SBI Clerk Salary 2020: The SBI Clerk examination is approaching soon and there is a huge number of vacancies in various states across the country. Notwithstanding the huge number of vacancies to be filled through this recruitment drive, the job of an SBI clerk offers you a decent salary along with fast track promotion and social respect, unparalleled in any other organization in the banking sector. That is why we are bringing a series of articles regarding the details of this job so that your efforts get the required dose of encouragement to crack this examination.
What is the salary of SBI Clerk?
According to the official notification, the Junior Associates (the official designation of clerk in SBI) will get salary in the scale of 11765-655/3-13730-815/3-16175-980/4-20095-1145/7-28110-2120/1-30230-1310/1-31540. The total emoluments in a metro city will be around Rs 23600/- per month inclusive of all the allowances at the current rate.
The total salary of an SBI Clerk can be divided into various components:
- Dearness Allowance
- House Rent Allowance
There are other allowances as well:
- Leave fare subsidy
- Medical facilities
- Encashment of Privilege leave
- Conveyance allowance
- Loans for housing, car, personal consumables at concessional rates
Now, we shall look into the allowances in detail:
The DA is applied to the basic salary i.e. Rs 11765 at the time of entry. The DA is revised every quarter based on the Consumer Price Index (CPI) data published by the Central government.
House Rent Allowance
This is given in order to compensate for living in your place of posting. The junior associates are not provided with a lease facility but they can be provided with residential quarters if available at your place of posting. The rate of HRA changes according to the place of posting such as in a metro city or semi-urban area or rural area. The HRA is given as a percentage of the basic salary. In case you are provided with residential quarters, you will not get the HRA component of your salary.
Leave Fare Subsidy
You will be eligible for reimbursement of travel fare for going to vacations across the country. The block given is four years in case of junior associates i.e. you can take this facility once in four years. This subsidy is provided to you and your dependent family. At the entry-level, Junior Associates are eligible to travel in the sleeper class across the country.
The largest lender of the country takes good care of the health of its employees. It covers 100% treatment cost to the employee and 75% for the dependents. The bank also provides the facility for cashless treatment in many renowned hospitals across the country.
Leave encashment facility
The bank offers you one leave for every 11 working day and it is known as the privilege leave. Once 240 such leaves are accumulated, an employee is eligible for encashment of the leaves and he will be given the salary equivalent to 240 days.
The bank offers conveyance allowance to the associates according to the place of posting. You can claim this allowance based on the declaration of consumption of petrol for this purpose every month.
Loans at concessional rates
State Bank of India provides loans to the clerks at concessional rates for various purposes. It gives loans for almost all the needs of the employee starting from education to housing and car loans. Apart from that, overdraft facility is also available to the employees in simple rate of interest.
What are the career prospects of SBI Clerk?
State Bank of India provides the best of opportunities for promotion to the highest cadre of general manager of the bank. Once a junior associate joins the bank, he has to appear in JAIIB and CAIIB examinations so that he can eligible for the Trainee Officer examination after three years of service. Trainee Officer is the equivalent cadre of the probationary officer recruited by the bank. After that, the bank offers time-bound promotion every three years in the fast track route and any sincere candidate can reach up to the highest level during his career in the bank.
SBI Clerk is an examination that will see fierce competition from candidates across the country and you need to be at the top of your calibre to crack this examination in order to get the job. So, go for it and grab the opportunity with both hands. You will definitely succeed.
All the best!!