SBI PO Salary – Perks, Allowances, CTC and Pay Scale

In this post we are going to tell you about SBI PO Salary, pay scale, CTC, perks, allowances and other entitlements.

After going through this article we are sure that you will be aware in details about the salary, pay scale and perks of a SBI PO. 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.

As far as SBI PO Sarlary is concerned, SBI is the bank which pays the highest salary when it comes to the salary of a Probationary Officer. Many aspirants are confused about the difference between SBI PO and other bank PO.

Why to choose SBI?

  • Brand SBI
  • High salary package
  • No service bonds
  • Maximum opportunity for career growth
  • Exposure to employees
  • Attractive Salary, Perks and Lease house facility
  • Possibility to work abroad

Salary of newly recruited probationary officers:

The revised /initial starting basic pay is Rs.23700/- (4 additional increments will also apply) in the pay scale of 23700-980/7-30560-1145/2-32850-1310/7-42020 (revised as on 1st June 2015) applicable to Junior Management Grade Scale – I. The official will also be eligible for D.A., H.R.A., C.C.A & Special allowances.

Dearness Allowance (DA):  DA in banks is revised on quarterly basis (i.e. in the months of February, May, August and November) based on the CPI as declared by Government of India.

The current DA is about 48% of the basic salary. DA can go up with higher inflation and also come down if the inflation rate is in negative.

House Rent Allowance (HRA): Depends on the place of posting and it can be either 9.0% or 8.0% or 7.0% depending on the place of posting.

Capital Cost Allowance (CCA): Depends on the place of posting and can be either 4% (maximum Rs.870/-) or 3% (Maximum Rs.600/-) or 0%.

Special Allowance: This has been added in 10th BPS (w.e.f 01/11/2012) and for scale I is 7.75% on which DA is also payable.

The above information indicates that the total salary of a PO on joining at a metro city will be around Rs. 42000/-.

Perquisites for SBI PO:

In SBI there are also various perks such as Newspaper allowance, Petrol allowance, Entertainment allowance, Servant allowance, Travelling allowance, Medical aid etc. will be provided in the range of 6,000 to 8,000 depending upon the place of posting.

Broad Cost to Company (CTC) for Bank PO:

  MONTHLY YEARLY
Basic Pay 27620.00 331440.00
Special Allowance 2072.00 24864.00
DA 13257.00 159084.00
CCA 870.00 10440.00
Transport allowance 0.00 0.00
Total without HRA 43819.00  
     
HRA 2500.00 30000.00
Gross with HRA 46319.00
     
Medical aid unlimited unlimited
Entertainment 500.00 6000.00
Newspaper 300.00 3600.00
Petrol 3000.00 36000.00
Telephone 400.00 4800.00
Others 400.00 4800.00
     
Gross Annual CTC (with HRA but without leased accommodation)   611028.00

The CTC will vary from bank to bank and place of posting. In this calculation only approximate figures have been taken at some places.

Leased House Facility: Leased house rent facility is also very attractive in SBI. An officer gets very high leased rent, depending on the place of posting.

SBI PO Salary

sbi po salary

sbi po salary

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 post your query below.

Comments

  1. agrawal kishan r says:

    I wanna this job… I have learn 10th,12th and Also running ty.b.com

  2. Pravesh Kumar says:

    1. what will be the In-Hand salary of SBI SO(IT Office) in 2016 ???
    2. What is the growth opportunities of IT Office in SBI ???
    3. I am currently working in Private Sector as a Software Engineer with 10 LPA package. So, which will be best considering longer term perspective ??

  3. ofcourse..ur current role is better for growth.I was placed in Axis bank with CTC 15 lakhs…If u want chaalneging career and growth.pvt is better

  4. goutam kumar says:

    Good service

  5. I will be 20 yes on required date to be eligible to sit in exam. Should take a risk to give exam ? Can it lead to any sort of disqualification in future ??

  6. Pankaj Soni says:

    Hello Sir,
    I Like your post very much. I am selected as Specialist officer(Assistant Manager System) in SBI. Till now I didnt get the joining letter. I want to Know what will be our salary structure while joining. How much we will get after joining? and What are the promotion process. I am already in Govt. Service where I am getting 23K in hand. whether It will be good for me to join SBI?

  7. Hi,

    What if I do not want to take SBI quarter , but lease accommodation on my own at the bank ,even if there is staff quarter available in the same city

  8. Sir,during the probation training period will the candidate be given any salary or is he paid only after two years training time.

Speak Your Mind

*