What is the salary of SBI PO?
SBI PO is one of the respected jobs in the banking sector. Along with job security and social status, the SBI PO job offers candidates some great opportunities to grow in their respective careers as a banking professional.
State Bank of India (SBI) is India's largest lender and a number of people search for jobs in the PSU bank. The candidates who prepare for SBI recruitment often want to know about the salary structure of SBI Probationary Officers (P.O). SBI PO is one of the respected jobs in the banking sector. Along with job security and social status, the SBI PO job offers candidates some great opportunities to grow in their respective careers as a banking professional. While it is really important to know the compensation package offered by the company against the hard work you are going to put in for the company.
Here is a detailed analysis of in hand salary structure and whole remuneration package of an SBI PO:
SBI PO Salary 2019: Basic pay of SBI PO is the best among peer banks
According to the latest notification issued by the bank in April 2019, the entry-level basic pay is higher in SBI as compared to other nationalized banks. The starting basic pay is Rs 27,620 with four advance increments in the pay scale of 23,700-980 (7) – 30,560 – 1,145 (2) – 32,850 – 1,310 (7) – 42,020.
Cost to Company (CTC) of an SBI PO
As far as the CTC is concerned, the bank offers a minimum of Rs 8.20 lacs whereas the maximum package is Rs 13.08 lacs depending upon the place of posting. However, if you are posted in Mumbai, the compensation offered will be more than Rs 1 lakh a month.
SBI PO Salary 2019: Allowances
1. Dearness Allowance (DA): The DA is calculated based on the Consumer Price Index (CPI) and is revised every quarter. You can expect your DA to be around 46 percent of the basic pay. However, it will go up or down based on inflation.
2. City Compensatory Allowance (CCA): This is calculated based on your city of posting and ranges between 3 to 4 percent of the basics.
3. Leased House Accommodation / House Rent Allowance (HRA): This too depends upon the city of your posting and can vary from Rs 8000 (in rural areas) to Rs 29,500 (in Mumbai).
4. Travel Allowance (TA): SBI PO gets reimbursement of travel cost for official travels.
5. Furniture Allowance: Rs 1,20,000 for the purchase of furniture.
SBI PO additional benefits:
1. Medical insurance (100 percent for SBI PO and 75 percent for family members)
2. Cashless treatment in selected medical facilities around the country
3. Newspaper allowance
4. Books and magazines allowance
5. Petrol allowance
6. House maintenance allowance
7. Telephone bill reimbursement
8. Entertainment allowance
9. Concessionary interest rates for House Loan, Car Loan, and Personal Loan