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:
|Total without HRA||43819.00|
|Gross with HRA||46319.00|
|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
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.