SBI PO Salary 2024, Job Profile, In Hand Salary, Allowance and Career Growth
The initial in-hand SBI PO Salary 2024 looks promising along with the allowances and perks (described below). You must be interested to know more about the salary structure, job profile, allowances, probationary period, career growth after selection and SBI PO Salary 2024 after 2, 5 and 7 years of appointment. In this article we have mentioned all these details. So, visit this page to know more.
SBI PO Salary 2024
Apart from the basic salary, SBI POs get other allowances and benefits such as house allowance, DA, medical insurance coverage, and others. A probationary officer has a number of responsibilities which include the duty to handle several functions such as finance, accounting, billing, investments, revenue collection, etc. during his probation period. SBI PO is undoubtedly one of the most sought-after government jobs in India. State Bank of India Probationary Officer (PO) is considered to be the most sought-after and prestigious government job in India as SBI is undoubtedly one of the top nationalized banks.
When a candidate gets appointed as a PO in SBI, he starts receiving Rs 41,960 as his basic salary (with 4 advance increments). The salary structure of SBI PO follows the range of 36000-1490/7-46430-1740/2-49910-1990/7-63840. In this article, details of SBI PO salary 2024, Assistant salary, allowances and job profile are discussed.
| SBI PO Salary 2024 | |
| Basic Pay | Rs. 41,960 |
| Special Allowance | Rs. 6,881 |
| DA | Rs. 12,701 |
| Location Allowance | 700 |
| Learning Allowance | 600 |
| Special Allowance | 6881 |
| Gross Salary | 65,780 |
| Deductions | 12,960 |
| Net Salary | Rs 52,820/- Monthly |
SBI PO Salary 2024 Deductions
SBI POs are given a number of benefits when it comes to deductions that they can claim while filing their ITR and calculating tax liabilities. The table below gives all the claimable deductions in the SBI PO salary 2024 structure.
| SBI PO Salary 2024 Deductions | |
| Particulars | Amount |
| PF Contribution | Rs. 4,196/- |
| Income Tax | Rs. 3,290/- |
| Professional Tax | Rs. 200/- |
| Contributory Pension Fund | Rs. 5,274 |
| Total Deductions | Rs. 12,960 |
SBI PO In Hand Salary 2024
The starting monthly salary for SBI PO ranges from Rs 52,000 to Rs 55,000, primarily based on a primary salary of Rs 41,960. Their annual gross compensation ranges from a minimum of Rs 8.20 lakh to a maximum of Rs 13.08 lakh. Apart from the basic salary, SBI Probationary Officers also get additional benefits such as lease rental/HRA, DA, medical, CCA and other allowances. The specific amount of these allowances depends on the location of the job posting.
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SBI PO Salary Slip 2024
Candidates who are going to get selected as Probationary Officer in SBI Bank and want to check SBI PO Salary Slip can check below. Here we have shared the Probationary Officer Salary Slip. The salary slip will help you to understand the salary structure of SBI PO like allowances, perks and total in-hand salary.
SBI PO Allowances
SBI PO salary includes several allowances apart from the basic pay that increase the take-home pay of the employee. The allowances that come with SBI PO salary 2024 are tabulated below:
| SBI PO Salary 2024 Allowances | |
| Allowance | Amount |
| Dearness Allowance | 26% of the Basic Pay |
| City Compensatory Allowance | 3% – 4% depending on location |
| House Rent Allowance | 7% – 9% depending on Place of Posting |
| Furniture Allowance | Rs. 1,20,000 |
| Medical Insurance | 100% covered for employees | 75% covered for dependent family |
| Travelling Allowance | AC 2-tier fare is reimbursed to the employee for official travels |
| Petrol Allowance | Rs. 1,100 – 1,250 |
| Newspaper Allowance, Entertainment Allowance, Books Allowance, etc. | Varies based on Cadre |
SBI PO Salary Increment
Candidates can check the year-wise SBI PO salary hike details in the table below. As soon as the candidates complete 7 years in service, they get the maximum salary hike.
| Period | Increment (INR) | Basic Salary (INR) |
|---|---|---|
| First 7 years | 1490 | 36,000 |
| Next 2 years | 1740 | 46,430 |
| Another 7 years | 1990 | 63,840 |
SBI PO Benefits 2024
Being a bank job, SBI PO perks include a stable occupation, job security, fixed allowances and the benefit of salary hikes. Hence, this job is an attractive job for many candidates.
The extra advantages of the wage embody:
- Medical insurance (100 per cent for self and 75 per cent for members of the family)
- Cashless therapy in selected medical services across the nation
- Newspaper allowance
- Books and magazines allowance
- Petrol allowance
- Home upkeep allowance
- Phone invoice reimbursement
- Leisure allowance
- Concessionary rates of interest for House Loan, Car Loans, and Personal Loans
- New pension scheme contribution
- Go away Journey Concessions (LTC)
SBI PO Salary After 5 Years
SBI PO salary and in-hand pay are subject to annual increments. Every SBI PO is given a certain amount of increment based on the period of service rendered by them. You must be curious to know how much salary you will get after a certain period, whether it is 2 years, 5 years or 7 years. With the increase in working years, the annual CTC may also increase. After 5 years of joining, an SBI PO will get an estimated salary of Rs 60,270 per month.
The desk beneath reveals the SBI PO Salary increment yearly and the ultimate wage.
| Time | Increment | Basic Salary |
| First 7 years | Rs. 1490 | Rs. 36,000 |
| Next 2 Years | Rs. 1740 | Rs. 46,430 |
| Another 7 Years | Rs. 1990 | Rs. 63,840 |
SBI PO Job Profile
The duties of an SBI Probationary Officer are generally as follows:
- Supervising clerical activities, customer service, loan processing, opening of bank accounts etc.
- Marketing of New Schemes
- Bringing New Enterprise to the bank
- Another activity bestowed by the bank from time to time.
- On-site coaching, similar to at SBI training institutes.
SBI PO Promotions
A candidate will be appointed as a Probationary Officer after clearing all the stages of the selection process, and then they will have to complete a probationary period that can last up to two years. Candidates will be appointed in the Junior Administration Grade Scale-I (JMGS-I) and will be confirmed in the Bank’s service upon meeting the analysis requirements set by the Bank.
Since the Bank conducts promotional exams regularly, candidates have a very good opportunity to move up to the top management grade soon.
- Assistant Manager
- Deputy Manager
- Manager
- Chief Manager
- Assistant General Manager
- Deputy General Manager
- General Manager
- Chief General Manager
- Deputy Managing Director
- Managing Director
- Chairman
In general, the salary and allowances offered by the SBI PO job profile are very attractive and give good career growth. The banking sector releases an honest variety of vacancies to provide a very good opportunity to the candidates. Many candidates apply for this post every year and are currently enjoying a stable life with a very good income.
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