SBI PO Salary with Pay Scale Emoluments Cash in Hand Allowances

SBI Probationary Officer Salary with Pay Scale

State Bank of india is the largest bank in India having its operations all over the country and also biggest bank in term of recruitments than any other bank.
It is a well-known point that SBI conducts examination for all its recruitments separately from other banks who conducts their recruitment process with the help of Institute of Banking Personnel Selection commonly known as IBPS. Being the largest bank, it also gives maximum salary and perks and other benefits than other banks in India. The Current SBI PO salary and Pay Scale is given here in detail.

SBI PO SALARY and PAY SCALE at 109.8% DA Cash in Hand Allowances Total Emoluments

Here are the official details of SBI PO Salary as per 2016 advt.

Presently, the starting basic pay is Rs. 27,620/- (with 4 advance increments) in the scale of Rs. 23700-980/7-30560-1145/2-32850-1310/7-42020 applicable to Junior Management Grade Scale-I. The official will also be eligible for D.A, H.R.A/Lease rental, C.C.A, Medical and other allowances & perquisites as per rules in force from time to time. The total compensation per annum would be a minimum of Rs. 7.55 lacs and maximum of Rs. 12.93 lacs depending on place of posting and other factors.
SBI plans to offer, subject to necessary approvals, a SMART Compensation Package which would
enable candidates a choice to monetize specific elements of the salary package.
The break up of monthly compensation is as under:
Cash Component : 36,046/-
Bank's contribution to PF : 1,690/-
Housing (Lease Rental) : 29,500/-
Perquisites (Conveyance, Newspapers, Entertainment
allowance, House & Furniture Maintenance etc. 4,130/-
In addition, the officers are also entitled to other benefits like –
(i) Medical Aid for self (100%) and for family (75%)
(ii) Home Travel Concession/Leave Fare Concession
(iii) Concessional Interest Rates for Housing/Car/Personal Loans
The salary scales are under revision with effect from November 2012.

When a candidate is selected as probationary officer in SBI, starting basic pay is Rs 27,620/- (with 4 increments) in the scale of Rs 23700-980/7-30560-1145/2-32850-1310/7-42020 applicable to Junior Management Grade Scale I. the new probationary officers are also given several perks and benefits like Dearness Allowance, House Rent Allowance & City Compensation Allowance etc. as per rules from time to time.
SBI PO SALARY Cash in Hand = Rs. 38000/-
Other benefits:
Bank's contribution to PF = Rs. 1690/-
Housing (Lease Rental) ranges from 8000-29500.
Other allowances including Newspapers, Entertainment allowance, Conveyance etc.) = Rs.  4130/-
The main difference in salary of SBI Probationary Officer and other Public sector bank PO is that SBI gives more basic pay than them. SBI gives Rs. 2400 more in basic pay. As other banks give Rs. 14500 as basic pay, SBI PO gets Rs. 27620 as basic pay. So it means SBI PO gets more Dearness Allowance and other allowance which are based on Basic pay. So it means, the starting SBI PO Salary is about Rs 4400/- more than other Public Sector Banks.

SBI PO Salary at Metro cities

At present monthly emolument at Mumbai will be approximately Rs 72000/- i.e. Rs. 108000/- per year depending on place of posting inclusive of all benefits (total compensation in year / 12). This is not fully in cash as it includes Rs. 29500 as facility to get a house in Mumbai if you are posted there.
The SBI bank probationary officers are required to make 10% of their basic pay as contribution to Provident Fund and 10% of Basic Pay and D.A. towards pension scheme and Bank also makes matching contribution.
the salary difference between SBI and other PS Banks is that of 4 increments i.e. Starting Basic Pay will be Rs 27620/- in SBI, whereas in other PS Banks it is Rs 14500/-. (Rs. 2400/- more as basic in SBI)  The difference becomes bigger as DA is payable on this basic pay.  This also works out to be about Rs 2000/-.   Thus, starting salary in SBI is about Rs 4400/- more than other PS Banks.

Other benefits includes Concessional Interest Rates for Housing/Car/Personal Loans, Medical Aid for self (100%) and for family (75%), Home Travel Concession/Leave Fare Concession.