SBI PO Salary 2020- Check PO in-hand Salary, Allowance, Salary Structure, Job Profile & Promotion

State Bank Of India is expected to release the vacancy of Probationary Officers once the situation gets under control and today in this article what all benefits an SBI PO gets.

| Updated On July 9th, 2020 at 12:19 pm

SBI PO Salary 2020: Students are eagerly waiting for SBI to release SBI PO notification. One of the reason that most of students aim for this job because it offers the best salary and perks in the banking industry. Every year lakhs of students apply for this recruitment process every year to grab that one seat. The best pay package and a  job in a institution like SBI is not only lucrative but also other seems worthwhile of all the hard work that you do to get this. In this article, we will be covering everything related to SBI PO Salary, perks and other benefits that a SBI PO enjoys. We hope that this article motivates you to work harder for your dream. 

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SBI PO In Hand Salary

In hand, salary refers to the amount that a candidate gets after deducting all the necessary taxes and others. An SBI PO gets a total of Rs 40000 to 42000 SBI PO in-hand Salary. The Gross compensation received ranges between 8.20 Lakhs (minimum) to Rs. 13.08 lakhs (maximum) per annum. The amount greatly varies with the location of the job posting.

SBI PO Prelims Study Plan 2020

SBI PO Salary Structure

SBI PO offers great salary and one of the most lucrative job.  Employees can expect a good hike in the SBI PO salary after completing the certification courses by IIBF as well.

The basic pay of an SBI PO is Rs 27620. It includes four advance increments in the compensation size of 23700-980 (7) – 30560 – 1145 (2) – 32850 – 1310 (7) – 42020. This amounts to a total basic pay of Rs 23700 with an increment of Rs 980 for the next 7 years, which is 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 amount to be Rs 42020.

Basic Pay Rs 27620/- ( Increment in 4 stages-1st Increment- Rs. 23700-980/7

2nd Increment-Rs. 30560-1145/2

3rd Increment- Rs. 32850-1310/7

4th Increment- Rs. 42020

Dearness Allowance (DA) 46.9% of the Basic Pay (Revised Quarterly)
(CCA) This varies with the place of posting at 4% or 3%.
HRA 9%, 8% or 7% (Depends on the place of posting)
Furniture Allowance Rs. 120000/-
Medical Insurance 100% medical coverage for SBI employees and 75% for their family members
Travelling Allowance For official travels, reimbursement of AC 2-tier fare is provided
Petrol Rs. 1100-1250

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SBI PO Allowances

The salary does not only include a handsome monetary sum but it also includes several allowances that contribute to the total sum. Given below are some standard allowances that a Probationary officer in SBI gets along with the basic amount. These include:

  •  Allowance Amount
  • Dearness Allowance 46.9% of the Basic Pay
  • City Compensatory Allowance 3% – 4% depending on location
  • House Rent Allowance 7% – 9% depending on the Place of Posting
  • Furniture Allowance INR 1,20,000
  • Medical Insurance 100% covered for employee | 75% covered for dependent family
  • Traveling Allowance AC 2-tier fare is reimbursed to the employee for official travels
  • Petrol Allowance INR 1,100 – 1,250
  • Newspaper Allowance, Entertainment Allowance, Books Allowance, etc. Varies based on Posting

SBI PO Benefits:

Given below are some of the perks which are enjoyed by a candidate after getting selected as SBI PO:

  • Medical insurance cover of upto 100 per cent for SBI PO and 75 per cent for his/her  family members
  • Candidate can also avail cashless treatment in selected medical facilities around the country
  • Newspaper allowance is provided
  • Books and magazines allowance is provided
  • Petrol allowance is provided
  • House maintenance allowance is provided
  • Telephone bill reimbursement is provided
  • Entertainment allowance is provided
  • Concessionary interest rates for House Loan, Car Loan, and Personal Loan can be avail by the candidate

SBI PO Salary Slip

Given below is the salary slip which you can use for your reference:

sbi-po-salary-slip

 SBI PO Career Growth

This is one of the most prestigious bank in the country, the employees ought to get the best from the job. SBI also conducts promotion exams annually for the current employees of the bank to increases the job standard(profile), position and salary. Thus, this job offers an excellent career growth. A selected candidate has to serve a two year probation period. After that, the promotion positions are as follows:

SBI PO Promotion:

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

 Click Here to View detailed SBI PO 2020 Syllabus

Overall, the career of an SBI can be considered a fulfilling for someone who is an enthusiast and is goal-oriented. Thus we will advise all our students to utilize this quarantine to its maximum and make the best use out of it by studying hard for this exam because once the notification will be out, you might not get much time to clear your doubts.

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SBI PO 2016-18 Prelims Memory Based Paper

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Frequently Asked Questions: SBI PO Salary 2020

Q. What is in hand salary of an SBI PO?

Ans. An SBI PO gets a total of Rs 40000 to 42000 SBI PO in-hand Salary.

Q. What is the basic pay salary of an SBI PO?

Ans. The basic pay of an SBI PO is Rs 27620.

Q. What is the salary of SBI PO 2020?

Ans. The salary of SBI PO 2020 is same as earlier ranging  from 8.20 Lakhs (minimum) to Rs. 13.08 lakhs.

Q. What are the perks SBI PO gets?

Ans.Allowance Amount , Dearness Allowance 46.9% of the Basic Pay , City Compensatory Allowance 3% – 4% depending on location , House Rent Allowance 7% – 9% depending on the Place of Posting, Furniture Allowance INR 1,20,000 , Medical Insurance 100% covered for employee | 75% covered for dependent family , Traveling Allowance AC 2-tier fare is reimbursed to the employee for official travels , Petrol Allowance INR 1,100 – 1,250 , Newspaper Allowance, Entertainment Allowance, Books Allowance, etc. Varies based on Posting.

Q. What is the highest rank an SBI PO can get in his/her bank career?

Ans. Chairman is the highest rank an SBI PO can get in his/her bank career.

Q. What is the Gross salary of an SBI PO?

Ans. The gross salary of an SBI PO varies from 8.20 Lakhs (minimum) to Rs. 13.08 lakhs.