SBI PO Salary 2020: SBI PO is one of the most competitive examinations in the country. Every banking aspirant dreams of working in the State Bank of India (SBI). The candidates selected as SBI PO gets a lucrative package which is considered to be the best in the industry. The SBI PO Salary is comparatively higher when compared to the remuneration of other banks. Along with the high SBI PO, salary candidates receive many perks and allowances.
In this article, we have provided you with the complete updated details about SBI PO salary 2020 along with the SBI PO in-hand salary, job profile, allowances, and perks, etc.
SBI PO Salary:
SBI has started the recruitment drive to hire candidates for the post of probationary officer in various branches throughout India. The post of an SBI PO can fulfill all the aspirations of an employee attached to their jobs i.e. career growth in terms of designation, salary, and other allowances. It will motivate their work and trigger their spirit towards achieving their goals. SBI always provides a lucrative salary and other emoluments to its employees. Hence the SBI PO recruitment always grabs the attention of the candidates who want to become the banking authority.
SBI PO Job Profile 2020:
“What is the work of SBI PO?” is a common question among the aspirants. Before knowing about the SBI PO salary in-hand and other details, go through the job role. It is very important for the candidates to understand the work nature. Only then you can excel in your work to attain promotions. The SBI PO appointed freshly shall be on 2-year probation from the date of appointment. In this probation period, the PO will be trained to handle various bank roles which can be clerical work or administrative work. The work profile is listed below for your reference.
- The PO trainee will handle the accounting, finance, and billing-related task of the bank.
- He/she will also act as the PRO for the bank and will act as a bridge between the public and the bank.
- He/she will take note of the requests, complaints, and grievances of the public and address it on behalf of the bank.
- With time, the trainee PO will also have to take up managerial work and start taking certain decisions on behalf of the bank.
- He/she will track the work of the SBI clerks and see that everyone is performing their duty assigned.
- The PO should also issue ATM cards, Cheque books, and Demand Drafts to the customers.
Along with handling the above tasks, the PO trainee shall keep himself updated from time to time with the latest bank policies, rules, and updates.
Once the probation period is over, the SBI PO will secure a permanent position in the bank, following which he/she shall undertake more responsibilities like planning, budgeting, etc. Thus apart from SBI bank PO salary, it is essential to understand the job role that will assist for career growth.
SBI PO Salary Structure:
In the official notification, SBI has revealed the basic pay for PO cadre employees as ₹ 27,620/-. SBI PO employees will receive the starting pay with 4 advance increments on the scale of 23700-980/7-30560-1145/2-32850-1310/7-42020. Thus the SBI PO salary slip after 16 years will have a total pay of ₹42,020/-. Candidates appointed as the probationary officer can avail of Dearness Allowance (DA), House Rent Allowance (HRA)/ Lease rental, City Compensatory Allowance (C.C.A), Medical and other allowances & advantages as per ordinance in force from time to time.
|Period||SBI PO Basic Salary||Increment|
|For the first 7 years||23700||980|
|For the next 2 years||30560||1145|
|Another 7 years||32850||1310|
Thus from the table given above the candidates will have periodic increments. Including all the remuneration and allowances, SBI PO employee will receive a minimum of ₹8.20 Lakhs to a maximum of ₹13.08 Lakhs as annual income depends on the posting area for Officer Scale 1 employees. The SBI Bank PO salary after the 7th pay commission has a good hike.
Get More: SBI PO Exam Pattern
Here from the salary of SBI PO, there are some deductions. Those deduction details are given below for your reference.
- PF (10% of Basic) = ₹2762
- NPS (10% of Basic + DA) = ₹4000
- Income Tax = as per government norms.
Take-Home Salary: According to the above earnings and deductions the take-home SBI PO Salary is ₹40,000/- (Approximate).
SBI PO Allowance Details:
Apart from the SBI PO salary 2020, the employees will enjoy various allowances. The allowance details are given in a detailed manner for your reference.
Dearness Allowance (DA):
The consumer Price Index (CPI) is the base for the calculation of the dearness allowance. On a quarterly yearly basis, the dearness allowance will get revised. Also as per the inflation, the dearness allowance will fluctuate. The dearness allowance provided is around 46.9% of the SBI PO Basic salary 2020.
City Compensatory Allowance (CCA):
The city compensatory allowance is to pay for the living expenses in cities. Based upon your working location the city compensatory allowance will vary. The range of the city compensatory allowance lies between 3% to 4% of the SBI PO basic pay. The approximate value of the CCA will range around ₹870.
House Rent Allowance (HRA):
The house rent allowance will also vary depending upon the place of posting. It is provided to compensate for your rented accommodation expenses. It will range as 9% or 8% or 7% of the SBI PO basic salary. Its approximate value is ₹2486. The house rent allowance of the urban areas is higher than that of the rural areas.
The furniture allowance is provided for the purchase of housing furniture and other needful appliances. It will vary for the officers of different scales. The approximate value of the furniture allowance is ₹1,20,000.
For SBI employees, 100% of medical coverage is provided for SBI employees. While for their family members 75% of medical cover is offered.
It is also known as conveyance allowance. For official travels, reimbursement of AC 2-tier fare is provided for the employees. It will cover the official travels of employees.
It is provided as compensation for the fuel expenses of the official travels. The approximate value of the petrol allowance will range from ₹1100 to 1250.
The SBI also offers a SMART compensation package for the employees. Using this package you can monetize several elements of the SBI PO salary amount.
Apart from the SBI PO Salary 2020, the perks are being offered to SBI Probationary Officers. There are also several benefits in various forms for the SBI PO. They are,
- Financial stability
- Job security
- Huge growth opportunities
- Can supervise various departments
- Work as a major decision-maker
- Social status
All these benefits will improve the standard of the employee in public society. Thus above the SBI PO in-hand salary and other allowances, candidates aim for this job due to this prestigious status.
Career Path of SBI Probationary Officer
Securing the job of an SBI PO is like knocking on a door of opportunities. Once you work hard and crack the SBI PO exam that consists of 2 rounds: prelims and the main round followed by the final interview. Once you clear the SBI PO exam and get appointed as an SBI PO trainee for 2 years, your focus for that time period is to learn all the banking work and to understand the policies and rules of the bank.
After 2 years when you will secure a permanent PO position, you will undertake various job roles within the bank and outside as mentioned above. During your tenure as an SBI PO which can last up to 6-7 years, you can wear many hats within the bank and work with different departments closely. This role will also give you a chance to get close to the public as you will be directly interacting with them for various bank needs.
If the employee works hard to achieve organization goals, surely that organization will honor the work with promotion and all other benefits. So getting promoted from your designation is in the hands of you, employees will speak to the organization during the promotion period. To clinch your career growth by showing your hard work and loyalty to uplift the organization’s growth.
SBI PO Promotion Stages:
From joining as a PO in SBI you can enjoy a good salary, allowances, perks, etc. Then for your exceptional career growth, there are various promotion options. The promotion stages of the SBI PO are defined in a stepwise manner below.
- Assistant Manager (PO)– scale 1
- Deputy manager– scale 2
- Manager– scale 3
- Chief Manager– scale 4
- Assistant General Manager– scale 5
- Deputy General Manager– scale 6
- General Manager– scale 7
- Chief General Manager– scale 8
- Deputy Managing Director– scale 9
- Managing Director– scale 10
- Chairman– scale 11
Each candidate who selected through PO recruitment must have worked for a Probation Period of 2 years like training to know about banking services and responsibilities in the aspects of clerical activities, bank accounts opening, customer service, processing, or the passing of loans, etc. This training will be provided through retail and rural banks. Scale 1 Officers training will be given in the SBI training institutes. Candidates who have completed the probation period successfully will attend the screening process conducted by SBI. Those who are qualified will be appointed as scale 1 officers or may promote as scale 2 officers.
We hope the above-provided information will enlighten your thoughts about SBI PO salary and career growth. After that, you may release how important this life-changing career is for you. To clinch the SBI PO career, first, you have to apply for SBI PO recruitment 2020 and do hard work to clear all the recruitment process. Only then you can achieve your goal and enjoy the SBI PO salary and other benefits.
Is SBI PO a permanent job?
If you achieve the minimum standards set by the SBI at various levels, then it is a permanent job. The job position is explained in detail here for your convenience.
At joining time you have to enter into the agreement by signing a bond of ₹2 lakhs. The bond depicts that you have to work in the bank for a minimum of 3 years. If you violate the agreement, then the bank will execute the bond to claim the amount from you.
From the stature of probationary officers, the candidates have to pass the various assessments to move on to the next level. The next higher level is Junior Management Grade Scale-I (JMGS-I). From this stature, you can go to the next higher level of Middle Management Grade Scale-II (MMGS-II). It can be attained by achieving higher scores/standards set by the bank. If the candidate fails to achieve the set scores/standards, the bank may terminate you from the job.
So, the SBI PO job is a permanent job, as you achieve the standards of the bank. The candidates clearing the tougher exams of SBI PO mains and interview will have no concern about this. So enjoy your work and don’t put pressure on yourself.
Start Practice: SBI PO Mock Test
Frequently Asked Questions:
Here candidates can refer to the SBI bank PO salary-related FAQs. So that you can get a clear vision about it.
Q: Which bank PO gets the highest salary?
A: Without any doubt, it is SBI that offers the highest salary for the PO cadre.
Q: Is any bond will be executed at the time of joining as an SBI PO?
A: Yes, a bond is executed at the time of joining. The value of the bond is ₹2 lakhs.
Q: What is the training period for the SBI PO?
A: The probation period of the SBI PO is 2 years
Q: What is the minimum serving period of an SBI PO as per the bond?
A: You have to serve for a minimum period of 3 years in the bank. If you resign before completing 3 years, then the bank will execute the bond against you.
Q: What is the application fee for SBI PO?
A: GEN: ₹750
All other candidates: ₹125
Q: What is the basic salary for SBI PO?
A: The basic pay for an SBI PO is ₹27,680
Q: How much is the in-hand salary for the SBI PO?
A: The in-hand salary for an SBI PO is approximately ₹40,000 to 42,000
Q: What are the perks provided apart from the SBI PO salary?
A: The perks provided under the SBI PO salary profile are:
1. Dearness Allowance (DA)
2. House Rent Allowance (HRA)/ Lease rental
3. City Compensatory Allowance (C.C.A)
4. Medical Insurance