Wednesday, 5 October 2016

Salary of SBI PO in Hand for a Bank Jobs

Hi Readers,
Good news - with Salary of SBI PO in Hand for a Bank Jobs
Check Current SBI PO SALARY at 109.8% DA and other allowances. You will also see SBI Probationary Officer Gross salary and Cash in Hand with all the details

Below is detailed info about the salary and perks of a PO in SBI. This is good solution for What is the salary of an SBI PO officer. Hi guys SBI PO Salary and Allowances Is It really 12 lakhs Rs per year ?? Read this full story about SBI PO Salary and Allowances 2016-2017 here.

SBI PO On Hand Salary Per month and year. Here is the much detailed discussed topic about SBI PO Salary. You are reading SBI PO Salary news and updates from meritmock. Each aspirant searching about Salary of an SBI PO OR Salary of a PO In SBI and SBI PO Allowances OR SBI PO inhand Salary, SBI PO benefits, SBI PO Salary in Mumbai etc. Below we posting more detailes about Salary Bank Probationary Officer Salary ( PO salary).

Important FAQ Questions and Answers Regarding SBI PO Salary:

FAQ. Will I get any salary during my Probation??
Yes,All selected candidates for officer position will be on a probation period of two years. You will get the same salary given above during probation as well.

FAQ. Do I have to pay for training like the case with various Manipal Courses??
No, not even a single penny. Instead when you are undergoing your classroom training, even then you will be getting the full salary. (LEARNING AND EARNING AT THE SAME TIME)

FAQ. Will I really get 12 lakhs Rs per year as a salary in hand??
Well this is the most doubtful question. Not your inhand salary, but yes the total compensation can go upto 12 lakhs per annum which includes

Latest News Update: 05.10.2016

SBI PO On Hand Salary -

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.

As per the updated salary scale, there is quite big jump in Salary of SBI PO. As per the SBI PO 2016 notification, SBI PO will get Rs.27,620 of basic pay with 4 advance increment. (Not only for SBI PO, but IBPS PO, Clerk and all other post of Indian Bankers will get super hike in salary as meeting between government and Indian bankers association already started).

Salary Scale of SBI PO (As per 2016 notification)

As per the 2016 SBI PO notification, SBI PO salary scale is as mentioned below;

As we discussed above, SBI PO will get Rs.27,620 of basic pay in salary that too with 4 advance increment.

So, lets try to calculate the on hand salary of SBI PO per month and year.

Post Name :- Probationary officer

Grade :- Junior Management Grade Scale 1

Other benefits of Salary per month :- As per the notification, candidates are eligible to get Dearness allowance, HRA (House Rent Allowance)/Lease rental, CCA, Medical Aid and all other allowance.

So, how much DA, HRA and CCA is given to SBI PO?

As per the rules;

Dearness Allowance :- Revised DA of 2015-16 is 46 % of Basic Pay
CCA :- CCA is City Compensatory Allowance which can be very from 4% to 3% to 0%. It is very from city to city where you get placed.
Special Allowance :- 7.75% of Basic Pay.
HRA :- HRA is again depends on the city you placed but it can be 9% to 8% 7%.
Traveling allowance :- Fixed Travel allowance.
Accommodation :-  As per the rules, officer will get Rs.8000-29,500 for HRA.
Medical Aid :- 100% for self and 75% for family.
Provident Fund :- -10% of basic pay.
NPS:- 10% of Gross Salary.
SBI PO On hand salary per month

Basic Pay :- Rs.27,620
DA :- 12,705/-
Special Allowance :- Rs.2140/-
CCA :- Rs.900/-
HRA :- Rs.8000/-
Medical Aid :- Unlimited
Other Allowance (Entertainment, Newspaper, Petrol, Telephone, other) :- Rs.4500/-
Total On hand Salary Per month :- Rs. 62000/- per month (approx)

Note :- As mentioned, salary includes HRA and CCA which can be very from city to city (as per the rules you can get HRA up to rs.30k) too.

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.

Salary components-

  • Basic Pay - 27620

  • Special Pay (7.75% of Basic) - 2140.55

  • Dearness Allowance (presently 42% of DA+Spcl Pay) - 12499

  • Total - 42260

Deductions -

PF (10% of Basic) - 2762

NPS (10% of Basic+DA) - 3922

Other Perks:

SBI’s contribution to PF - 2762 (monthly)

SBI’s contribution to NPS - 3922 (monthly)

Petrol reimbursement (monthly)-

Rural/ Semi-urban areas - 45l (2-wheelers); 55l ( 4 wheelers)

Urban Areas - 50l (2-wheelers); 60l (4 wheelers)

Metros - 55l (2-wheelers); 65l (4 wheelers)

Cleansing materials- 850 per month

Newspaper allowance- 550 per month

Other allowance- 20 per day (approx 600 per month)

Lease rent (credited directly to landlord’s account)

Rural/ Semi-urban - max 8000 pm

Area 1 centres (state capitals,etc) - max 15000 pm

Pune, Bangalore, Hyderabad, Kolkata, Chennai - max 20000 pm

Mumbai - max 29000 pm

Delhi - max 26000 pm

Considering the above mentioned components, the CTC comes to around 7.3 lakhs (considering petrol at Rs.70 per litre and Rural posting-lease around 7k per month). If posted at urban centres, you would be eligible for City Compensatory Allowance of 600 p.m. also.

Annual allowances -

Entertainment allowance - 9000 pm

Furniture maintenance allowance- 11000 pm

Overall CTC comes to around 7.5 lpa. This excludes other facilities like furniture offered to officers for use at residence, reimbursement of medical bills for self and dependent members of family, LFC, etc. Also, after 1 year of probation, subject to requirements of the bank, an officer may avail the facility of reimbursement of cost of mobile phone (Rs.6000+ taxes) valid for 3 years and monthly reimbursement of Rs.500+taxes for mobile bills.

  • I have made a switch from IT to SBI PO. First of all, I would like to remove all the misconceptions in the society (which I also had before joining the bank) about job in banks:
  • Its not a completely " sarkari naukri". Yeah! that's true. The govt, hols only a 60% share in the bank which is expected to be brought down to 51% in the years to come.
  • The job carries a high risk because what you are doing here is real-time transactions. In IT, you run your code on test-servers and can fix a bug, but here whatever loss you cause to the bank, its irreversible and is repayable from your own pocket.
  • There is a huge deficiency of staff and therefore, a lot of workload. Many of your weekends you have to stay at branches to reduce pending work. Also. its not a 10-6 job. These timings are only for the public dealing and clerical staff. As an officer, you will never be able to complete your work in that time frame, no matter how efficient you are.
  • The pay is surely much better than the service based IT industry (almost 2-3 times ) but if you compare it to product based IT firms, its just comparable to them with a lesser scope for growth.Also, in the initial years of your career, its mandatory to spend atleast 3 years in rural/semi-urban areas.
  • If you are a hard-working person as well as a money-minded person(salary matters types), you can surely join the bank as a PO. But, if you want to enjoy your life in a metro city, then I guess you should continue in IT. Thank you and Good luck.

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