PO Salary, Pay scales,
Salary structure, perks and allowances: In this post we are going to tell you in
detail about the salary, perks and other allowances of SBI Probationary
Officer. As many members of our Bank Exams Preparation Group frequently ask about the salary, perks and allowances of SBI
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.
What is a pay scale? 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
What is Dearness Allowance: 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 lumpsum 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 Centres to Rs 29500.00 in Mumbai Centre.
What is Lease Rent Facility: 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.
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 lacs.
What is a salary package? 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.Disclaimer: All care has been taken to provide correct information however publishers are not responsible for any discrepancy.
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