SBI PO Salary 2024, Salary Structure, Deductions & Increments In Detail

SBI PO Salary 2024

State Bank of India provides a lucrative salary to the employees designated for the position of Probationary Officers. SBI PO is one of the most demanding jobs for the bank exam aspiring candidates because of its attractive salary, perks, allowances, job security, and stability. The initial basic pay of a probationary officer in SBI PO is Rs. 41,960 (including four advance increments) on the pay scale 36000-1490/7-46430-1740/2-49910-1990/7-63840. Aspirants after being appointed as PO have to serve probation period of two years. Candidates can refer the given article for the required details related to SBI PO Salary 2024. 

SBI PO Salary: Overview

The bipartite settlement between banks and employees forms the basis of the SBI PO Salary 2024. Probationary Officer salary at SBI is subject to periodic revision. Candidates can obtain a summary of the SBI PO Salary as stated in the official notification by navigating through the provided table.

SBI PO Salary Structure 2024

According to the SBI PO Salary, the basic pay of an employee is Rs. 41,960 in the pay scale of 36000- 1490/7- 46430- 1740/2- 49910- 1990/7- 63840. Here, in the given table aspirants can check the SBI PO Salary Structure 2024.

SBI PO Salary 2024: Deductions

SBI POs receive a range of perks with the deductions they can claim while filling out their ITR and figuring out their tax obligations. All of the allowable deductions from the SBI PO salary structure for 2024 are listed in the table below.

SBI PO Salary Deductions
Employee PF Contribution	4196
Membership	300
Professional Tax	200
Contributory Pension Fund	5842
Subscription	1000
House Rent Recovery	126
Total Deduction	11,664

 

SBI PO In-Hand Salary

SBI PO 2024 employees’ in-hand salaries range from Rs. 65,780-Rs. 68,580 per month. Depending on where the posting is located, this sum can change. The 7th pay commission does not apply to the amount because the banks use bipartite settlements. Even Nevertheless, there is still a great demand for these bank employment since the in-hand income is still quite appealing to candidates.

SBI PO Salary 2024: Increment

The SBI PO Salary has increments from time to time. The period for increments along with other details are given here.

SBI PO Salary: Increment
Increment Period	Increment Amount	Basic Salary
First 7 years	Rs. 1,490/-	Rs. 36,000/-
Next 2 years	Rs. 1,740/-	Rs. 46,430/-
Another 7 years	Rs. 1,990/-	Rs. 63,840/-

SBI PO Salary 2024: Allowances

The SBI PO Salary 2024 includes many allowances in addition to the base pay that goes toward an employee’s overall take-home pay. According to the notification received upon joining, the PO will be qualified for various benefits and privileges as per the regulations that are periodically in effect, including DA, HRA, CCA, PF, Contributed Pension Fund (NPS, LFC, Medical Facility, Lease Rental Facility, etc.). The following is a list of some of the typical benefits that an SBI probationary officer is eligible to receive:

• Dearness Allowance, which amounts to 48.51% of the Basic Pay
• City Compensatory Allowance, ranging from 3% to 4% depending on the employee’s location
• House Rent Allowance, ranging from 7% to 9% depending on the place of posting
• Medical Insurance, with 100% coverage for the employee and 75% coverage for the dependent family
• Travelling Allowance, which reimburses the employee for AC 2-tier fare during official travels
• Additional allowances like Newspaper Allowance, Entertainment Allowance, and Books Allowance, vary based on the place of posting.

Here are the details on allowances in amounts and percentages as per the structure for SBI PO Salary 2024:

SBI PO Salary: Annual Package

The SBI Salary Annual Package is structured to provide attractive benefits to its employees. The annual package includes various components like basic pay, allowances, and perks, which collectively contribute to the overall remuneration. To calculate the SBI Salary Annual Package, the sum of Basic Pay, Dearness Allowances, HRA, City Compensatory Allowances, and other benefits is considered. The total annual package may vary depending on various factors such as location (City X, Y & Z), experience, etc. The minimum Gross compensation is expected to be approximately Rs. 8.20 lakhs per annum, while the maximum gross compensation shall be around Rs. 13.08 lakhs per annum.

SBI PO Salary 2024: Perks

Along with the allowances, the SBI PO Salary is made more attractive by a good number of allowances attached to the job.  Here are the perks associated with the SBI PO Salary 2024:

• Medical insurance (100% for self and 75% for family members)
• Cashless treatment in selected medical facilities around the country
• Newspaper allowance
• Books and magazines allowance
• Petrol allowance
• House maintenance allowance
• Telephone bill reimbursement
• Entertainment allowance
• Concessionary interest rates for House Loan, Car Loans, and Personal Loan
• New pension scheme contribution
• Leave Travel Concessions (LTC).

SBI PO Job Profile

An SBI probationary officer’s daily duties include the following:

• Supervision of administrative tasks, loan processing, setting bank accounts, and customer service, among other things.
• Promoting Novel Plans
• Bringing in New Clients for the Bank
• Anything else the bank may from time to time assign.
• Instruction is provided on-site, like at SBI training facilities.

SBI PO Promotion Hierarchy

The SBI offers a well-defined promotion hierarchy for the Probationary Officers The promotion hierarchy for the SBI POs typically follows a structured path, allowing employees to progress based on their performance, experience & merit. The SBI PO Promotion Hierarchy is mentioned below.

• Assistant Manager
• Deputy Manager
• Manager
• Senior Manager
• Chief Manager
• Assistant General Manager (AGM)
• Deputy General Manager (DGM)
• General Manager (GM)
• Chief General Manager
• Deputy Managing Director
• Managing Director
• Chairman