State Bank of India (SBI) is the largest bank of India. Naturally, working with it comes with lots of social glory and also responsibility. The post of Probationary Officer (PO) is the best way for Indian youth to enter the banking sector. There is no dearth of opportunity and prospects of career growth. It can be observed from this fact that recently all Chairman and Managing Director (CMD) of SBI had joined it as a PO.
Salary is one of the biggest misconceptions about SBI. People who are outside of the banking industry don’t completely understand its salary structure. Before going into detail about salary structure, I would like to mention here that SBI offers unmatchable perks and facilities to its officers. The take home salary is also way higher than other nationalized banks.
Starting Salary of SBI PO
SBI PO joins the bank on the following pay scale:
10, 000 – 18, 240
The starting basic salary is Rs. 14, 500. This is the basic salary on which an SBI PO joins the bank. Along with it, the officer is entitled to get Dearness Allowances (DA). Currently, DA is pegged at around 70 %. Remember, DA can go up and down depending on the current inflation situation. The HR department usually revises the DA on every quarter.
Officers also get many other perks. Some of the most important perks are:
CCA: 3 -4 % of basic salary
HRA: 6.5 %, 7.5 % and 8.5 % of basic salary depending on the location of the posting.
The starting salary of SBI PO is around Rs. 35, 000.
More than anything, salary depends on the location of the posting, as mentioned above. For example, if you don’t get an official flat, SBI will give you Rs. 15, 000 per month.
If you are posted in metro cities like Mumbai, you are entitled to get even more.
One of the biggest attractions of SBI PO salary structure is the increment given to the officer. You will be given four increments at the time of joining the bank. This is the major reason why SBI PO gets more than the POs of nationalized banks.