We are providing in depth details about SBI Bank PO Officer salary and other details.
1) Job Profile and Career Growth
First You should know that SBI the largest bank in India and biggest brand to work for.
Not only the person working as SBI PO earns higher take home salary as compared to IBPS PO, he or she gets more allowances as well.
SBI PO Salary is the highest entry level compensation in the banking industry. In SBI, You have the Opportunity to work in diverse functions like Operations, Credit, Investment, Forex, Risk and Audit. Also Chances of foreign posting in SBI branches abroad.
After joining, SBI PO is subject to a probation period of 2 years. This is more like a training phase where they get to learn about various aspects of banking procedures.
- Some of the common tasks include – Gaining practical knowledge of various banking aspects, Customer Services (which may range from passbook printing to account opening and much more), supervision of clerical work, Loan Processing etc.
- During the probation period, training is provided in various fields, which include – Retail (Personal) Banking, Advances, Rural Banking (Agriculture training) etc.
- SBI PO is sent directly to the allotted branch, a day after reporting in the regional office of the allotted circle. The training is basically on-site i.e. he/she gets to learn the banking procedures while working in the branch itself.
- Specialized training at the SBI training institutes is also conducted during the probation period.
- After the probation period, SBI PO needs to undergo a screening procedure, qualifying which he/she will be confirmed as Officer Middle Management Grade Scale-II.
- Promotions in SBI follow the undermentioned path –
Probationary Officer (Assistant Manager, JMGS – I)
Deputy Manager (MMGS)
Chief Manager (MMGS)
Assistant General Manager (SMGS)
Deputy General Manager (TEGS)
Chief General Manager (TEGS)
General Manager (TEGS)
- The promotion policy of SBI provides an opportunity to the meritorious and exceptionally brilliant officers to reach the Top Management Grade in a reasonably quick time.
- SBI also offers Foreign postings to selected officers based on their performances. It has over 190 foreign offices in 36 different countries.
- Bond System: The Bond period in SBI PO is three years. If a candidate resigns before completing the three years from the date of joining then he/she will be liable to pay the bond amount to the State bank of India. The bond amount is Rs. 2 Lakh.
2) Monetary benefits and PERKS
There are several perks associated with working with the biggest bank of India. One of the most attractive feature is the best in class entry level compensation package that SBI offers to the probationary officers. SBI offers the highest entry level compensation in the banking industry.
SBI PO are eligible for reimbursement of various perquisites, Provident Fund, Gratuity, Pension under New Pension Scheme (Defined Contribution Benefit Scheme), Medical, Leave fare and other facilities, as per the instructions of the Bank issued from time to time.
Current Starting Basic Pay: ₹ 41,960/- (with 4 advance increments)
Grade: Junior Management Grade Scale-I
Initially In hand salary is around 55000/ and if HRA is not availed, leased accommodation upto Rs.27500/- applicable. + 9-14 thousand allowances per month.
Dearness Allowance (DA)
This allowance is revised on a quarterly basis in the months of February, May, August, and November. It is based on the Consumer Price Index (CPI) as declared Government of India. When inflation is high, DA goes up and when inflation falls, DA goes down. At the moment it is over 26.18% of the Basic Pay.
Apart from SBI PO salary, the officers in SBI are eligible for various perquisites. Newspaper allowance, petrol allowance, entertainment allowance, house maintenance allowance, books and magazine allowance, briefcase allowance, reimbursement of telephone bills are some of the perquisites provided the bank to the employee. The total monetary value of perquisites in the bank comes to around Rs 5000/- on a monthly basis. The clerks in SBI are also eligible for petrol allowance, entertainment allowance, newspaper grant etc. on a monthly basis.
The compensation includes housing rent allowance or leased rental accommodation where the employees get housing rent as a part of their package. This becomes more prominent as the employee move up the career ladder. Bank also provides accommodation at certain places for the Clerical Staff.
Health and well-being of employees and their families is important to SBI and They take care of your medical expenses. Medical benefits (100% for the employee and 75% for dependent family) form a key component of the overall package. The Bank also provides group insurance over and above the compensation package.
You are provided with attractive leave policies, which includes 33 days of privilege leave and 12 days of casual leave annually along with sick leave and maternity leave. Women and single men with children or aged parents have the provision to take sabbatical leave of up to 2 years.
The employees get leave travel concession to visit places within India. Holiday homes and Bank’s guest houses are available for the employees at major cities and tourist destinations.
As employees, the Bank provides Housing Loan, Car Loan & Personal Loans on concessionary rate of interest. Also, the bank recognizes and promotes merit providing scholarships to the meritorious children of all employees. Pension the bank helps the employee lead a comfortable life post retirement.
One thought on “2023 SBI PO Salary, work profile, Perks and other Benefits”
Thanks for sharing such a useful information about SBI
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