Do SBI PO Really Get Rs. 70,000 Per Month Salary ?

SBI PO Salary Details, Recent Advertisement of largest lender of India State bank of India (SBI) shows that the Compensation Package (CTC) for New Joined probationary Officers would be Rs 8 Lacs per annum.Read the SBI 1500 PO Recruitment : Click here

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.

Read11th 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.

ReadRBI 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 ?

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34 Comments
  1. Dear Sir, I wanted to ask about reservation in banking sector but could not find any relevant topic to ask about it. So I am asking here. As you are aware, IBPS PO 2 recruitment are going on. There are lot of speculations that those who filled forms with SC/ST/OBC category and also submitted relevant caste certificates will be allotted unreserved category seat if they come under first 11058 UR seats according to merit. In a way, they wont be treated as category candidates under which they filled their application. Hence effective number of seats would be decreased further. Shed some light on the way reservation is done.
    Thanks beforehand.

    • Sunit You are partially correct, according to law it is mentioned that if the reserved category candidates clear the cutoff criteria kept for general category than he/she will be treated in General category. The seat left by him in reserve category will be allotted to some other candidates from the same category it means one of the candidate from the General category will be left out despite of being scored in merit.

  2. what if i dont take the company given home then will i get that much amount in cash for my rent?

    • company (SBI) doesn't give u any home…
      u have to select any one of your choice.. bank will pay directly to owners account (the rent what u have shown in rent agreement with owner )
      one more thing you can show leased home of any one (even if u r living in your father's home then money will be transfere to ur father's account) except ur wife's home..

    • HR with the rate of 7.5% of Basic Pay for officers…

  3. What will be the package if anyone get job in UP east or west.

  4. Do SBI PO Really Get Rs. 70,000 Per Month Salary in all over india's city (eg.- patna, lucknow, kolkata) ?

  5. One more question……………I am from Delhi…….
    Suppose I get Delhi as my first posting………I live with my parents and will not opt for a new house…………so will HRA be credited to my salary …………..
    Just wondering ……….
    What say???????
    Thanks in advance…………
    Vicky Sharma

    • Yes, you will get the HRA i.e. about 7.5% of your basic salary.
      But if you get a leased house, you will be in benefit..

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