Sunday, 27 December 2015


SBI: Salary Structure : 

Article by : Rahul Sharma
Hi experts, 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 Officer’s exam is very popular and the most sought after banking exam in India. Cracking this examination paves the way into India’s 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.
So, i am providing you a direct link for State bank of India employee Online Salary examining tool.
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.
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.
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 annul 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 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.

Bank Job 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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