SBI PO salary in hand, CTC, perks, facility, allowances 2018

The State Bank of India one of most wide spreading, reputed respected financial institution in India. The Bank is backed up by the agilest, fast & proactive human resource of 2,09,567 extra vigilant staff. The Probationary Officer in the lower managerial position in the Company which has even a chance to reach the CMD post of the organization.

Check: SBI PO Recruitment 2018

The State Bank Of India Probationary Officer job offering is a dream post for the Commerce Graduates, Chartered Accountants, MBA Professionals, Engineering Students. The candidates need to appear in the three-tier exam process to get selected as a Probationary officer in the most trusted Company in India. The exam procedure includes the preliminary exam, mains exam & for final selection the Personal Interview round.

The after successful selection candidates get appointed as a PO in the Group A or Class- I post.  It is not a pure central Government Job hence this isn’t included in the Gazetted Officer post list.

SBI PO Basic Pay

The Probationary Officer appointed in the pay band of 23,700 – 42,020, and generally newly recruited fresh graduates initial basic pay is fixed in the minimum side of pay band, and in this case, it is 23,700. But the State Bank of India extended the additional four increments to all directly recruited PO and there starting basic fixed at the 27,620 per month.

SBI PO Salary
ComponentAmount in Rs
GradeJMG
Post TypeClass-I/ Group-A
Pay Scale23,700 – 42,020
Basic Pay27,620
Other Benefits22,100
Minimum Monthly Gross Salary in Rs49,720

Dearness allowances

Like PSU Salary, Banking sector pay dearness allowances revised regularly after every 3 months of period. The current DA rates for the bank employees is 54.1%.

House Rent Allowances

The government Organizations & Companies provide the House Rent allowances to the employees as per the criteria mentioned in the Pay Revisions. The HRA rate in the N=banking sector is lower but criteria for the classification of the city is the same.

Location of PostingHRA amount in terms of % of basic pay
Group A cities or Metro city9%
Group B8%
Group C7%

If a PO hires a house on rent for stay purpose in the place of posting city, the ceiling for the leased rent accommodation is depicted in the table shown here;

Type of cityCeiling per month in Rs
Group A cities or Metro city30,000
Group B18,000
Group C10,000

City Compensatory Allowances

It depends on the location of posting, the current rate of City compensatory allowances is 4% & 3% of the basic pay with the ceiling of Rs 870/- & 600/- per month respectively.

Special allowances

The Special allowance is directly related with the basic pay of an employee. The newly recruited State Bank of India Probationary Officers would get the amount equal to 7.75% of the current basic pay as a special allowance, which will be added to their gross salary of the month.

 Provident Fund/ Pension benefits

Like any other private MNCs or Government organization, the Probationary Officers get the provident fund from the employer and also eligible for the pension scheme applicable to the state bank employees.

Medical Benefits

The POs of Junior management Group get the medical benefit of Rs 8000/- per month. This is a good amount and I haven’t seen that any banking or public sector organization offering at the level of it.

Other benefits

Apart from the above-mentioned components of the CTC, the executives of SBI are also eligible for the following benefits & facilities

  • Compensation on transfer
  • Deputation allowances (if applicable),
  • Fixed personal pay,
  • Halting expenditure,
  • Hill & Fuel allowances,
  • Leave traveling concessions
  • Medical indoor treatment reimbursement
  • Mid academic year transfer allowances,
  • Professional qualification pay,
  • Project area allowances (if applicable),
  • Special area allowances, and
  • Split duty allowances.

If you add all the parts mentioned above in the salary, the minimum CTC per annum comes around 7.93 (as per SBI PO Official Notification) and maximum would be 12.95 Lakhs per year. The CTC value varies due to the variation in the allowances from a place to another place. The Bank Officers salary and pay scale get increased after the completion of each year services and on the departmental promotions. The hike is maximum when a pay revision implemented in the organizations.  The Banking sector employees payment get revised after a period of every five years.

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