Check in-hand Salary, Perks & other benefits of SBI PO

SBI PO or State Bank of India Probationary Officer is a prestigious post for which lakhs of candidates apply every year. The selection happens in the month of September/October through a series of examinations conducted in three stages. There are around 2000 posts available every year. This post is considered a dream job in the banking sector and with good reason. Read on to find out more about the post, exam, and its perks.

SBI PO Examination

To become a Probationary Officer, one needs to clear a national level examination. This examination has three stages:

1. Preliminary exam: This tests three subjects: English language, numerical ability, reasoning ability. The total mark for the preliminary exam is 100.
2. Mains exam: The main exam has four subjects: reasoning and computer aptitude, data analysis, general/ banking/ economy awareness, and English language. It also includes letter and essay writing. This segment carries a total of 200 marks and 50 for the descriptive segment.
3. Interview: The final stage tests the candidate’s knowledge about the banking sector. Here, a group discussion and a one-on-one interview will take place.

After all three examinations, the results are announced with a cumulative scorecard. A merit list of the eligible candidates is released, and appointment letters are consequently sent.

Preparation

The preparation for this examination is an intense one, given the competition for the post. The State Bank of India may also arrange preparation coaching centers especially for those belonging to the reserved and minority categories if they cannot afford coaching on their own. 

A systematic preparation for this exam is of utmost importance if the student wishes to clear it easily. One needs to allot time every day, plan a study schedule, and regularly attempt mock exams to familiarize oneself with the examination. Click here to practice mock tests regularly. 

Perks and benefit of working as a probationary officer:

The State Bank of India is a popular bank and one of the top banks in the country. Working here would automatically give an edge to anyone looking to work in the banking sector. With its lucrative pay and social prestige, one would not miss the opportunity to work at this bank. 

Salary structure

One of the alluring factors for this job is the pay. The State Bank of India provides one of the highest-paid positions when compared to other banks in the country. This makes the examination difficult and the post a coveted one, increasing the competition every year.

The basic salary:

• The basic pay begins at Rs 27620. Every year, for the next seven years, the Probationary Officer will receive an increment of Rs 980.
• The next basic pay will be raised to Rs 30560 with an increment of Rs 1145 for the next two years.
• The third basic pay is increased to Rs 32850. The yearly increment is Rs 1310 for the next seven years.
• The final basic pay is increased to Rs 42020. This is the maximum basic salary.

While this amount looks small, there are many allowances allotted by the 

State Bank of India. This is what makes it a lucrative career option.

SBI PO allowances:

There are many allowances that are added to the basic salary, forming the final in-hand salary of an SBI Probationary Officer. 

• Dearness allowance or DA: This is an additional amount that is paid by the government to compensate for the rising prices of the cost of living. This works up to 46.9% of the basic pay.
• City compensatory allowance or CCA: If the PO is posted in a city, an allowance is offered to compensate for the high cost of living in a city. This is 3-4% of the basic pay, depending on the location.
• House rent allowance or HRA: The allowance offered towards rent which is 7-9%, depending on the location of the posting.
• Furniture Allowance: An allowance given for the purchase of furniture and electronics which can be obtained through reimbursements. A total sum of Rs1,20,000 is provided by SBI.
• Medical insurance: Insurance against any medical emergencies that fall within the terms and conditions specified beforehand, with reimbursements on producing receipts. SBI offers 100% medical insurance coverage for employees and 75% coverage for dependent families.
• Travelling allowance: Travel expenses of AC 2-tier fare for official purposes will be covered by this allowance.
• Petrol allowance: A total of Rs 1100- Rs1250 is allocated for transport and petrol charges.
• Newspaper, entertainment, book allowance, etc: The amount varies on cadre.

An SBI PO beginning his/her job would receive a sum of Rs 40000 to Rs 42000 in-hand salary monthly with regular increments.

Perks: 

SBI Probationary Officers also enjoy other perks apart from monetary benefits.

• New pension scheme/contribution pension scheme
• Medical aid for both self and family
• Leave travel concession or LTC
• Home travel concession/leave fare concession
• Concessional interest rates for car/personal loans/housing

SBI PO Promotions

Apart from regular increments and allowances, one is also provided the opportunity to grow from the current position as Probationary Officer.

The State Bank of India conducts regular examinations for promotion to higher posts. Before the first promotion, one needs to serve a term of two years as a PO. The promotion positions in order of their rank are:

1. Assistant Manager (JMGS-1)
2. Deputy Manager (MMGS)
3. Manager (MMGS)
4. Chief Manager (MMGS)
5. Assistant General Manager (SMGS)
6. Deputy General Manager (TEGS)
7. General Manager (TEGS)
8. Chief General Manager (TEGS)
9. Managing Director (TEGS)
10. Chairman (TEGS)

SBI also provided opportunities for foreign posting based on their performance and merit. There are 190 Foreign offices in 36 different countries, providing a wide range of exposure in the banking sector.

The State Bank of India provides a huge range of benefits for its Probationary Officers. This makes it a coveted post with multiple benefits, monetarily and otherwise. It offers a brand reputation as it is the oldest bank. Its name initiates trust and reliability. The position is lucrative and is one of the highest-paid amongst the banking sectors. Along with this, there is plenty of room for growth and progress depending on the person’s talent and hard work.