4/15/2014 Bankers Adda: SBI: Salary Structure and Perks

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SBI: Salary Structure and Perks
Many aspirants are confused about the difference between an SBI PO to
other bank POs. This article tries to throw some light on differentiating SBI
POs as compared to PO jobs with other banks (SBI POs Vs Other bank
POs). When compared to other Bank POs, SBI Probationary Officers
exam is very popular and the most sought after banking exam in India.
Cracking this examination paves the way into Indias largest public sector
bank that offers everlasting career opportunities. With the following
aspects discussed below, one will understand why SBI POs are most
admired bank jobs in India.
What Makes SBI POs the favorite!
Brand SBI: State Bank of India (SBI), with a 200 year history, is the
largest commercial bank in India in terms of assets, deposits, profits,
branches, customers and employees. The Government of India is the
single largest shareholder of this Fortune 500 entity with 61.58%
ownership. SBI is ranked 60th in the list of Top 1000 Banks in the world by
"The Banker" in July 2012. The group has an extensive network, with over
20000 plus branches in India and another 186 offices in 34 countries
across the world. , thus making it the largest Indian Banking and Financial
business setup. It is a matter of pride to be associated with such reputed
employer.
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.
Exposure:
With diverse business outfits that SBI operate in, State Bank of India
provides abundant career scope and exposure to its employees in the
areas of Agricultural Banking, Credit Rating, Marketing, Cross Selling,
Forex and Treasury etc. After probation, SBI POs command a high market
value in the banking industry.
Career Growth Prospects:
In SBI there are promotions in every 2-3 years, hence an SBI PO can
scale up to new heights in the hierarchy much faster as compared to other
banks POs. With the bank operations spread across geographies, foreign
postings are also a possibility. Continuous learning opportunities are
available through well-designed training and development programs.
The Probationary Officers will be on probation of two years during which
they will be given intensive training. Towards end of their probation /
training period, they will be subjected to a screening process. While those
Officers who achieve the predetermined standards may be confirmed and
given placement in the next higher grade i.e., Officer Middle Management
Grade Scale II, others who qualify the test but fail to achieve the standards
set for placement in Middle Management Grade Scale II, will be confirmed
as Officer Junior Management Scale Grade I. The services of those
Officers who fail to qualify in this process will be terminated.
Bank provides immense opportunities for growth in the Bank including
opportunities for postings abroad. The attractive promotion policy of the
Bank provides an opportunity to the meritorious and exceptionally brilliant
officers to reach the Top Management Grade in a reasonably quick time.
Four increments: State Bank of India is the only bank which gives 4
increments while joining in it as probationary officer.
No Bond System: Even those candidates who have qualified in IBPS
should apply, not only for the salary and perks but also for the fact that
there is no Bond for minimum service in SBI, while most of the other
banks are asking for a bond.
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
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4/15/2014 Bankers Adda: SBI: Salary Structure and Perks
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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
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.
Note: The candidates should not get confused by the amount of Salary
shown by SBI as Rs 69000/- as it includes the prerequisite of Leased
Accommodation to the extent of Rs 29000 in Mumbai. This is not cash
component but a facility to get a house in Mumbai if you are posted their.
Basically, the salary difference between SBI and other PS Banks is that of
4 increments i.e. Starting Basic Pay will be Rs 16900/- in SBI, whereas in
other PS Banks it is Rs145000/-. (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 Rs2000/-. Thus, starting salary in SBI is about Rs
4400/- more than other PSU Banks.
Pay Scale: The starting basic pay of a Probationary Officer is Rs 16,900/-
(with 4 increments) in the scale of Rs 14500-600/7-18700-700/2-20100-
800/7-25700.
Pay scale is the range of salary from the starting basic to last basic in
that particular grade, for example the starting basic salary of a JMGS
Officer is Rs. 14500.00 and the last basic salary of a JMGS Officer is Rs.
25700.00. In SBI there is a provision of four additional increments for
Probationary Officers at the time of joining hence the starting basic salary
of a SBI Probationary Officer is Rs. 16900.00 (Rs. 14500 + four
increments i.e. Rs. 600 X 4 = Rs. 16900.00).
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
Dearness allowance is being decided by the IBA from time to time, the
revision in DA is based on an index and the rate is being revised keeping
in mind current inflation rate and economic conditions. The Dearness
Allowance is being revised four times in a year or on a quarterly basis.
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 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
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Labels: Banking, SBI PO 2014, SBI PO SALARY AND PERKS
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.
Package or CTC of the Probationary Officer: Now-a-days term of
salary package or CTC has become a very popular term and everybody is
interested in knowing his or her salary package. As per the rough
estimates we can safely say that the salary package of a Probationary
Officer of SBI in a city like Mumbai is around Rs. 8 9 lakhs.
For those who are not aware of the salary package or CTC term we would
like to tell that a salary package or CTC (cost to the company) is the total
benefit one is drawing from the employer.
Salary Revision of Bank Employees: In the end we will also tell you
that the salary of Bank Employees will rise further as the salaries are due
for revision from November 2012. The salary of Bank employees are
revised after every 5 years.
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