SBI PO Salary

State Bank of India (SBI PO) is not only the biggest bank in India, It is also the bank which pays the highest salary when it comes to a Probationary Officer.

Starting CTC of a PO joining SBI will be around Rs.8.00 Lacs per annum. This includes leased accommodation of Rs.20,000/- on metro cities.

WHY SBI PO?

  • No service bond like other banks
  • Highest salary
  • Maximum opportunities for career growth
  • Possibility to work outside the country
  • Leased accommodation upto Rs.29,500/-

EMOLUMENTS:

PAY: The starting basic pay is 16,900/-(with 4 increments) in the scale of 14500-600/ 7-18700-700/2-20100-800/7-25700 applicable to Junior Management Grade Scale I. The official will also be eligible for D.A, H.R.A & C.C.A as per rules in force from time to time. The compensation per annum at Mumbai is around Rs. 8,40,000/-. The breakup of monthly compensation is as under:

  • Cash Component – 34,320/-
  • Bank’s contribution to PF – 1,690/-
  • Housing (Lease Rental) – 29,500/- `

Perquisites (Conveyance, Newspapers, Entertainment allowance, House & Furniture Maintenance etc. 4,130/- `In addition, the officers are also entitled to other benefits like –

(i) Medical Aid for self (100%) and for family (75%)

(ii) Home Travel Concession/Leave Fare Concession

(iii) Concessional Interest Rates for Housing/Car/Personal Loans

Note: The salary scales are under revision with effect from November 2012. It means, bank

will pay higher salary than the present above mentioned salary. Bankers have been waiting the salary revision and hope it would be approved by next year. The pending hike in salary will be paid as arrears since Nov. 2012.

Note: The candidates should not get confused by the amount of Salary shown by SBI as Rs 69000/- as it includes the prerequisite of Leased Accommodation to the extent of Rs 29000 in Mumbai.  This is not cash component but a facility to get a house in Mumbai if you are posted their.   Basically, the salary difference between SBI and other PS Banks is that of 4 increments i.e. Starting Basic Pay will be Rs 16900/- in SBI, whereas in other PS Banks it is Rs145000/-. (Rs. 2400/- more as basic in SBI)  The difference becomes bigger as DA is payable on this basic pay.  This also works out to be about Rs2000/-.   Thus, starting salary in SBI is about Rs 4400/- more than other PSU Banks.

Pay Scale: The starting basic pay of a Probationary Officer is Rs 16,900/- (with 4 increments) in the scale of Rs 14500-600/7-18700-700/2-20100-800/7-25700.

Pay scale is the range of salary from the starting basic to last basic in that particular grade, for example the starting basic salary of a JMGS Officer is Rs. 14500.00 and the last basic salary of a JMGS Officer is Rs. 25700.00. In SBI PO there is a provision of four additional increments for Probationary Officers at the time of joining hence the starting basic salary of a SBI Probationary Officer (SBI PO)is Rs. 16900.00 (Rs. 14500 + four increments i.e. Rs. 600 X 4 = Rs. 16900.00).

Dearness Allowance: Apart from the basic salary a Probationary Officer is also eligible for Dearness Allowance or D.A. which is currently 80.25% of basic salary hence one will also get Rs. 13562.25 as DA, apart from the basic salary of Rs. 16900.00

Dearness allowance is being decided by the IBA from time to time, the revision in DA is based on an index and the rate is being revised keeping in mind current inflation rate and economic conditions. The Dearness Allowance is being revised four times in a year or on a quarterly basis.

HRA and CCA: Apart from the Basic salary and Dearness Allowance a Probationary Officer is also entitled for House Rent Allowance (HRA) and City Compensatory Allowance (CCA). While the HRA ranges from 7.50% to 15% of the basic salary depending upon the location of the posting. CCA value also depends upon the place of posting of the Officer.

Perks and Allowances: In SBI PO there are also various perks such as petrol allowance, newspaper allowance, entertainment allowance, servant allowance etc. the lump sum rupee value for all such perks is in the range of Rs. 6000.00 – Rs. 8000.00 depending upon the place of posting.

Lease Rent Facility: Probationary Officers are also entitled for attractive Lease Rent Facility. An Officer is entitled for Leased accommodation ranging from Rs 8000.00 in ‘C’ category Centers to Rs 29500.00 in Mumbai Centre.

Lease rent facility is a facility provided by the bank in which the house rent of the house of the Officer is directly paid by the bank to the landlord within the entitlement of Officer.

Furniture and Fixtures: Probationary Officers are also entitled for purchasing Furniture and Fixtures of Rs. 90000.00 for their home. The bank also pays annual maintenance perks of Rs. 10000.00 for the maintenance of Furniture purchased by the Probationary Officer.

Medical Facility: Medical facility in sbi po is also very attractive. Medical Aid for self is 100% and for the family is 75% it means that 100% of your medical bills will be reimbursed by the bank for you and 75% for your family members, subject to the bank norms.

Provident Fund for SBI PO: The officers are required to make 10% of their basic pay as contribution to Provident Fund and the Bank also makes matching contribution to the Employees Provident Fund.

Concessional Loans to Bank Officers: Bank also provides concessional interest rates for Housing/Car/Personal Loans.

Newspaper Reimbursement: A fixed monthly amount is paid towards the cost of one newspaper.

Maid Allowance: A fixed monthly amount is paid toward the allowance of the maid, which is generally Rs. 50/day.

Package or CTC of the Probationary Officer: Now-a-days term of salary package or CTC has become a very popular term and everybody is interested in knowing his or her salary package. As per the rough estimates we can safely say that the salary package of a Probationary Officer of SBI PO in a city like Mumbai is around Rs. 8 – 9 lakhs.

For those who are not aware of the salary package or CTC term we would like to tell that a salary package or CTC (cost to the company) is the total benefit one is drawing from the employer.

Salary Revision of Bank Employees: In the end we will also tell you that the salary of Bank Employees will rise further as the salaries are due for revision from November 2012. The salary of Bank employees are revised after every 5 years.

IBPS PO Syllabus in Brief

The official notification of IBPS PO-VI 2016 examination has been announced. We will take a look at IBPS PO 2016 syllabus to get started for preparations.

View Notification

As per the notification there are around 8800 vacancies for 2017 – 18 recruitment. There has been no change in the exam pattern of Prelims Exam but IBPS has introduced fixed time for each section in IBPS PO Mains Exam, inline with SBI Clerk & PO Mains Exam.

IBPS PO 2016 syllabus

About 20 lakh candidates are expected to appear for the IBPS PO VI Exam. All those aspirants who couldn’t be able to clear the SBI Clerk & SBI PO Prelims Exam can prepare well and hit the exam this time without wasting time anymore. There is no better day than TODAY.

 

Before looking at the syllabus, let us check out the eligibility criteria, important dates & exam pattern.
Eligibility Criteria: 

  • Age limit:Minimum 20 years & Maximum 30 years as on 01.07.2016
  • Educational Qualifications: Should be Graduate from a recognised university/ Institution. No minimum % required.

Important Dates:                                                                                              

  • Date of online registration– 26th July 2016 to 13th August 2016
  • Date of Prelims Exam– 16th, 22nd and 23rd October 2016
  • Date of Mains Exam– 20th November 2016

As per IBPS PO 2016 syllabus The Selection Process of the Exam consists of 3 phases which are given below:

i)Phase I:Online Preliminary Examination (Objective Test)

ii)Phase II:Online Mains Examination (Objective Test)

iii) Phase III: Interview

NOTE:   

  • Prelims Exam is of qualifying nature. Marks obtained in mains examination only will be counted for interview call. Final merit list will be made on the basis of total marks obtained in Mains exam & Interview.
  • There will be negative marking of 0.25 marks for each wrong answer in prelims & mains.
  • There will be sectional as well as over-all cut off in prelims & mains both.

Prelims Exam Pattern

As per IBPS PO 2016 syllabus The marks secured in the Phase I (Prelim Exam) will not be counted for the purpose of Final Selection. This is a qualifying round similar to SBI PO prelim exam.

The prelims exam of IBPS PO will have the following pattern:

Sr No. Test Name Qns. Marks Duration
1 Reasoning Ability Paper 35 35 01 hour
2 Quantitative Aptitude Paper 35 35
3 English Language Paper 30 30
 Total 100 100

Mains Exam Pattern

The mains exam of IBPS PO is divided into 5 sections similar to last year but this year, in IBPS PO 2016 syllabus it has specified the time to attempt each of the five sections. Sections have to be attempted in the same order as specified at the time of mains exam. We can’t move to next section before the specified time for the current section.

The mains exam of IBPS PO will have the following pattern:

Test Name Qns Marks Duration
Reasoning 50 50 140 Mins
General Awareness Paper 40 40
Quantitative Aptitude 50 50
English Language 40 40
Computer Knowledge 20 20
 Total 200 200

Expected sectionwise IBPS PO 2016 syllabus

The questions that will be asked can be from any of the following mentioned topics. So go through the syllabus thoroughly which will give you a proper idea of the expected questions from each of the sections.

Quantitative Aptitude

  • Simplification
  • Number Series
  • Ratio & Proportion
  • Percentage & Averages
  • Profit & Loss
  • Mixtures & Allegations
  • Simple Interest & Compound Interest
  • Work & Time
  • Time & Distance
  • Sequence & Series
  • Permutation, Combination & Probability
  • Data Interpretation

Reasoning

  • Seating Arrangement
  • Syllogism
  • Input Output
  • Coding Decoding
  • Alphanumeric Series
  • Ranking/Direction/Alphabet test
  • Data sufficiency
  • Coded Inequalities
  • Puzzle
  • Logical Reasoning

English language

  • Reading Comprehension
  • Cloze test
  • Fill in the blanks
  • Error Spotting
  • Sentence Correction
  • Para Jumbles

General Awareness

  • Banking & Financial Awareness
  • Current Affairs
  • Static GK (Few questions)

Computer Knowledge

  • Fundamentals of Computer
  • History of Computer
  • Internet
  • MS Office – Word, Power point, Excel & Access
  • Memory
  • Input Output devices
  • Computer Shortcuts

New apps and services by Indian Banks

mobile-banking
1) Airtel money – AXIS BANK+AIRTEL
2) Asha Home loan – AXIS BANK
3) BOUTIQUE FINANCING SCHEME – SBI
4) Branch on Wheel – ICICI Bank in Odisha
5) Chillar – Hdfc Bank
6) China’s first online Banking “webank” – Tancet Holdings
7) DDA Housing Scheme 2014 – HDFC Bank
8) Digital Banking “POCKET” – ICICI
9) Digital Village Project in Akodara Village of Gujarat – ICICI
10) eforex – SBI
11) E-KYC – SBI
12) EMI ON DEBIT CARD – ICICI BANK
13) E-Wallet – IRCTC
14) Facebook-based funds transfer platform “KayPay” – Kotak Mahindra Bank
15) First home grown INDEX “COMPOSITE INDEX” – SBI
16) I-Mobile app for windows phone – ICICI
17) India’s first” transparent credit card “in association with American Express – ICICI
18) ICICI Apathon App – ICICI Bank launches ‘ICICI Appathon’, a Mobile App Development Challenge
19) India’s first credit card exclusively for GOLF LOVERS – RBL Bank
20) Instant money transfer – BOI
21) Instant Money Transfer (IMT) – Bank of India
22) Kisan card – AXIS BANK
23) Maha Millionaire”, “Maha Lakhpati” – Bank of Maharashtra
24) M-Pesa – ICICI+Vodafone
25) M-Wallet – Canara Bank
26) State Bank Freedom App – State Bank of India
27) Student Travel Card – ICICI
28) TAB BANKING FACILITY – SBI
29) Tap and pay – ICICI
30) Twitter Handle account – SBI
31) Video conferencing – Indusuld & federal bank
32) Youth for India – SBI
33) First home grown INDEX “COMPOSITE INDEX” – SBI
34) I­Mobile app for windows phone – ICICI
35) India’s first” transparent credit card “in association with American Express – ICICI
36) India’s first credit card exclusively for GOLF – RBL Bank
37) Instant money transfer – BOI
38) Kotak Bharat’ mobile banking app – Kotak Mahindra Bank (KMB)
39) ‘Saral­ Rural Housing Loan’ Scheme – ICICI Bank
40) Awareness initiative ‘Dhanchayat – HDFC Bank