What are the benefits received by an SBI employee?
The largest commercial bank in India, SBI comes out with advertisements almost every year to recruit in the posts of assistants and probationary officers. SBI offers an attractive package in order to attract and retain the best of talents in its fold.
The largest commercial bank in India, State Bank of India (SBI) comes out with advertisements almost every year to recruit in the posts of assistants and probationary officers. SBI offers an attractive package in order to attract and retain the best of talents in its fold. The various facilities offered to an employee in the premier bank are:
- Salary Structure: The basic salary of a newly joined SBI PO is more than that of a PO who has joined in any other public sector bank because SBI offers four additional increments at the initial stage to the officers. Therefore, whatever the basic salary is for other banks, you will get more than that in SBI. For assistants, however, the basic salary is same for all the banks. Apart from this, an employee is eligible to get Dearness Allowance, House Rent Allowance, Special allowance on the basic pay and City Compensatory Allowance as an employee of the bank.
- Contributory Provident Fund: The employees with the bank are governed under the Defined Contributory Provident Funds Scheme in which the bank will make contributions to the PF account of the employee and as per the latest data, the monthly contribution from the bank is Rs 1641
- Lease Facility: The officers are eligible to get lease accommodation in their place of posting and in lieu of the lease accommodation provided by the bank, the HRA component will not be credited to the employee. The lease rental ceiling is very attractive in SBI as it pays around 30000/- for lease accommodation in Mumbai, the highest among all the public sector banks. However, there is no such facility for the clerks, as of now
- Perquisites: Apart from salary, the officers in SBI are eligible for various perquisites like newspaper allowance, petrol allowance, entertainment allowance, house maintenance allowance, books and magazine allowance, briefcase allowance, reimbursement of telephone bills etc. The total monetary value of perquisites in the bank comes to around 5000/- on a monthly basis. The clerks in SBI are also eligible for petrol allowance, entertainment allowance, newspaper grant etc on a monthly basis
- Medical Benefits: The employees in SBI enjoy a medical benefit scheme, unmatched in the public sector. There is 100% reimbursement for self treatment whereas 75% of the total amount is reimbursed if the treatment has been done for the dependent of the employee. Moreover, the bank has tie-up with some of the best medical facilities around the country and employees are eligible for cashless treatment in these places
- Home Travel Concession / Leave Fare Concession: The officers are eligible for leave fare concession or leave travel concession and it can be taken in a block of 2 years or 4 years according to the choice of the employee. The officers in scale 1 are eligible for reimbursement of fare in AC II-tier of trains.
- Concessional rate of interest for loans: SBI employees are eligible for loan under staff scheme in concessional rate of interest for housing loans, car loans etc. Moreover, the rate of interest for deposits is also 1% more than the general public for the staff members
- Furniture Allowance: This benefit is exclusively for officers as the bank provides a one-time grant to the officers for furnishing of residence and also an annual maintenance charge for the same. Presently, a scale I officer is entitled to get Rs 150000 for furnishing of residence for which the bank will recover a nominal rent on yearly basis
- Two-year sabbatical to women staff: Women employees of SBI can take two-year sabbatical leave from work for purposes such as children's education.
Apart from all these monetary benefits and perquisites, SBI offers the best promotion policy among all the public sector banks in India and it rewards its top performers accordingly by giving them challenging assignments. The learning opportunities are immense and so the opportunities of growth in both personal and professional space.
The bank also announced in July 2015 that it plans to offer up to 3% of annual profit to employees as part of a talent retention and motivation initiative. The bank has sought permission from the finance ministry in this regard.