The State Bank of India (SBI) is the main lender in India and several people are looking for work at the PSU bank. Candidates preparing for SBI recruitment often want to know the salary structure of SBI Review Officers (P.O). SBI PO is one of the most respected jobs in the banking sector. Along with job security and social status, the work of SBI PO offers candidates great opportunities to grow in their respective careers as a bank professional. Although it is very important to know the compensation program proposed by the company against the hard work you will do for the company.
SBI PO Salary 2019: the basic payment of the SBI PO is the best among the comparable banks
According to the latest notification issued by the bank in April 2019, the base salary is higher in the OSE than in the other nationalized banks. The initial basic salary is Rs 27,620 with four anticipated increases in the salary scale from 23,700 to 980 (7) – 30,560 – 1,145 (2) – 32,850 – 1,310 (7) – 42,020.
SBI PO Salary 2019: Grants
1. City Compensatory Allowance (CCA): calculated based on city of publication and between 3% and 4% of bases.
2. Estimated Estimate (DA): The DA is calculated on the basis of the Consumer Price Index (CPI) and is reviewed quarterly. You can expect your DA to be about 46% of your base salary. However, it will increase or decrease depending on inflation.
3. Travel Allowance (TA): The SBI PO receives reimbursement of travel expenses for official travel.
4. Sale of furniture: Rs 1.20,000 for the purchase of furniture.
5. Rented Housing Allowance / Housing Rental Grant (HRA): It also depends on the publishing city and can range from Rs. 8,000 (in rural areas) to Rs. 29,500 (in Mumbai).
Additional benefits of SBI PO:
1. Health insurance (100% for SBI agents and 75% for family members)
2. Newspaper allowance
3. Grant for books and magazines
4. Fuel allowance
5. Housekeeping allowance
6. Reimbursement of the phone bill
7. Entertainment allowance
8. Concessional interest rates for mortgages, auto loans, and personal loans
|SBI PO Salary structure in India|
|SBI PO Salary in India- Basic Pay||Rs 27620/- ( Increment in 4 stages-1st Increment- Rs. 23700-980/7
2nd Increment-Rs. 30560-1145/2
3rd Increment- Rs. 32850-1310/7
4th Increment- Rs. 42020
|Dearness Allowance||46.9% of the basic pay|
|City Compensatory Allowance(CCA)||3% or 4%(depending on the place of posting)|
|Leased House Accommodation||Minimum- Rs 8000/-(Rural)Maximum- Rs 29500/-(Urban)|
|Furniture Allowance||Rs 120000/-|
|Medical Insurance||100% for employees75% for families|
|Travelling Allowance||Reimbursement for AC-2Tier (Exclusively for official travels)|
|Petrol||Rs 1100-Rs 1300( in case of absence of personal vehicle)|
|Total Compensation(Annually)||7.5 lakhs to 12.9 lakhs|
|Loan Benefits||Concession on interest rates|