In recent years, the SBI PO post has grown to become one of the most desirable jobs in India. This rise is not only owing to the honorable position but also because of the impressive salary, perks and allowances an SBI PO is entitled to.
State Bank of India is the largest bank in India operating proactively across the country. Apparently, this outfit pays the fattest paychecks to the POs.
In this post, let’s look into why being an SBI PO is profitable.
Who is a PO?
- Basically, as a probationary officer, you’ll have to execute administrative and banking-related tasks.
- Upon recruitment, one’ll be in the probationary period for 2 years. During this time, the PO will have clerical and assisting jobs so as to get familiarized with the workings of banking.
- In due course, you’ll gain immeasurable knowledge on accounting, investment, marketing, finance, retail banking, rural banking, advances and billing.
- The PO also functions as a PRO, administering issues like customer complaints, inconsistencies in bank accounts, correction of unwarranted charges etc.
- In a managerial role, they would supervise clerical duties, make decisions to benefit both the bank and the customers symbiotically, and oversee the cash balance.
- As and when the probation period ends, the PO will be appointed as the assistant bank manager in any branch across India where he/she’ll overlook customer transactions.
What are the perks of being a PO in SBI?
- There are POs in all banks. Yet, SBI stands out because of its inclination to assign roles and responsibilities of significant import to the POs.
- Based on the meritorious performance, the POs will also be given foreign postings in one of the 190 SBI offices situated across 36 countries.
- By a huge margin, POs in SBI are given innumerable opportunities to grow. This is proven by its fast promotion cycle which is as follows:
- Probationary Officer (Assistant Manager, JMGS – I)
- Deputy Manager (MMGS)
- Manager (MMGS)
- Chief Manager (MMGS)
- Assistant General Manager (SMGS)
- Deputy General Manager (TEGS)
- Chief General Manager (TEGS)
- General Manager (TEGS)
Therefore with fast promotions, a PO can become a part of the senior management personnel in a projected 7-8 years, which goes by rapid in bank-years.
- Additionally, a PO can have 3 days of privilege leave, 12 days of casual leave, as well as, sick leave and maternity leave.
What is the expected salary range?
- The starting basic salary is Rs 27,620 with a possibility of 4 increments to a maximum Rs 42,020.
- The minimum and maximum total compensation package per annum is capped at 7.93 Lakhs and 12.95 Lakhs, respectively.
What are the allowances offered?
1. Dearness Allowance:
- Dearness Allowance is revised on a quarterly basis.
- It is determined by Consumer Price Index (CPI).
- The current rate of DA is 46.9% of the basic salary.
2. House Rent Allowance
- Based on the place of posting, the HRA will cover the leasing costs for the SBI PO.
- Usually, the allowance is set between Rs 8000 (rural area) and 29,500 (Metropolis).
3. Capital Cost Allowance
- The CCA is either 3% or 4% depending on the place of posting.
4. Furniture Allowance
- An SBI PO is gets Rs 1,20,000 for expenditures concerning furniture.
5. Medical Insurance
- All SBI PO get a flat 100% medical benefits, whereas the dependent family members get up to 75%.
6. Travelling Allowance
- This allowance is strictly for official travels.
- SBI’s holiday homes and guest houses are available free of cost to the POs.
7. Petrol Allowance
- 2-wheelers are given allowance worth 50 Liters. On the other hand, 4-wheelers are given allowance worth 55 Liters.
- Officers with no vehicles will be given Rs 11,000- Rs 12,000 as conveyance allowance.
In addition to these, the POs are also given concessional loans for car, housing and personal reasons, scholarships for children, LTC and HTC facility, newspaper allowance, entertainment allowance, briefcase allowance, house maintenance allowance and books and magazines allowance.
Many youths even from the engineering-based jobs are flocking in huge scores toward the banking sector owing to perks like proper work-life balance, salary package, allowances etc.
In this regards, SBI is a world-class bank to reckon with. In fact, it is the only Indian bank to feature in Fortune 500 companies across the globe in 2017.
Should you need more reasons to apply for the post of PO in SBI?
So are you going to apply for the SBI PO exam? Share your thoughts in the comments section below!
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