years
• 2nd Wage Revisions may increase the salary in 5 years

SBI PO Salary FAQ’s

Q) What are the benefits provided to an SBI PO apart from salary?

The following benefits are provided to an SBI PO apart from salary

• House Rent Allowance
• Medical Allowance
• Travel Allowance
• Furniture Allowance
• Loan Benefits
• Dearness Allowance

Q) What is the basic pay of SBI PO post?

The starting SBI PO salary is Rs.27,620/ – (basic pay), which is followed by four increments. The pay scale of a Probationary Officer/ Management Trainee is 23700-980/7-30560-1145/2-32850-1310/7- 42020.

Q) What is the annual salary of an SBI PO?

The Annual Package of an SBI PO ranges from Rs.8.20 lakhs to Rs.13.08 lakhs depending on factors such as place of posting and other factors. As per the notification, an employee will get comparatively a bit more amount if he gets posted in cities like Mumbai, Delhi, and Kolkata.

Q) What is the in-hand salary of an SBI PO?

The in-hand SBI PO salary is approximately between Rs40,000/- to Rs.45,000/-. and this is the salary of a joinee level Probationary Officer. The in-hand salary also varies based on the job posting.

Q) What are the details mentioned in the SBI PO Salary Slip?

The SBI PO Salary Slip contains Personal Details such as Employee Number, Name, Position, PF Index Number, DOB, Date of Joining, etc., Earning Details such as Basic Pay, Dearness Allowance, Special Allowance, etc.

Q) How is the career growth for an SBI PO?

The hierarchy in the SBI PO Promotions and Career Growth is as follows.

• Assistant Manager
• Deputy Manager
• Manager
• Chief Manager
• Assistant General Manager
• Deputy General Manager
• General Manager
• Chief General Manager
• Deputy Managing Director
• Managing Director
• Chairman