SBI PO Salary 2023, Salary Structure and Job Profile
The SBI PO Salary 2023 has been officially announced in the SBI PO Notification on. This article provides the latest details on the SBI PO Salary 2023.
SBI PO Salary 2023: The SBI PO Salary has long been a magnet for banking aspirants, drawing a massive influx of candidates annually. Compared to other nationalized banks, SBI offers more job opportunities and better pay, intensifying the competition for this prestigious position. Keeping track of recent developments in SBI PO Salary 2023 is crucial, as it encompasses the revised salary structure, job profile, career growth prospects, and additional allowances. The basic pay stands at Rs. 41,960 (with 4 advance increments). With its attractive salary packages and appealing job roles, SBI PO outshines other banking exams, becoming the top choice for lakhs of candidates. This article provides comprehensive details on SBI PO Salary 2023, enlightening readers about allowances, in-hand salary, and the job profile.
SBI PO Salary 2023
The starting basic salary for an SBI Probationary Officer is Rs. 41,960, which includes 4 advanced increments. According to the revised Bipartite Settlement, the salary structure for a Probationary Officer ranges from Rs. 36,000 to Rs. 63,840. The PO will be paid a base salary of Rs. 36,090 with an annual rise of Rs. 1,490 for the following 7 years, then a base pay of Rs. 46,430 with a rise of Rs. 1,740 each year for the following two years, and so on. The maximum basic salary will be Rs. 63,840. This provides an overview of the salary progression for an SBI Probationary Officer over the years.
SBI PO Salary Structure 2023
The Salary Structure below has been established in accordance with the amended SBI PO Salary 2023; candidates interested in the position of SBI Probationary Officer should be aware of the higher SBI PO Salary in 2023.
| SBI PO Salary Structure 2023 in India | |
| Basic Pay | Rs. 41,960 |
| Special Allowance | Rs. 6,881 |
| DA | Rs. 12,701 |
| Location Allowance | Rs. 700 |
| Learning Allowance | Rs. 600 |
| HRA | Rs. 2,937 |
| Gross Salary | Rs. 65,780 |
| Deduction (PF/Income Tax/Professional Tax/Pension) | Rs. 12,960 |
| Net Salary | Rs. 52,820 |
SBI PO Salary 2023 Deduction
The SBI PO’s gross pay of Rs. 65,780 will be reduced by the following amounts each month, leaving the officers with an in-hand income of Rs. 52,820. Check out the SBI PO Salary Deduction information provided below.
| SBI PO Salary Deduction | |
| Particulars | Amount |
| PF Contribution | Rs. 4,196/- |
| Income Tax | Rs. 3,290/- |
| Professional Tax | Rs. 200/- |
| Contributory Pension Fund | Rs. 5,274 |
| Total Deductions | Rs. 12,960 |
SBI PO In-Hand Salary 2023
The starting in-hand salary for an SBI PO ranges from Rs. 52,000 to Rs. 55,000 per month, with basic pay of Rs. 41,960. The total gross compensation received annually is between Rs. 8.20 lakhs (minimum) to Rs. 13.08 lakhs (maximum).
Apart from the basic pay, SBI Probationary Officers also receive additional benefits like Lease Rental/House Rent Allowance (HRA), Dearness Allowance (DA), Medical allowance, City Compensatory Allowance (CCA), and other allowances. The amount of these allowances varies depending on the location of the job posting. Overall, the in-hand salary and benefits make the SBI PO job attractive to aspirants.
SBI PO Salary 2023 Increment
SBI POs will be given a yearly rise that is fixed for a set period of time. Check out the table below to learn more about the SBI PO Increment cycle.
| SBI PO year-wise Increment | ||
| Period | Increment | Basic Salary |
| First 7 years | Rs. 1490/- | Rs. 36,000/- |
| Next 2 years | Rs. 1740/- | Rs. 46,430/- |
| Another 7 years | Rs. 1990/- | Rs. 63,840/- |
SBI PO Salary 2023 Allowances
The Salary includes a variety of allowances that add to the total amount. Along with the basic salary, a Probationary officer in SBI receives the following standard allowances. These are some examples:
| SBI PO Salary Allowances | |
| Allowance | Amount |
| Dearness Allowance | 26% of the Basic Pay |
| City Compensatory Allowance | 3% – 4%, depending on the location |
| House Rent Allowance | 7% – 9% depending on 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 Salary 2023 Perks
Apart from the attractive in-hand SBI PO Salary 2023, SBI POs enjoy several perks and benefits, which are as follows:
- Contribution Pension Scheme/New Pension Scheme: SBI provides a pension scheme for POs, ensuring financial security after retirement.
- Medical Aid: SBI offers medical aid, covering 100% of medical expenses for POs and 75% for their family members.
- LTC (Leave Travel Concession): POs can avail of LTC for travel expenses during their leave periods.
- Home Travel Concession/Leave Fare Concession: POs receive concessions on travel expenses for themselves and their families.
- Concessional Interest Rates: SBI provides POs with lower interest rates for housing, car, and personal loans, making it easier to fulfill their financial needs.
These benefits enhance the overall appeal of the SBI PO position, making it a coveted career choice among aspirants.
SBI PO Job Profile & Promotion
Once shortlisted for SBI PO, candidates undergo basic banking training before officially becoming Probationary Officers. They must sign a bond of Rs. 2 lakhs and serve the bank for a minimum of three years. After the probation period, they become Junior Manager Grade Scale I (JMGS-I).
SBI, being a prestigious bank, offers excellent career growth opportunities. Promotion exams are conducted annually, leading to higher job profiles, positions, and salaries. After serving a two-year probation, POs can climb the promotion ladder as follows:
- Assistant Manager
- Deputy Manager
- Manager
- Chief Manager
- Assistant General Manager
- Deputy General Manager
- General Manager
- Chief General Manager
- Deputy Managing Director
- Managing Director
- Chairman
This steady career progression ensures POs gain valuable experience and expertise throughout their SBI journey.
The takeaway from SBI PO Salary , revised salary structure, and job profile is that it offers an attractive and lucrative career opportunity for banking aspirants. With a competitive starting salary, various allowances, and excellent career growth prospects, SBI PO stands as one of the most sought-after positions in the banking industry.
The comprehensive package of perks and benefits further enhances the overall appeal of the job. Aspirants considering a career in banking should seriously consider SBI PO, as it provides a rewarding and fulfilling career path with ample opportunities for advancement and professional growth.
We hope you find this SBI PO Salary, Revised Salary Structure & Job Profile information useful. As a result, if you have any queries or concerns about the Banking exams, please contact us. The PW App also provides live and recorded lectures, live tests, quizzes, and much more to help with exam preparation.