State Bank of India (SBI) is one of the most renowned banks of India. The SBI PO post is one of the most prestigious posts for any bank aspirant. As an SBI PO, you earn a handsome income with a number of perks and allowances which is why it is one of the most sought-after career options. Further, the candidates are also given timely and good promotions to excel.
One of the most common questions that are searched is the salary of a candidate after cracking the SBI PO exam. Thus, to help you out, we have provided you with the salary and perks, and benefits for SBI PO.
Before applying to the SBI PO position, you must know the position’s salary. Listed below is the detailed overview of the salary of an SBI PO:
Basic salary: The initial basic salary of the SBI PO is Rs. 41,960. The salary structure is given in the following table:
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|Perks and Benefits||Amount|
|Basic Pay||Rs, 41960|
|Location Allowance||Rs. 700|
|Special Allowance||Rs. 6881|
|Dearness Allowance||Rs. 1270|
|Learning Allowance||Rs. 600|
|Gross Salary||Rs. 65780|
Salary Deductions: The salary deductions of the SBI PO position is given in the following table:
|Income Tax||Rs. 3290|
|Contributory Pension Fund||Rs. 5274|
|PF Contribution||Rs. 4196|
|Professional Tax||Rs, 200|
|Total Deductions||Rs. 12960|
|Net Salary||Rs. 52820|
In-hand Salary: According to the Bipartite Settlement, there are four increments in the compensation size of the basic pay of the SBI PO. Therefore, the SBI PO is getting the basic salary of Rs. 41,960 will have an increment from Rs. 980 in the next seven years. Subsequently, they will receive a basic pay of Rs. 48820 along with an increment of Rs. 1145 for the next two years. This cycle of increment will carry on like this. The table for In-Hand Salary is given below:
|Basic Pay||Rs. 41,960|
|1st Increment||Increment of Rs. 980 for the next seven consecutive years.|
|2nd Increment||Increment of Rs. 1145 for the next two consecutive years.|
|3rd Increment||Increment of Rs. 1310 for the next seven consecutive years.|
Due to frequent salary increments, the salary of the SBI PO changes year-wise. Therefore, the increment increases the in-hand, basic, and gross pay.
If you are applying for the position of SBI PO, you must know the benefits and perks that come with the job. Like every government job, the SBI PO post also offers various perks and allowances to the employees. Listed below are some benefits and advantages that the SBI PO employees receive:
- Medical Insurance: The SBI PO position provides 100% medical insurance to the employees and subsequently provides 75% medical insurance to the family members dependent on the employee.
- Dearness Allowance: The SBI PO position offers 26% of the basic pay to the dearness allowance.
- Travelling Allowance: The SBI PO position reimburses the AC 2 tier vehicles for official purposes only.
- Petrol Allowance: The SBI PO position provides petrol allowances to their employees. The petrol allowance of the employees is Rs. 1100 to Rs. 1250.
- House Loan Benefits: The SBI PO position offers loan benefits to its employees. Therefore, the employees get low-interest rates and discount on loans taken by the employee.
- House Rent Allowance: The SBI PO position offers house rent allowances to their employees. They provide up to 7% to 9%, depending on the area and location of the posting.
- City Compensation Allowance: The SBI PO position provides 3% to 4%, depending on the location.
Therefore, from the above article, it is clear that the SBI PO job is quite a rewarding career option. Since it is such an important and sought-after job and the exam for this position is also essential, aspirants must thoroughly prepare for the SBI PO exam to crack it. Therefore, if you are looking for a guide to help you through the SBI PO exam preparation process and get regular updates about the SBI PO position, then BYJU’s Exam Prep is the right platform for you.
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