SBI Officers Salary – The salary structure of the Probationary officers in State Bank India is presently, the starting basic pay is Rs. 27,620/- (with 4 advance increments) in the scale of Rs. 23700-980/7-30560-1145/2-32850-1310/7-42020 applicable to Junior Management Grade Scale-I.
The official will also be eligible for D.A, H.R.A/Lease rental, C.C.A, Medical and other allowances & perquisites as per rules in force from time to time.
The total compensation per annum would be a minimum of Rs. 7.55 lacs and maximum of Rs. 12.93 lacs depending on place of posting and other factors.
SBI plans to offer, subject to necessary approvals, a SMART Compensation Package which would enable candidates a choice to monetize specific elements of the salary package.
The break up of monthly compensation is as under:
Cash Component : 36,046/-
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
The salary scales are under revision with effect from November 2017. When a candidate is selected as probationary officer in SBI, starting basic pay is Rs 27,620/- (with 4 increments) in the scale of Rs 23700-980/7-30560-1145/2-32850-1310/7-42020 applicable to Junior Management Grade Scale I. the new probationary officers are also given several perks and benefits like Dearness Allowance, House Rent Allowance & City Compensation Allowance etc. as per rules from time to time.
SBI PO SALARY Cash in Hand = Rs. 38000/-
Other benefits:
Bank’s contribution to PF = Rs. 1690/-
Housing (Lease Rental) ranges from 8000-29500.
Other allowances including Newspapers, Entertainment allowance, Conveyance etc.) = Rs. 4130/-
SBI PO Salary at Metro cities
At present monthly emolument at Mumbai will be approximately Rs 72000/- i.e. Rs. 108000/- per year depending on place of posting inclusive of all benefits (total compensation in year / 12). This is not fully in cash as it includes Rs. 29500 as facility to get a house in Mumbai if you are posted there.
The SBI bank probationary officers are required to make 10% of their basic pay as contribution to Provident Fund and 10% of Basic Pay and D.A. towards pension scheme and Bank also makes matching contribution.
Other benefits includes Concessional Interest Rates for Housing/Car/Personal Loans, Medical Aid for self (100%) and for family (75%), Home Travel Concession/Leave Fare Concession.
