SBI PO Salary 2024: SBI PO salary is a center of attraction for those looking to join the State Bank of India for a Probationary Officer role. It starts at Rs. 52,820 with a basic pay of Rs. 41,960 with 4 advance increments.
Apart from the salary, there are perks and allowances too. In this article, you will about all the details related to the salary structure, job profile, allowances, probationary period, career growth, and the SBI PO salary after 2, 5, and 7 years.
SBI PO Salary 2024
The SBI PO Salary 2024 offers good growth over time. It starts at Rs 41,960 and gradually increases to Rs 63,840 with annual raises. Probationary Officers (POs) receive an annual rise of Rs 1,490 for the first seven years of their appointment.
They then get an increase of Rs 1,740 each year for the following two years. The SBI PO position is a popular choice for people wishing to pursue a career in banking because of its well-structured income rise, fantastic benefits, and prospects for professional advancement.
SBI PO Salary 2024 Structure
SBI offers one of the most reputable and demanding government jobs in India. It starts at Rs. 52,820 with a basic pay of Rs. 41,960 with 4 advance increments.
The salary structure follows a wide range from Rs. 36,000 to Rs. 63,840. With the help of this article, we cover all the details about the SBI PO Salary.
| SBI PO Salary 2024 Structure | |
| Component | Amount |
| Basic Pay | Rs. 41,960 |
| Special Allowance | Rs. 6,881 |
| DA | Rs. 12,701 |
| Location Allowance | Rs. 700 |
| Learning Allowance | Rs. 600 |
| Special Allowance | Rs. 6,881 |
| Gross Salary | Rs. 65,780 |
| Deductions | Rs. 12,960 |
| Net Salary | Rs. 52,820 |
SBI PO Salary In Hand 2024
The SBI PO In Hand salary for 2024 is quite worthwhile. Newly hired Probationary Officers receive a starting basic pay of ₹41,960 per month.
After all the deductions along with various allowances, such as HRA, and DA, in-hand salary amounts to around ₹52,820. This amount reflects the good compensation package offered by the State Bank of India for the PO role.
SBI PO Salary After 5 Years
After 5 years an SBI PO can expect a monthly salary of around Rs. 60,270/-, along with regular increments. The salary increases on an annual basis on the years of service.
| SBI PO Salary After 5 Years | ||
| 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 Salary 2024 Deductions
The SBI PO salary is all about monthly deductions, along with an in-hand salary of ₹52,820. The deduction components and their amounts are given below.
| Particulars | Amount |
| PF Contribution | ₹4,196 |
| Income Tax | ₹3,290 |
| Professional Tax | ₹200 |
| Contributory Pension Fund | ₹5,274 |
| Total Deductions | ₹12,960 |
SBI PO Salary Increments
Have a look at the following table which is given below to learn more about the year-wise basic salary pay along with the annual increment:
| Period | 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 |
As an example, the salary of SBI PO in Assam will be less than the salary of SBI PO in Mumbai due to the standard of living and other factors.
SBI PO Salary 2024 Allowances and Benefits
Apart from the basic pay, SBI POs are entitled to several allowances and benefits, enhancing their overall compensation package:
| House Rent Allowance (HRA) | 7% – 9% depending on Place of Posting |
| City Compensatory Allowance | 3% – 4% depending on location |
| Dearness Allowance (DA) | 26% of the Basic Pay |
| Petrol Allowance | ₹1,100 – ₹1,250 |
| Medical Insurance | 100% covered for employees
75% covered for dependent family |
| Traveling Allowance | AC 2-tier fare reimbursed for official travels |
| Furniture Allowance | ₹1,20,000 |
| Other Allowances | Varies based on Cadre |
SBI PO Perks and Benefits:
- Lease House Facility: SBI POs are entitled to a leased house facility, the amount of which varies depending on the city of posting.
- Medical Benefits: Comprehensive medical benefits for the employee and their dependents, covering hospitalization and OPD treatments.
- Travel Allowance: Reimbursement for official travel, which can include airfare for distant postings.
- Leave Benefits: Includes paid leave, casual leave, and sick leave. SBI also offers privilege leave and special leave for marriage and maternity.
- Provident Fund and Pension: Contribution to Provident Fund and eligibility for pension schemes.
- Concessionary Interest Rates: Employees can avail loans at lower interest rates, including home loans, personal loans, and car loans.
- Mobile Bill Reimbursement: Reimbursement for mobile bills, which are used for official purposes.
- Entertainment Allowance: Monthly allowance to cover the cost of official entertainment and social obligations.
SBI PO Promotions
The promotion process for a State Bank of India (SBI) Probationary Officer (PO) is well-structured and offers clear career growth within the journey. The hierarchy in SBI allows POs to climb the ranks through performance, experience, and clearing internal exams. Here’s a general overview of the different positions and the promotion path for an SBI PO:
1. Probationary Officer (PO)
Key Responsibilities: Learning bank operations, customer handling, managing accounts, loans, and day-to-day activities of the branch.
2. Assistant Manager
Key Responsibilities: Handling more critical tasks such as credit, forex, treasury, and managing a team.
3. Deputy Manager (Scale II)
Key Responsibilities: Supervision of day-to-day branch activities, assisting in strategic decisions, and handling complex customer issues.
4. Manager (Scale III)
Key Responsibilities: Branch management, decision-making at the branch level, and mentoring junior staff.
5. Chief Manager (Scale IV)
Key Responsibilities: Overseeing multiple branches, handling larger-scale operations, and significant decision-making responsibilities.
6. Assistant General Manager (AGM) (Scale V)
Key Responsibilities: Managing a circle or region, higher-level administration, policy implementation, and strategy execution.
7. Deputy General Manager (DGM) (Scale VI)
Key Responsibilities: Managing several regions, policy formulation, and overseeing major segments of the bank’s operations.
8. General Manager (GM) (Scale VII)
Key Responsibilities: Overseeing a large division or department, leading strategic initiatives, and reporting directly to the senior-most leadership of the bank.
9. Chief General Manager (CGM)
Key Responsibilities: Overseeing major national or international operations, setting strategic direction for large segments of the bank.
10. Deputy Managing Director (DMD)
Key Responsibilities:** Assisting the Managing Director and overseeing entire banking operations or specific divisions at the highest level.
11. Managing Director (MD)
Key Responsibilities: Leading the bank, making crucial decisions, and representing SBI at the highest levels both nationally and internationally.
12. Chairman
Key Responsibilities:** Ultimate authority and responsibility for the strategic direction and overall functioning of the bank.
What is the SBI PO Annual Package?
The SBI PO Salary annual package is the highest among all public sector banks in India. The SBI offers a Total Compensation Package with a minimum of Rs. 8.20 Lakhs and a maximum of Rs. 13.08 Lakhs. It depends on the Posting location.
SBI PO Salary 2024 FAQs
Q1. What is the starting salary for SBI POs in 2024?
Ans. The starting salary of SBI Probationary Officers is Rs. 52,820 per month, including various allowances and deductions.
Q2. What are the deductions applied to the SBI PO salary?
Ans. Deductions from the SBI PO salary include PF, income tax, professional tax, and contributory pension fund.
Q3. How much salary can an SBI PO expect after 5 years of service?
Ans. After 5 years, an SBI PO can expect a monthly salary of around Rs. 60,270, with regular increments based on years of service.
