SBI offers attractive perks and allowances to its employees. And when it comes to Junior Management Grade Scale-I officers like SBI CBO, this becomes even more lucrative. SBI CBO salaries are given as per the 7th pay commission along with other admissible allowances.
Knowing the salary package before the exam will be an added motivating factor for banking personnel looking to make it into SBI as CBOs. Let us have a look at the salary details of SBI CBO with complete In-hand Salary, Structure, Perks, Allowances and Job Profile of SBI CBO. SBI CBO recruitment 2020 need to undergo an online written objective & Descriptive and an Interview. Read along to know more.
SBI CBO Salary Structure
Before looking at any other aspect, let’s have a look at the Basic Salary Structure of SBI CBO in details. The salary structure details are as follows.
SBI CBO Salary Structure
|Basic Pay||INR 23,700/- (Increment for 7 Years = INR 980/-)|
|Basic Pay After 7 Years||INR 30,560/- (Increment for 2 Years INR 1,145/-)|
|Maximum Basic Salary||INR 42,020/-|
|Total Salary Per Annum||INR 8,20,000/- INR 13,0,8000/-|
- Now let’s break this down a bit. INR 23,700/- INR 980/7 means that the basic pay of SBI CBO will be INR 23,700 with an annual increment of INR 980 for the next seven years.
- Similarly, INR 30,700/- INR 1145/2 means that the basic pay of SBI CBO will be INR 30,700 with an annual increment of INR 1145 for the next 2 years and so on. SBI CBO can have a maximum basic pay of INR 42,020.
SBI CBO In-Hand Salary
In-hand salary is calculated with the simple formula
In-hand Salary = Basic + DA + HRA+ City compensation(depends on posting) – (PF & Pension Contributions)
Considering the Basic Pay at joining as INR 23,700
Total Salary = INR 23,700 + 46.9% Of 23,700 + 7% Of 23,700 + 3% Of 23,000 + 2000 approx (Other Allowances)
Deductions = (14% approx)
Therefore, total Take Home (In-hand) Salary = 39,115 – 5,476 = INR 33,639
So, the In-hand salary of SBI CBO will be a minimum of INR 33,639.
The DA varies significantly can go up to 75% of Basic Pay, taking the in-hand salary to a new height.
SBI CBO Annual Package
Aspirants who clear the all the stages of SBI CBO recruitment process will then receive their salary as per the 7th pay commission. As per the official notification, the annual salary that an SBI CBO would receive will be approximately around INR 8,20,000/- INR 13,8,000/-.
SBI CBO Allowances
As we have already discussed the in-hand salary, which includes various allowances, it is time for us to have a clearer view of most common allowances rewarded to SBI CBO selected. The different allowances given are –
|Dearness Allowance (DA)||46.9%-75% of the Basic Pay (Changes as per the city of appointment)|
|House Rent Allowance (HRA)||7% to 9% of the Basic Pay|
|City Compensatory Allowances (CCA)||3% to 4% Depending on the Location|
|Medical Insurance||100% Covered for the Employee.
75% for Family Members
|Traveling Insurance||Reimbursement of Fair for Official Travels Only.|
|Petrol Allowances||Around INR 1,100/- – INR 1,250/-|
|Newspaper Allowance, Entertainment Allowances, Books Allowances, etc||Varies Based on the Cadre|
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SBI CBO Perks & Benefits
Candidates selected for SBI CBO receive additional perks and benefits as per the 7th pay commission. Few of these benefits are listed below.
- Home Travel Concession/Leave Fare Concession
- Leave Travel Concession (LTC)
- Pension Scheme/New Pension Scheme
- Concessional Interest Rates for Housing/Personal Loans/Car Loans
SBI CBO Probation Period
The selected SBI CBO in respective circles will undergo a probationary period of 6 months which will be under continuous assessment until the time of confirmation. If a candidate fails to qualify during probationary period will be terminated from the service.
SBI CBO Growth & Promotion
SBI Circle Based Officer are employed as Junior Management Grade Scale 1. Bank rules and the performance at work plays a vital role in receiving promotions. Bank employees are closely observed for this purpose. CBOs joining at Scale 1 will receive enough promotions opportunities and reach Senior Management Grade Scale 4.
SBI SBO Job Profile
Some of the Roles and Responsibility (not limited to) of an SBI CBO Officer are –
- Management of core functions of a bank
- Loan packages will be approved by the SBI CBO in a bank branch.
- Banking Operations Monitoring
- Maintaining Healthy Relationships With the customers
- Smooth Implementations Of policy
SBI CBO FAQs
The Annual Salary Package of SBI CBO is around INR 8,20,000/- INR 13,0,8000/-
The In-hand salary of the SBI CBO will be INR 33,693/- @ 46% DA
Yes, candidates will have to undergo a probationary period of 6 months once selected for the post.
Along with the salary, Reduced Loan Interest Rates, Travel Concession/Leave Fare Concession, Leave Travel Concession (LTC), Pension Scheme/New Pension Scheme, etc will be the perks and benefits of SBI CBOs.
Yes, there will be promotions for eligible employees and is based on bank rules and performance.
CBO stands for Circle Based Officer. It is a Junior Management Grade Scale-I post. SBI CBO selects will go through a probation period of 6 months. After the probation period, all the suitable candidates are posted as permanent officers of SBI.
The SBI CBO Online Test will be conducted on 28th November 2020.
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