SBI PO Salary 2024, Revised Salary Structure, Job Profile, Perks & Benefits

The State Bank of India recruits candidates for one of the most esteemed posts in India’s banking sector, i.e., Probationary Officer. One of the key factors that a candidate pursues this post is its compensation package. The SBI PO Salary 2024 offers a competitive initial basic pay of ₹56480/- (including 4 increments). Along with the basic pay recruited individuals are entitled to receive various perks and allowances including Dearness allowances, HRA, Medical benefits, etc. In the recent announcement by AIBEA has increased the DA rates by 2.63%, so DA rates from November 2024 are 19.83%.

SBI PO Salary 2024

With the revisions following the 12th Bipartite Settlement, the average annual SBI PO Salary can now reach up to Rs. 10 lakhs, making it one of the most rewarding professions in the banking sector. For aspiring candidates, a detailed breakdown of the revised SBI PO Salary along with perks, allowances, benefits, job profile, and career growth has been discussed in the given article.

SBI PO Salary: Overview

The bipartite settlement between banks and employees forms the basis of the SBI PO Salary 2024. The probationary officer’s salary at SBI is subject to periodic revision. Candidates can obtain a summary of the Salary as stated in the official notification by navigating through the provided table.

SBI PO Salary Structure 2024

According to the SBI PO Salary, an employee’s initial basic pay is ₹48480/- on the pay scale of ₹48,480-2000/7- 62,480-2340/2- 67,160-2680/7-85,920. Here, in the given table, aspirants can check the SBI PO Salary Structure 2024.

SBI PO Salary 2024 Deductions

SBI POs receive various perks with the deductions they can claim while filling out their ITR and figuring out their tax obligations. All of the allowable deductions from the SBI PO salary structure 2024 are listed in the table below.

SBI PO Salary Slip 2024

Through the SBI PO Salary Slip, candidates get to know the authentic details such as the basic pay, amount for the various allowances, deductions, etc. Here, we have provided the SBI PO Salary Slip of a Probationary Officer who joined the organization on 01 July 2024.

• Dearness Allowance, which amounts to 15.97% of the Basic Pay
• City Compensatory Allowance, ranging from 3% to 4% depending on the employee’s location
• House Rent Allowance, ranging from 7% to 9% depending on the place of posting
• Medical Insurance, with 100% coverage for the employee and 75% coverage for the dependent family
• Travelling Allowance, which reimburses the employee for AC 2-tier fare during official travels
• Additional allowances like Newspaper Allowance, Entertainment Allowance, and Books Allowance, vary based on the place of posting.
• Cashless treatment in selected medical facilities around the country
• Concessionary interest rates for House Loan, Car Loans, and Personal Loan
• New pension scheme contribution
• Leave Travel Concessions (LTC).

Here are the details on allowances in amounts and percentages as per the structure for SBI PO Salary 2024:

SBI PO Job Profile & Promotion

An SBI probationary officer’s daily duties include the following:

• Supervision of administrative tasks, loan processing, setting bank accounts, and customer service, among other things.
• Promoting Novel Plans
• Bringing in New Clients for the Bank
• Anything else the bank may from time to time assign.
• Instruction is provided on-site, like at SBI training facilities.

SBI PO Promotion Hierarchy

The SBI offers a well-defined promotion hierarchy for the Probationary Officers The promotion hierarchy for the SBI POs typically follows a structured path, allowing employees to progress based on their performance, experience & merit. The SBI PO Promotion Hierarchy is mentioned below.

• Assistant Manager
• Deputy Manager
• Manager
• Senior Manager
• Chief Manager
• Assistant General Manager (AGM)
• Deputy General Manager (DGM)
• General Manager (GM)
• Chief General Manager
• Deputy Managing Director
• Managing Director
• Chairman

SBI PO Salary 2024 Annual Package

The SBI Salary Annual Package is structured to provide attractive benefits to its employees. The annual package includes various components like basic pay, allowances, and perks, which collectively contribute to the overall remuneration. To calculate the SBI Salary Annual Package, the sum of Basic Pay, Dearness Allowances, HRA, City Compensatory Allowances, and other benefits is considered. The total annual package may vary depending on various factors such as location (City X, Y & Z), experience, etc. The minimum Gross compensation is expected to be approximately Rs. 9.50 lakhs per annum, while the maximum gross compensation shall be around Rs. 11 lakhs per annum.