Is that really truth or it’s just a misleading advertisement by Bank to attract fresh blood.
Such type of attractive package would attract bright candidates to join SBI. Recent attrition rate is so poor among Public Sector Bank that Bank was forced to boost the salary package of employees , they are unable to change the Basic Salary slab of their employees because of the agreement with IBA (Indian Banking Association) so they are looking after some indirect way to compensate.
Read : 11th Bipartite Settlement – Government May Settle the Bank Pay revision Before 01st November
The Basic Facts about the Salary offered By SBI to New PO :
Cash Component : Rs 30,370
Contribution By Bank To PF and Pension : Rs 4673
HOUSING LEASE RENTAL : Rs 29,500
Perquisites : Rs 4130
TOTAL : Rs 68,673/-
If this is the Salary in HAND than really a Wonderful Package to work with, What I suggest to All IIM’s and IITians to join SBI because the initial pay scale of Top Brands in India have much lesser than this Salary Package. But the Truth is some where different than reality. A natural question, ” HOW”, I let you know below :
CASH COMPONENT : A smart Way to hide the Basic Pay Scale i.e. Rs. 16900 in the scale of 14500-25700. A SBI PO join with Four more increments i.e. rs 700 each.The basic Pay scale with Dearness Allowance (DA) i.e. 76.50% present. Total Comes to Rs 29,828 (16900+76.50*16900)with some error. That is almost similar to CASH COMPONENT part offered by SBI.
Contribution By Bank To PF and Pension : This is additional benefit paid by SBI to their employees.
HOUSING LEASE RENTAL : This is where trick works, SBI clearly defined that the Compensation Package of Rs 8 lacs at Mumbai. If this is the Uniform Package offered by SBI to all probationary officers than why to mention only MUMBAI ? Why I suggest if this is uniformly offered to all PO , Bank should have mentioned ANYWHERE INDIA not only Mumbai. It means Housing Rent paid by bank to their staff as a additional benefit in lieu of HRA.
Read : RBI Grade B Officers Salary Structure – Rs 13 Lacs Per Annum
This amount will not be paid to employee although this rent will be paid directly to Owner of the Premises. If that employee get transferred to some remote areas what would be the amount paid by bank is not mentioned ? If any PO get posted to some rural areas in such case he/she will get salary with sum total of cash Component+Pension i.e. 30,370+4673.
Now Think Yourself !!!! Whether you are agreed or not ?
hi
Iam MBA student ffrom a top 20 business school.I was placed in Axis Bank.,My CTC is 15 lakhs. think its better not to compare SBI jobs with coprorate jobs as ghey are open for all irrespective of degree and govt comp wont pay higher for mba and iit students.so they wont prefer SBI or any govt comp to start career.
i would be very kind of you if you throw light on career roadmap of an Rbi assistant ? Are there chances to reach good heights?
If you ask me positively, I must say, it will take a long time for these guys to reach at specific position….hardly one out of hundred..
Hello sir …… I am a man gupta from seoni district m.p. I have completed 12th with commerce stream with 74% than I am coming to nagpur for bba coarse in Raisoni collage………… I am tensed because I want to become a successful rbi head
Hi, i just wanted to ask which one is better sbi po or a rbi grade b officer in terms of benefits and salary and perks. Please clear my doubt
It is entirely based on your choice, SBI promotion is good..in RBI Promotion process is very slow…perk and benefit are almost same..
CTC at Chennai????