Salary Comparison: IBPS PO vs SBI PO - A Comprehensive Guide

Hello friends! In the world of banking, titles like IBPS Probationary Officer (PO) and SBI Probationary Officer (PO) open up exciting career paths. As many aspire to take the profession of banking, it is natural to wonder about the differences in salaries and benefits offered by these two roles. This article is designed to provide a clear comparison of the in-hand salaries and other perks of IBPS PO and SBI PO, enabling aspirants to make informed career decisions.

In-Hand Salary: IBPS PO vs SBI PO

The basic structure of salary for an IBPS PO and an SBI PO is similar, however, the way certain allowances and benefits are provided differs. Let's break down the in-hand salaries for both positions:

IBPS PO In-Hand Salary

The basic pay for an IBPS PO is INR 23,700. Additional allowances include:

Dearness Allowance (DA) - INR 10,163.63 City Compensation Allowance (CCA) - INR 870 House Rent Allowance (HRA) - INR 2,143

These additional allowances add up to give the total in-hand salary of an IBPS PO as follows:

INR 23,700 (Basic) INR 10,163.63 (DA) INR 870 (CCA) INR 2,143 (HRA) INR 38,876.63

SBI PO In-Hand Salary

The basic pay for an SBI PO is same as IBPS PO, INR 23,700. However, SBI POs receive four advance increments, each of INR 980, making the total basic salary INR 27,620. Additional allowances for an SBI PO include:

Dearness Allowance (DA) - INR 12,677 City Compensation Allowance (CCA) - INR 870 Special Allowance - INR 2,140

Total before deductions amounts to:

INR 27,620 (Basic) INR 12,677 (DA) INR 870 (CCA) INR 2,140 (Special Allowance) INR 4,130 (Other allowances) INR 43,397

After deducting the following, the total in-hand salary for an SBI PO is:

PF (10% of Basic) - INR 2,762 NPS (10% of Basic and DA) - INR 4,000 Income Tax (as per govt norms)

The final in-hand salary of an SBI PO is approximately INR 40,000 per month.

Differences in Perks and Benefits

Besides the basic salary, there are several differences in the perks and benefits provided to IBPS PO and SBI PO, including:

Accommodation

For SBI POs, the bank offers accommodation which can be either leased, where officers are given an amount ranging from INR 8,000 in category C cities to INR 29,500 in Mumbai. IBPS POs may receive official bank accommodation on a lease, depending on their posting location. However, HRA (House Rent Allowance) might vary depending on the posting city, ranging from 7% to 9%.

Medical Aid

SBI POs benefit from medical aid through the CGHS scheme, which covers 100% for the individual and 75% for the family. For IBPS POs, the medical aid provided is a fixed amount, currently at INR 8,000 per annum.

Conclusion

Both SBI PO and IBPS PO roles offer competitive salaries and benefits. However, deciding between the two should consider the specific perks that are most important to you. While SBI PO offers slightly higher in-hand salary, IBPS PO might be appealing due to its better accommodation options and medical aid package. For more information on the SBI and IBPS PO exams, visit our website Testbook or download the Testbook app to start your preparation in just a few clicks.

Key Takeaways:

The in-hand salary of an IBPS PO is INR 38,876.63. The in-hand salary of an SBI PO is approximately INR 40,000. SBI POs receive better medical aid and accommodation benefits.

Do you have any questions about IBPS PO or SBI PO salaries? Share your thoughts in the comments below!