Salary Structure : State Bank of India (SBI) PO Recruitment 2023 (2000 Vacancies)

Salary Structure

The State Bank of India has released the notification for recruitment on the post Of Provationary Officer (PO) 2023 for a total of 2000 vacancies. As per the official notification, the basic pay for SBI PO Salary 2023 is Rs. 41,960 (with 4 advance increments) and the salary structure is in the scale of 36000-1490/7-46430-1740/2-49910-1990/7-63840 applicable to Junior Management Grade Scale-I. The salary and benefits structure in SBI are at the best standards in the banking industry. There are numerous allowances that are added to salary which make it even more lucrative. Here in this article, we have provided the complete information on SBI PO Salary 2023 with details on allowances, in-hand salary, and job profile.

State Bank of India PO Recruitment 2023 Notification Out for 2000 Vacancies- Click To Read

State Bank Of India (SBI) PO - Salary Overview 2023

The SBI PO Salary 2023 is based on Bipartite Settlement between banks and employees. The salary for Probationary Officers in SBI is revised from time to time. Here in the given table, candidates can get an overview of the SBI PO Salary 2023 as mentioned in the official notification.

SBI PO Salary: Overview
Organization	State Bank Of India
Exam Name	SBI PO Exam 2023
Post	Probationary Officer
Vacancy	2000
Basic Pay	41960
Official website	@www.sbi.co.in

State Bank Of India (SBI) PO - Salary Structure 2023

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 2023.

State Bank Of India (SBI) PO Salary Structure
Basic Pay	41960
Dearness Allowance	20350
Location Allowance	700
Learning Allowance	600
Special Allowance	6881
Gross Salary	70491
Deductions	12,569
Net Salary	Rs 57,922

State Bank Of India (SBI) PO - Salary Deductions

The deduction that is made in the overall salary of a SBI PO is discussed in the below table highlighting the amount deducted from each section.

SBI PO Salary Deductions
Employee PF Contribution	4196
Membership	300
Professional Tax	208
Contributory Pension Fund	6752
Subscription	1000
House Rent Recovery	113
Total Deduction	12569

State Bank Of India (SBI) PO - InHand Salary

The starting monthly salary for SBI Probationary Officers (PO) falls within the range of Rs. 54,000 to Rs. 58,000, inclusive of a basic pay of Rs. 41,960. Their total annual gross compensation typically spans from a minimum of Rs. 8.20 lakhs to a maximum of Rs. 13.08 lakhs. In addition to the basic pay, SBI Probationary Officers are entitled to various allowances like Lease Rental/HRA, DA (Dearness Allowance), Medical Allowance, CCA (City Compensatory Allowance), and more. The specific amount of these allowances may vary depending on the location of the job posting.

State Bank Of India (SBI) PO - Salary Increments

The SBI PO Salary 2023 has increments form time to time. The time period for increments along with other details are given here.

State Bank Of India (SBI) PO Salary: Increment Information
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/-

State Bank Of India (SBI) PO - Allowances

Apart from the basic salary, the SBI PO Salary 2023 also comprises various allowances that contribute to the net amount received by an employee. As per notification PO on joining will be eligible for DA, HRA, CCA, PF, Contributed Pension Fund i.e., NPS, LFC, Medical Facility, Lease rental facility etc, and other allowances & perquisites as per rules in force from time to time. Some of the standard allowances that a Probationary Officer in SBI is entitled to receive are listed below:

Dearness Allowance, which amounts to 46.9% 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
Traveling Allowance, which reimburses the employee for AC 2-tier fare during official travels
Additional allowances like Newspaper Allowance, Entertainment Allowance, and Books Allowance, which 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 2023:

State Bank Of India (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 employee \| 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

State Bank Of India (SBI) PO - Salary 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 2023:
1. Contribution Pension Scheme/New Pension Scheme.
2. Medical Aid for self (100%) and for family (75%).
3. LTC.
4. Home Travel Concession/ Leave Fare Concession.
5. Concessional interest rates for Housing/Car/Personal Loans.

Check Syllabus : State Bank of India (SBI) PO Recruitment 2023 (Prelims/Pre Exam)
Check Syllabus : State Bank of India (SBI) PO Recruitment 2023 (Mains Exam)

State Bank Of India (SBI) PO - Salary Benefits

A candidate selected for the position of Probationary Officer in State Bank Of India can avail the following benefits and privileges:

Medical insurance coverage up to 100% for the PO and 75% for their family members, with cashless treatment available at selected medical facilities across the country.
Allowances for newspaper, books and magazines, petrol, house maintenance, telephone bills, and entertainment.
Eligibility for concessionary interest rates on House Loans, Car Loans, and Personal Loans.

State Bank Of India (SBI) PO - Career Growth

A candidate who qualify all the stages of the selection process is recruited as Probationary Officer after which they have to be on probation period which can extend up to 2 years. Candidates who meet the assessment standards set by the Bank will be appointed to the Junior Management Grade Scale-I (JMGS-I) and confirmed in the Bank’s service. As the bank conducts promotional exam at regular interval, aspirants get a chance to to reach the Top Management Grade in a reasonably quick time.