SBI PO 2018 Salary-in-Hand, Allowance & Benefits
State Bank of India is one of the largest Bank in India whose aim is to provide fast, & polite and proactive service to customers. As on 2017, the most trusted company has 209567 employees to offers services for citizens of the country. The SBI PO is the lower management cadre among executives of the company. They are recruited every year to fulfill the future manpower requirements in the public sector bank.
The State Bank of India Probationary Officer is a dream job for most of the graduates including engineers. It is a group A post which provides the opportunity to reach even at the Chairman post of the company. And the biggest example for this is the current chairperson of the company Arundhati Bhattacharya who has joined the SBI in 1977 as a PO.
SBI PO Basic Pay
The company has issued the latest notification for the SBI PO on 07 Feb 2017 of around 2313 vacancies including the backlog posts in various categories. After the successful appointment in the Probationary Officer grade, the candidate is placed in the scale of Rs. 23700-42020. The basic salary of SBI PO Mentioned in Official Notification is Rs. 23700. But the SBI Probationary Officer gets 04 advance increments of Rs 980 which will be added to the basic. Now the basic that we get in total is Rs. 27620.
Earnings:
- Basic Salary = Rs. 27620
- Dearness Allowance = Rs. 12677
- City Compensatory Allowance (CCA) = Rs. 870
- Special Allowance = Rs. 2140
- Total Earning Before Deductions = Rs. 43307
Deductions:
- PF (10% of Basic) = Rs. 2762
- NPS (10% of Basic+DA) = Rs. 4000
- Income Tax = As per govt norms.
Other allowances
- Including Newspapers, Entertainment Allowance, Conveyance etc.) = Rs. 4130
- HRA = Rs. 2486
Salary In Hand: Rs 40000 Per Month (Approx.)
Allowance & Benefits Explained
Dearness allowances
The Banks DA revises after every 3 months. The current Dearness allowances rate is 45.6%.
House Rent Allowances
Like central government HRA scheme or PSU HRA criteria, here in banking sector the rates are slightly different but the classification of cities is same. The HRA rates according to the city are shown in below table.
| Location of Posting | HRA amount in terms of % of basic pay |
|---|---|
| Group A cities or Metro city | 9% |
| Group B | 8% |
| Group C | 7% |
But if a Probationary Officer takes a leased accommodation then there is a separate criteria which also shown in the following table.
| Type of city | Ceiling per month |
|---|---|
| Group A cities or Metro city | 30000 |
| Group B | 18000 |
| Group C | 10000 |
City Compensatory Allowances
The benefit of city compensatory allowances depends upon the location of posting. It is paid at the rate of 4% & 3% of basic pay with the ceiling of Rs 870/- & 600/- per month respectively.
SBI PO 2018 Notification: (FAQ) Frequently Asked Questions
Special allowances
Government banking sector employees are eligible for special allowances. The newly recruited SBI PO gets the amount equal to 7.75% of basic pay as special allowances.
Provident Fund / Pension benefits
The Probationary Officers are eligible for the provident fund and pension scheme applicable to the state bank employees.
- Medical Benefits
- The probationary officers of JMG are eligible for the medical benefit of Rs 8000/- per month.
- Other benefits:
- Apart from above-mentioned benefits the SBI PO are eligible for following benefits
- Medical indoor treatment reimbursement
- Leave traveling concessions
- Fixed personal pay,
- Professional qualification pay,
- Deputation allowances (if applicable),
- Hill & Fuel allowances,
- Halting expenditure,
- Special area allowances,
- Project area allowances (if applicable),
- Mid academic year transfer allowances,
- Split duty allowances, and
- Compensation on transfer.
The total compensation for newly recruited SBI Probationary officer would be a minimum of Rs. 7.93 lacs per annum and maximum of Rs 12.95 lacs per annum depending on the place of posting and allowances applicable to him/her. The State Bank of India officers is also eligible for annual increment and promotion which also increases their salary time to time. The pay revisions in banks, is implemented after every 5 years, so the SBI PO will get the benefit of revision of pay in 5 years.
