Promotion Policy Of SBI PO : Banking is now-a-days considered as the most lucrative career choice. Indian Banking industry is one of the fastest growing employers in India today. And among all, State Bank of India which is the largest public sector bank in India offer vast career opportunities to the youths. Cracking the exam is not an easy task but once you are through, your life is secured. SBI PO 2016 job is the most prestigious as far as banking jobs are concerned and getting through it is the dream of every banking aspirant.
A SBI Probationary officer can reach up to the post of Dy. Managing Director of the bank and even chairman in course of his or her career. Most of the Probationary Officers easily promoted to the post of Assistant General Manager in the bank.
And so on, normally in SBI there are promotions in every 3-4 years and a SBI Probationary Officer can reach to a very high level (even Chairman of the bank) in course of his or her career. In SBI, you might get opportunities of working in several departments. Even you might get an opportunity to work in any of the branch in foreign countries too since SBI has 150 offices in foreign countries. The promotion policy in SBI is much faster as compared to other banks. Apart from salary, the candidates get lease rent, newspaper, entertainment allowances, mobile phone bill, medical expenses, and furniture of 1.5 lacs after completion of probation period which is 2 years. No doubt the salary varies as per the place of posting. SBI offers ample learning opportunities to the existing and new employees through well-designed training and development programs.
Now have a look at the promotion hierarchy of SBI PO.
SBI provides immense opportunities to the employees for growth. Almost all the top executives in SBI earlier joined as a Probationary Officer (PO). This is because of the attractive promotion policy which the bank offers to its employees. The meritorious and exceptionally brilliant officers reach the top management grade in a reasonably quick time.
Let’s have a quick look at the benefits which an employee enjoys as SBI PO:
High Salary Perks: The salary package of SBI PO is very attractive as compared to other banks. As per the notification released recently, the pay scale of SBI PO is 23700-980/7-30560-1145/2-32850-1310/7-42020 which is applicable to Junior Management Grade Scale-I. Presently, the starting basic pay is 27,620/- (with 4 advance increments). The total compensation per annum would be a minimum of 7.55 lakhs and maximum of 12.93 lakhs depending on place of posting and other factors. SBI plans to offer SMART Compensation Package which would enable candidates a choice to monetize specific elements of the salary package. All the candidates in officer position are entitled to this salary package even though he or she is on a probation period for two years.
Leased Rental: At some stations, the bank may offer to the candidates joining as SBI PO official bank accommodation in lieu of leased accommodation. This facility is available in lieu of HRA. The lease amount may vary depending on the place of postings.
Travelling Allowance: As a SBI PO may also get travelling allowance. Some banks allow fixed travelling allowance whereas others allow reimbursement of petrol bills if the officer own scooter/car at the place of posting. Even you will get reimbursement for newspapers too. For Conveyance, Newspapers, Entertainment allowance you will be paid Rs 4,130/- per month in your salary.
Medical Aid: As a SBI PO you will also be entitled to a fixed annual amount as medical aid. Medical Aid for self is 100% and for family is 75%. Even there are facilities for home travel concession/leave fare concession. Concessional Interest Rates for Housing/Car/Personal Loans.
Dearness Allowance: The DA in SBI is 46 % of the basic.
In nutshell, the minimum basic pay for probationary officers is 27620 per month. DA is approx. 46% of the basic pay. HRA is approximately 2100. The gross pay is around 44000. The deduction in PF is 10 % of the basic and NPS is 10 % of gross. Allowances may vary depending upon the place of posting. The facts and figures given here might vary.
The Probationary Officers will be on probation for 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, others who qualify in the test but fail to achieve the standards set for placement in Middle Management Grade Scale-II, will be confirmed as Officer Junior Management Grade Scale-I.
The services of those Officers who fail to qualify in this process will be terminated. Bank provides immense opportunities for growth in the Bank including opportunities for postings abroad. The attractive promotion policy of the Bank provides an opportunity to the meritorious and exceptionally brilliant officers to reach the Top Management Grade in a reasonably quick time.