Introduction to SBI PO Salary and Benefits in 2021

State Bank of India (SBI) Probationary Officers (PO) play a crucial role in the banking sector, offering a secure and rewarding career path for many. In 2021, SBI POs enjoyed a competitive salary package that included both basic and allowances. This article delves into the exact salary breakdown for SBI POs, including benefits and perks, based on data provided by a current SBI banker.

Basic Salary and Increment

The basic salary for a newly hired SBI PO in 2021 was approximately INR 48,170 after two annual increments of INR 1,490 each. This increment was added to the initial basic salary of roughly INR 41,960. The detailed salary structure for a newly hired PO would typically look like this:

Salary Components

Basic Salary: INR 48,170 Dearness Allowance (DA): 41.72% of Basic Salary Location Allowance: Varies from INR 700 to 1,200 per month depending on the location Learning Allowance: INR 600 Special Allowance: Varies from INR 6,800 to 7,899 National Pension Scheme (NPS) and Provident Fund (PF) contributions

Allowances and Benefits

In addition to the basic salary, SBI POs receive a variety of allowances and benefits, which form a significant part of their total compensation. The following are some of the key allowances and benefits:

Allowances

Monthly Allowances: Monthly gross salary is around INR 179,000, including various allowances. Monthly allowances such as accommodation allowances can range from INR 32,000 to 38,000 in Delhi. Other Allowances: Mobile allowance of INR 10,000 per three years, furniture allowance of INR 180,000, briefcase allowance of INR 4,000 every three years, leave franchise (LFC)/hospitality travel charge (HTC) of INR 15,000 to 30,000, and medical reimbursement for themselves and their spouse and dependents. Quarterly and Annual Allowances: Entertainment allowance of INR 3,200 per quarter and annual reimbursements of around INR 5,000.

Benefits

Social Security and Retirement: NPS and PF contributions are significant, with the bank contributing a substantial amount. Health and Family Care: Free medical reimbursement of up to INR 100,000 for the PO and INR 75,000 for dependents. Leaves and Encashment: Leave encashment of 5 personal leave (PL) days per year. Professional Development: Learning allowance to support further education and training.

Joining and Post-Probationary Period

The salary and benefits can vary depending on the posting location and experience. For instance:

In rural areas, the location allowance is around INR 700, while in urban areas, it is INR 1,200. For car reimbursement, around INR 9,800 to 10,300 is given monthly, which covers expenses like newspapers, car cleaning, etc. Lunar Cancer Support and Rehabilitation (LFC/HTC) can be availed every two to four years, with leave encashment of 15 to 30 days.

Conclusion

In summary, a newly hired SBI PO in 2021 could expect a base salary of around INR 48,170, with additional allowances ranging from INR 177,000 to 183,000 per month. Benefits include medical coverage, career development opportunities, and a comprehensive leave policy. These elements collectively contribute to a competitive and attractive compensation package for SBI POs.

Final Words

Bankers are indeed the backbone of our economy, providing not just financial services but also a sense of security and stability. SBI POs are a great career choice, offering both immediate financial rewards and long-term job security.