Latest Banking jobs   »   SBI PO   »   SBI PO Salary 2024

SBI PO Salary 2024, Salary Structure, Deductions & Increments

SBI PO Salary 2024

SBI PO Salary 2024 have been a topic of interest and discussion among the aspirants. Along with the attractive salary, stability, perks & job security are highly sought after for SBI PO. Understanding the salary structure and benefits associated with SBI PO positions is crucial and works as the motivating factor for the aspirants. The candidates who will be selected as probationary officers receive the initial basic pay of Rs. 41,960 (including four advance increments). The pay scale for the Junior Management Grade Scale I is 36000-1490/7-46430-1740/2-49910-1990/7-63840. In this post, candidates shall find the complete details regarding SBI PO Salary 2024.

SBI PO Salary: Revised Salary Structure

For those looking forward to careers in banking, SBI PO is a dream profession because of the bank’s enormous growth chances. Following the final selection process, candidates are appointed as “Probationary Officers” and are subject to a two-year probationary period. SBI PO Salary varies according to posting location, however, base pay stays similar. The basic pay as well as many benefits and allowances and some statutory deductions are included in the net salary. The most recent pay scale is as follows, per the official announcement for SBI PO 2024: 36000-1490/7-46430-1740/2-49910-1990/7-63840. Candidates getting ready for the test should review the SBI PO Salary 2024 in the article below.

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 2024
Organization State Bank Of India
Exam Name SBI PO 2024
Post Probationary Officer
Category Salary
Vacancy Will Be Announced
SBI PO Basic Pay (initial) Rs. 41960/- (including four advance increments)
SBI PO Net Salary Rs. 61,000 (approx.)
Official website @www.sbi.co.in
Official WhatsApp Channel Join WhatsApp Channel
Official Telegram Channel Join Telegram Channel

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 Structure 2024
Component Amount
Initial Basic Pay 41,960
Dearness Allowance (26%) 10,910
HRA (House Rent Allowance) 2,300
Learning Allowance 850
Special Allowance 13,377
DA on Special Allowance (26%) 3,478
DA on Learning Allowance 221
Gross Salary 73,000 (approx.)
Deductions 11,664
Net Salary Rs 61,000 (approx.)

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 Salary 2024, Salary Structure, Deductions & Increments_3.1
SBI PO Salary Slip of July 2023

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: 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 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
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: 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 POs. 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 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
Related Posts
SBI PO Syllabus 2024 SBI PO Previous Year Papers

 

pdpCourseImg

MP State Cooperative Bank Recruitment Out For 638 Posts_80.1

FAQs

What is the basic salary of SBI PO?

The basic pay for SBI PO 2024 is Rs. 41,960, Check the above article for complete details.

What are the allowances we get in SBI PO?

The allowances and perks offered in SBI PO are Medical Insurance, Travelling Allowance, Furniture Allowance, Petrol and other allowances.

What is the promotion hierarchy of SBI PO?

The promotion hierarchy is Assistant Manager, Deputy Manager, Manager, Chief Manager, Assistant General Manager, Deputy General Manager, General Manager, Chief General Manager, Deputy Managing Director, Managing Director, Chairman.

What is the Job Profile of SBI PO?

The Job Profile of SBI PO is discussed in the given post.

What is the In hand SBI PO Salary 2024?

In hand SBI PO Salary 2024 is

TOPICS: