SBI PO is the premium banking job of the country and in this post I am going to tell you about the SBI PO Salary and allowances.
State Bank of India is the largest Bank of the country and SBI Probationary Officer is the most prestigious Banking Job. If you are preparing for SBI PO, this post will be very useful for you as I will explain in detail about the salary, perks, allowances of SBI Probationary Officer.
I will explain in details about the each component of salary. Please read the post carefully and you will be able to get an exact idea about the salary of SBI Probationary Officer.
SBI PO Salary
Pay Scale: SBI Probationary Officer is Junior Management Grade Scale I post. The pay scale applicable is to that of JMGS I. The current pay scale of SBI PO is Rs. 23700 – 980 / 7 – 30560 – 114 5/ 2 – 32850 – 1310 / 7 – 42020. The salary and pay scale is under revision from November 2017.
Basic Salary and Additional Increments: The starting basic as per the above pay scale is Rs. 23700.00 however in SBI there is a provision of giving four additional increments. Hence the starting basic pay is 27,620/- (with 4 advance increments). SBI is the only bank which is having such provision of giving four additional increments. Due to this provision the starting basic salary in SBI is very good. Basic Salary Rs. 27620.00
Special Allowance: In the last revision effective from November 2012 a special allowance was added to the salary structure of Bank PO. Special Allowance is 7.75% of the basic pay. Dearness Allowance is also applicable on the special allowance. So this is the extra benefit added at the time of last salary revision of the banks. Before the last salary revision there was no such concept of Special Allowance. Special Allowance Rs. 2140.00
Dearness Allowance: In banks the dearness allowance is revised on a quarterly basis. Dearness allowance is based on the CPI data as revealed by Government of India. This is a major component of salary as it is revised quarterly and salary grow substantially due to this. The dearness allowance is applied on basic pay as well as on special allowance. The current DA rate is 75.90% (February to April 2020). Dearness Allowance: Rs. 22588.00
HRA or Leased Rent Facility: HRA or House Rent Allowance depends on place of posting and can be in the range of 9.0% or 8.0% or 7.0% for metros, big cities and other locations. SBI pays either HRA or Lease Rent to its Officer. In lease rent facility entire rent of your house is paid by the bank directly to the landlord. Lease rent also depends on the place of posting. For calculation purpose we are taking it Rs. 15000. Lease Rent: Rs. 15000.00
CCA: CCA or City Compensatory Allowance depends on the place of posting and can be in the range of 4% or 3 % or 0%. We are taking it here as 3%. CCA: Rs. 828.00
Perks and Allowances
Perks and Allowances: There are various perks which a SBI Probationary Officer gets. Important perks which are payable monthly are Conveyance Allowance, Entertainment Allowance, Newspaper Allowance, Cleansing Material Allowance, Servant Allowance etc. The approximate value of these perks is about Rs. 8000 – Rs. 10000, depending upon the place of posting. Approx Allowances Rs. 9000.00
Other Benefits: There are so many other benefits which are difficult to calculate in monetary terms however I will explain it to so that you can understand about the importance of it. SBI provide unlimited Medical facility to its Officers and his or her family. It means that as per the norms of the Bank entire medical expenses are reimbursed by the Bank. SBI offers attractive PF, pension and gratuity facilities to its Officers. You can get concessional loans at a very low rate.
SBI also provides you Furniture and Fixtures allowance and furniture maintenance allowance which help you to purchase and maintain furniture as well as consumer durables at your home (such as sofa, dining table, TV, fridge, AC etc.). Probationary Officer is also entitled for LFC and HTC facilities. After becoming scale II you are entitled for Air travel and for Foreign LFC. Your mobile and landline bills are also reimbursed by the Bank as per the ceiling. There are so many other benefits however I think I have covered most of the major benefits provided by the Bank to its Officers.
Gross Salary, Net Salary and Annual Package or CTC: Based on the above components the approx gross salary of SBI PO is Rs. 78000.00. Net Salary after deduction of PF is about Rs. 73000.00 (subject to income tax). The annual package of a Probationary Officer or Cost to the company as per the official notification is a minimum of 8.20 lacs and maximum of 13.08 lacs depending on place of posting and other factors. The Bank may also offer a SMART Compensation Package which would enable candidates a choice to monetize specific elements of the salary package.
I am sure that this post of mine must have given you full clarity on SBI PO Salary, allowance and other benefits. If you still have any doubt you can post your query in comment.