State Bank of India is not only the biggest public sector bank in India, but also the bank which pays the highest salary for the post of Probationary Officer.
- No service bond like other banks
- High salary
- Maximum opportunities for career growth
- Possibility to work outside the country
- Leased accommodation up to Rs. 29, 500/-
PAY: The starting basic pay is 27620/-(with 4 advance increments) 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 breakup of monthly compensation is as under:
- Cash Component – 36,046/-
- Bank’s contribution to PF – 1,690/-
- Housing (Lease Rental) – 29,500/-
PAY SCALE: 23700-980/7-30560-1145/2-32850-1310/7-42020
GRADE: Junior Management Grade Scale-I
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 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 have a posting in Mumbai. Basically, the salary difference between SBI and other PS Banks is that of 4 increments. This also works out to be about Rs 2000. Thus, starting salary in SBI is about Rs 4400/- more than other PSU Banks.
Dearness Allowance: Apart from the basic salary a Probationary Officer is also eligible for Dearness Allowance or D.A. The new revised current DA (for the month of November 2016, December 2016 and Jan 2017 is 47.80% of the Basic Pay).
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 – Rs. 8000 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 in ‘C’ category Centers to Rs 29500 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 for their home. The bank also pays annual maintenance perks of Rs. 10000 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.
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. Total compensation per annum would be a minimum of ₹7.55 lakhs and maximum of ₹12.93 lakhs depending on place of posting and other factors.
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.