Bank Unions and Indian Bank's association signed an agreement to increase bank employees salary and allowances by 15%. The scale pay of Officers has been revised from Rs.14500 – Rs.52000 to Rs.23700 – Rs.85000.
For SBI PO, 4 increments are given initially
Basic Pay = 23700 + 3920 =27620
Dearness Allowance = 33.7% of Basic Pay = 9307.94
Basic Pay + Dearness Allowance = 27620 + 9307.94 = 36927.94
NPS Contribution = 10% of 36927.94 = 3692.79
Basic Pay + Dearness Allowance – NPS Contribution = 33235.15
Special Allowance = 7.75% of Basic Pay and Dearness Allowance = 7.75% of 36927.94 = 2861.92
House Rent Allowance = 7% of Basic Pay = 1933.4
Total = 33235.15 + 2861.92 + 1933.4 =
38030.47
Apart from this there can be other deductions like professional tax and for officers association. It depends on the bank and place of posting. Also there is City Compensatory Allowance for certain places. There can be higher hra (8% or 9%) based on place of posting.
So a newly recruited Probationary Officer can expect take home salary of 37500+.
So SBI POs will initially get 5000+ salary extra compared to other Public Sector Bank POs appointed same year. Also other perks and allowances offered by SBI is best in the industry.
The Probationary Officers will be on probation of two years during which they will be given intensive training.Towards the end of their probation / training period, they will be subjected to a screening process. While those Officers who achieve the predetermined standards may be confirmed and given placement in the next higher grade i.e., Officer Middle Management Grade Scale-II.
