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 ?
[four_fifth_last]Hi Rajmanglam,
Very well written article, gives more clarity on the salary and take home amount.
I was just reading an article which mentions the following details:
The Starting Salary of Public Sector Bank PO is 40486/- monthly and 490153/- annually.
The Starting Salary of SBI PO is 69000/- monthly and 828000/- annually.
The Starting Salary of ICICI Bank PO is 34561/- monthly and 414732/- annually.
These are approximate numbers and vary with bank and location.
Your views on the same.
hello sir actually i want to become 'it officer' so can you tell me about it.i can't find any job rather then ibps exam but it don't consist SBI.
Be careful about the term IITian. Let me clear you're doubtful mind. When an IItian gets low pay, it happens to be always an Enginnering/ Technology (Core) related firm that is hiring. No "non- tech"/financial corporation from India ( and from abroad I don't want to scare you with the figure) dares to land in Campus recruitment in IIT with package less than 10 lakh. Even after getting packages like 1 mlln Rs., they always opt for a core job instead…. even if it pays around a mild 7 lac package !!! So, forget about IITians doing an bank job for 7 lac.. I dare to say there is no IITian in any Bank organization unless it comes to being a CEO in private orgns or Governor.
totally agreed a guy passing from IIT will never opt for a job in banking sector.
I am a probationer at SBI posted in Varanasi and I can definitely say that CTC is around 8.00 lakhs. After 2 years of probation the inhand salary is 29000+6500/-(perks esp. petrol, newspaper, cleansing etc.) +15000(lease in Varanasi)+11000(Bank's and employees equal contribution in PF and pension. These are not all after becoming MMGS-II you are entitled for FOREIGN TOUR for LFC (Presently, very rare in other organizations). Lastly, 100% medical reimbursements for individual and 75% for his dependents. The worst part in SBI is that rural postings else it is compensating very well.
two things are different in S.B.I
first is 2 additional increment that makes 2000 to 3000 more.
other is rental ceiling that is really makes difference.
else is some what same, but at last S.B.I is S.B.I.
ek bar R.B.I kay Perks or CTC bhi dekh lo.
Hello Abhishek .. you MMGS II in the SBI gets only Domestic tour by AIr Economy of course, How come you get Foreign Tour ..
Yes, in New Settlement this is made applicable
under IBA settlement Foreign trip is allowed to other bank employees also with MMG II and above on LFC…Medical reimbursement is also 100% and 75%…only the difference is of Two early increment…and Lease rent…
santhosh
in what ratio sir sc/st candidates will be selected for interview that is 1:3 ratio or 1:5 ratio please let me know..
Generally in SBI the ratio of candidates are in the ratio of 1:3