Hello Friends
First of all congrats for getting selected to STATE BANK OF INDIA- The Premier Institute in Indian Banking Industry. Now I would like to share the salary structure , perks, allowances and benefits which you people can avail after joining this institution.
- Basic Pay- 23700+ 4X980(for additional increments in SBI)=27620
- Dearness Allowance- 36.40%(presently) of Basic Pay =10832 (**the resultant amount is a bit higher as you can see due to some additional loading)
- Special Allowance-7.75% of Basic Pay=2140
- House Rental Allowance:- (population 45 lacs and above>>HRA will be paid at 10%, 12 to 45 lacs>>HRA will be paid at 9%; 5 to 12 lacs>>HRA will be paid at 7.5%;)) eg Delhi ==> 10% of Basic Pay i.e 2762/-
- City Compensatory Allowance (in big cities n metros)- 880 max.
I am Posted in Delhi and I should get = 27620+10832+2140+2762+880= 44225 as Gross Salary.
My deductions Are: Employee. PF contribution 2,762.00 (10% of Basic Pay) Contributory Pension Fun 3,768.00 (10% of Basic +DA) ****Bank also contribute some amount to both PF and NPS **** Income tax deduction is separate.
Now Here Comes the charm of SBI PO job==>
1) The Lease Facility in place of HRA You can get a lease of upto 29500 + 1000(parking facility if any) in Mumbai. Upto 26500 + 1000(parking facility if any) in New Delhi . and more than Sufficient amount even at small centres to get a good 2bhk/3bhk house flat.
2) Medical- Unlimited. Perks and Allowances:-
3) Petrol:- 45 litres (semiurban or rural centre), 55 litres(Urban)-for Bike 55 litres (semiurban or rural centre), 65 litres(Urban)-for Car
4) Newspaper and magazine:- 550
5) Cleansing -850
6) Labour Charges-600 (*** only if you have taken 1/3rd of the furniture Allowance)
Rite Now it nearly works out to be Nearly => 6200
**Furniture Allowance = 120000+ Service Tax.(you get furniture rent recovery 11000 yearly)
**Entertainment Allowance=12000 Per Annum
**Tea Coffee Allowance= 2000 per Annum
**BALTI/DABBA(utility) allowance-1800 per annum
So, In delhi one should nearly get about = 44225(gross)+6200(perks petrol etc)+1000(entertainment.)+166(tea)= 51700-6530(pf,nps deductions) = 45100 approx If you take lease ==>> HRA will be deducted from your salary.
Some Key Points to sum up:
1. DO TAKE YOUR 1/3rd FURNITURE ALLOWANCE WELL ON TIME TO CLAIM THE CLEANSING AND LABOUR CHARGES.
2.BUY 1 LAPTOP FOR YOU IF YOU DON’T HAVE ONE(its included in the furniture list)
3.DO TAKE YOUR UTILITY ALLOWANCE YEARLY.
4.ENTERTAINMENT AND TEA COFFEE ALLOWANCE CAN BE TAKEN ON QUARTERLY ALSO.
********* And most importantly >> You will have 2 Foundation Training of 21 days and 28 days each. This will be the best time for you guys to meet people from every single state of the country. It will be like a MINI INDIA @SBI. You will make few friends for lifetime!
************ *****stay motivated , as the demotivating forces are high in this organization, enjoy the job, enjoy the journey and forget of getting home postings always**********
Note:- there will be a slight deviation in salary due to postings at RURAL or SEMI-URBAN centres
Best of luck. Hope you enjoy working in SBI
Mahendra Dudi
SBI PO 2014
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