bank PO exam
Being a bank employee is regarded as a prestigious profession. This is because of the nature of the job and the salaries that bankers command. Every year, lakhs of candidates take the bank PO exam to gain entry into the banking sector as probationary officers.
IBPS PO vs SBI PO
Two of the most competitive exams in the country are the SBI PO exam and the IBPS PO exam. The State Bank of India is reputed to have the highest salary range among India’s public banks, and SBI exams are held to recruit candidates for various prestigious positions within the prestigious organization. This exam attracts a large number of applicants due to its competitive salary and benefits, as well as, more importantly, career advancement opportunities.
bank PO salary
The bank uses a bipartite settlement to revise the bank PO salary as well as clerk and SO salaries. The 11th Bipartite Agreement was used to determine the bank PO salary in India in November 2020.
The SBI PO 2022 salary range will be discussed in the following paragraphs.
SBI PO Salary 2022
The starting basic salary for an SBI PO is Rs 41,960. The salary of a Probationary Officer is 36000-1490/7-46430-1740/2-49910-1990/7-63840 with four advance increments, according to the amended Bipartite Settlement. It means that for the next seven years, the PO will receive a basic salary of Rs 36000 with an annual increment of Rs 1490, followed by a basic salary of Rs 46430 with an annual increment of Rs 1740 for the next two years, and so on. The highest basic pay is Rs 63840.
SBI PO Salary Structure
|Basic Pay||Rs. 41,960|
|Special Allowance||Rs. 6,881|
|Location Allowance||Rs. 700|
|Learning Allowance||Rs. 600|
|Gross Salary||Rs. 65,780|
|Deduction (PF/Income Tax/Professional Tax/Pension)||Rs. 12,960|
|Net Salary||Rs. 52,820|
According to the October 2019 update on the Wage Settlement of Bank Employees, it was decided that employees can claim a portion of their wage arrears before the wage settlement agreement comes to an end. Part wage arrears are like a Diwali bonanza for employees of public sector banks, with a 12% wage revision amounting to anywhere between Rs. 50,000/- and Rs.100,000/-.
What is SBI PO In-Hand Salary?
An SBI PO‘s starting salary ranges between Rs. 52000 and Rs. 55000 per month, with a basic pay of Rs. 41,960. The annual gross salary ranges from Rs. 8.20 lakhs (minimum) to Rs. 13.08 lakhs (maximum) (highest). SBI Probationary Officers are eligible for Lease Rental/ HRA, DA, Medical, CCA, and other allowances in addition to base pay. The fee varies according to the location of the job posting.
SBI PO Allowances
SBI POs are eligible for benefits such as DA, HRA/Lease Rental, CCA, Medical, and other allowances and privileges based on the rules in effect at the time. The annual salary of an SBI PO officer is influenced by factors such as location and other factors. The salary, allowances, and increments received by an SBI PO officer are listed in the table below:
|Dearness Allowance||26% of the Basic Pay|
|City Compensatory Allowance||3% – 4% depending on location|
|House Rent Allowance||7% – 9% depending on the Place of Posting|
|Furniture Allowance||Rs. 1,20,000|
|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 Perks
Along with the handsome and lucrative in-hand salary, SBI POs also enjoy the following perks and benefits:
- Medical Aid for self (100%) and for family (75%)
- Contribution Pension Scheme/New Pension Scheme
- Concessional interest rates for Housing/Car/Personal Loans
- Home Travel Concession/ Leave Fare Concession
SBI PO Salary Deduction
While applicants filling out the application form should be aware of the in-hand salary of an SBI Probationary Officer, they should also be aware of the salary deductions. Candidates who are shortlisted as SBI POs will receive a monthly in-hand salary; however, a portion of their overall income will be deducted.
Income tax, professional tax (PT), and other deductions may be available. Take a look to find out more:
|Provident Fund (PF) Contribution||Rs 4,196|
|Professional Tax (PT)||Rs 200|
|Income Tax (IT)||Rs 3,290|
|Contributory Pension Fund||Rs 5,274|
|Total Deductions||Rs 12,960|
What Benefits are Provided apart from SBI PO Salary 2022?
Aside from the aforementioned benefits, an SBI PO candidate also receives the following:
1. Cashless treatment in certain medical facilities throughout the country
2. Allowance for newspapers
3. Allowance for books and magazines
4. Fuel allowance
5. Housekeeping allowance
6. Reimbursement for telephone bills
7. Allowance for entertainment
Q: What is the in-hand salary of SBI PO?
A: SBI PO in hand salary ranges between INR 52,000 to 55,000.
Q: What is the starting basic salary of SBI PO?
A: The starting basic salary of SBI PO is INR 41,960 followed by four increments.
Q: What is the pay scale of SBI PO 2022 exam?
A: The pay scale of a Probationary Officer is INR 36000-1490/7-46430-1740/2-49910-1990/7-63840.
Q: What is the total package of SBI PO?
A: The total package of SBI PO is INR 8.20 lakh (minimum) and INR 13.08 lakh (maximum) depending on the place of posting.