- Pay Scale: The starting basic pay of a Probationary Officer is Rs16,900/- (with 4 increments) in the scale of Rs 14500-600/7-18700-700/2-20100-800/7-25700Pay Scale: The starting basic pay of a Probationary Officer is Rs 16,900/- (with 4 increments) in the scale of Rs14500-600/7-18700-700/2-20100-800/7-25700.Salary, Perks & Lease House Facility:
SBI POs are rewarded with an 8 Lac annual CTC for entry level position which is considered to be the best in the industry. The perks include Dearness, Petrol, News Paper and Furniture allowances. This is inclusive of leased accommodation at Rs 20,000 per month in the metros..Salary, Perks & Lease House Facility:
SBI POs are rewarded with an 8 Lac annual CTC for entry level position which is considered to be the best in the industry. The perks include Dearness, Petrol, News Paper and Furniture allowances. This is inclusive of leased accommodation at Rs 20,000 per month in the metros.EMOLUMENTS:
PAY: The starting basic pay is 16,900/-(with 4 increments) in the scale of 14500-600/ 7-18700-700/2-20100-800/7-25700 applicable to Junior Management Grade Scale I. The official will also be eligible for D.A, H.R.A & C.C.A as per rules in force from time to time. The compensation per annum at Mumbai is around Rs. 8,40,000/-. The breakup of monthly compensation is as under:
Cash Component - 34,320/-
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
Pay Scale: The starting basic pay of a Probationary Officer is Rs 16,900/- (with 4 increments) in the scale of Rs 14500-600/7-18700-700/2-2 0100-800/7-25700Pay Scale: The starting basic pay of a Probationary Officer is Rs 16,900/- (with 4 increments) in the scale of Rs 14500-600/7-18700-700/2-2 0100-800/7-25700.
Dearness Allowance: Apart from the basic salary a Probationary Officer is also eligible for Dearness Allowance or D.A. which is currently 80.25% of basic salary hence one will also get Rs. 13562.25 as DA, apart from the basic salary of Rs. 16900.00
HRA and CCA: Apart from the Basic salary and Dearness Allowance a Probationary Officer is also entitled for House Rent Allowance (HRA) and City Compensatory Allowance (CCA). While the HRA ranges from 7.50% to 15% of the basic salary depending upon the location of the posting. CCA value also depends upon the place of posting of the Officer.
Perks and Allowances: In SBI there are also various perks such as petrol allowance, newspaper allowance, entertainment allowance, servant allowance, travel allowance etc. the lump sum rupee value for all such perks is in the range of Rs. 6000.00 – Rs. 8000.00 depending upon the place of posting.
Lease Rent Facility: Probationary Officers are also entitled for attractive Lease Rent Facility. An Officer is entitled for Leased accommodation ranging from Rs 8000.00 in ‘C’ category Centers to Rs 29500.00 in Mumbai Centre.
Lease rent facility is a facility provided by the bank in which the house rent of the house of the Officer is directly paid by the bank to the landlord within the entitlement of Officer.
Furniture and Fixtures: Probationary Officers are also entitled for purchasing Furniture and Fixtures of Rs. 90000.00 for their home. The bank also pays annual maintenance perks of Rs. 10000.00 for the maintenance of Furniture purchased by the Probationary Officer.
Medical Facility: Medical facility in SBI is also very attractive. Medical Aid for self is 100% and for the family is 75% it means that 100% of your medical bills will be reimbursed by the bank for you and 75% for your family members, subject to the bank norms.
Provident Fund: The officers are required to make 10% of their basic pay as contribution to Provident Fund and the Bank also makes matching contribution to the Employees Provident Fund.
Concessional Loans to Bank Officers: Bank also provides concessional interest rates for Housing/Car/Personal Loans.
Newspaper Reimbursement: A fixed monthly amount is paid towards the cost of one newspaper.
Maid Allowance: A fixed monthly amount is paid toward the allowance of the maid, which is generally Rs. 50/day.
Note: The salary scales are under revision with effect from November 2012. It means, bank will pay higher salary than the present above mentioned salary. Bankers have been waiting the salary revision and hope it would be approved by next year. The pending hike in salary will be paid as arrears since Nov. 2012.
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