SBI PO is one of the most coveted jobs in the banking sector and with SBI PO Exam 2018 round the corner, all of you must be preparing to the best of your abilities to crack it and get placed in the largest lender of the country. The job security and social status aside, the SBI PO job offers you a plethora of opportunities to grow in your career. However, no job analysis can be done without the proper knowledge of the compensation package offered by it against the hard work you are going to put in for the company. In this article, let us decode the salary structure and various perks offered by the State Bank of India to its probationary officers.
SBI PO 2018: What do you get?
State Bank of India is the first bank in the country that has proposed to offer a SMART compensation package to its employees which will enable the staff to choose according to their requirement. However, the same is still not approved by the Ministry of Finance, Government of India. Apart from innovative employee-friendly measures, the bank has one of the best entry-level salary packages in the industry, next only to Reserve Bank of India (RBI) and Nationasl Bank for Agriculture and Rural Development (NABARD).
Basic Pay is the best among peer banks
The entry-level basic pay is higher in SBI as compared to other nationalized banks. The starting basic pay is Rs 27620 with four advance increments in the pay scale of 23700-980 (7) – 30560 – 1145 (2) – 32850 – 1310 (7) – 42020. This propels your gross salary by a few notches anyway.
Cost to Company (CTC)
The CTC offered by the bank will tell you why you should be in this bank and not in any other bank in the country. The bank offers a minimum of Rs 8.20 lacs whereas the maximum package is Rs 13.08 lacs depending upon the place of posting. Hence, if you are posted in Mumbai, the compensation offered will be more than Rs 1 lakh a month.
Apart from the basic salary, you will get dearness allowance as a percentage of the basic salary. This is generally revised every three months according to the All India Consumer Price Index data published by the government.
House Rent Allowance
This is another component of your gross salary and this is also calculated as a percentage of your basic salary. This allowance depends on the city of your posting. The maximum you can get is 10% of your basic for metro cities or Tier I cities and the minimum is 7.5% of basic salary for rural areas. In case you are posted away from home, you are entitled for lease accommodation and the bank gives a maximum of Rs 29500 for Mumbai though it varies according to the place of your posting. In case you are availing the lease amount, you will not get the house rent allowance.
City Compensatory allowance
This is basically given for the cost of living of metro cities such as Mumbai, Delhi and also other tier I cities such as Bengaluru. It is basically 4 per cent of your basic salary.
SBI provides a comprehensive medical benefit package to its employees. It covers 100% treatment for the ‘self’ and 75% of the expenses incurred in case of the dependents. The bank has tie-up with a number of leading hospitals in the country where you can avail of the cashless treatment facility.
SBI provides a number of leaves to its employees such as casual leaves, privilege leaves, medical leaves, extra-ordinary leaves, etc. The bank gives 12 casual leaves, 30 privilege leaves and 15 full-day medical leaves throughout the year. Apart from this, the bank also offers a 6-month sabbatical for maternity leave to its women employees.
Leave travel concession
The bank offers LTC facilities to its employees and the same can be availed in a block of two years or four years according to your convenience. The bank reimburses the ticket fare and also provides guest house facility in any corner of the country. As POs, you will be eligible to travel in AC 2 Tier in any train across the country.
The bank provides various monthly perks such as petrol allowance, newspaper allowance, entertainment allowance, house maintenance allowance, etc. It comes to a total of Rs 5000 approximately in your cadre. Apart from all these benefits, the bank also provides car loans, housing loans, etc. at concessional rates to all its officers.
SBI PO is one of the best jobs in the banking industry because it offers the best entry level compensation package to its employees. The bank also offers excellent opportunities for growth in career in case you are interested in learning the nuances of banking and finance.