The starting basic pay for SBI Probationary Officers (SBI PO) is Rs 16900/-(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 officer will also be eligible for DA (Dearness Allowance), HRA (House Rent Allowance) & CCA (Compensatory City Allowance) as per rules in force from time to time.
The compensation per annum in Mumbai is around Rs 840000.
The break up of monthly compensation is as under:
* Cash Component Rs 34320/-
* Bank's contribution to PF Rs 1690/-
* Housing (Lease Rental) Rs 29500/-
* Perquisites (Conveyance, Newspapers, Entertainment allowance, House & Furniture Maintenance etc.) Rs 4130/-
In addition, the officers are also entitled to other benefits such as:
(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