SBI PO Leased Accommodation

Can you tell me if State Bank of India Probationary Officer or SBI PO is facilitating with Leased Accommodation facility? Also tell me about other perks for post of State Bank of India Probationary Officer or SBI PO?

[Pathak]

The starting basic pay of State Bank of India Probationary Officer or SBI PO 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.

One is also 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

Dearness Allowance: Apart from the basic salary one 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

HRA and CCA: With this one 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: There are various other 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: One also has Lease Rent Facility ranging from Rs 8000.00 in ‘C’ category Centers to Rs 29500.00 in Mumbai Centre.

Furniture and Fixtures: One is 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 is also very attractive. Medical Aid for self is 100% and for the family is 75% it means that 100% of medical bills are reimbursed by the bank for and 75% for family members, subject to the bank norms.

Provident Fund: 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.

Concession Loans to Bank Officers: Bank also provides concession 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.