SBI CBO Salary 2020: SBI CBO had released 3850 vacancies this year for the post of Circle Based Officers for which thousands of experienced candidates have applied to boost up their growth in banking career. SBI has been known for offering higher salary packages to their employees than other public sector banks. SBI releases recruitment for SBI CBO posts to give a chance for the already working bank employees to grow career-wise and salary-wise. Only experienced bank employees are eligible to apply for SBI CBO. Check out what SBI is offering to Circle Based Officer in salary package: basic pay, allowances, and other benefits.
What is The Salary Of SBI CBO?
As per the notification released by SBI, the candidates selected as Circle Based Officers 2020, will be placed in the Junior Management Grade Scale 1or JMGS-I. As given in the notification, the pay scale of SBI CBO will be Rs. 23700-980/7-30560-1145/2-32850-1310/7-42020. As clearly stated in the notification, the basic pay will be Rs 23700/- with an increment of Rs 980 for the next seven years that will be followed by a basic Pay of 30560 which will have an annual increment of Rs 1145 for the next two years. The maximum basic salary attainable by a SBI CBO is Rs 42020.
SBI CBO- In Hand Salary
The candidates once selected on the post of SBI CBO will be paid or the Basic Pay will be Rs. 23,700/- plus one increment at the starting of the job as stated in the notification. Therefore, the candidates will be given one increment for each completed year of service rendered in officer cadre in the Scheduled Commercial Bank and Regional Rural Bank, as on 01.08.2020.
We can expect that the Gross compensation received lies between 8.20 Lakhs (minimum) to Rs. 13.08 lakhs (maximum) per annum. The amount varies with the location of job posting.
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SBI CBO Perks and Allowances
Given below are the perks and allowances given to the SBI CBO:Â
Allowances
We are providing you the complete list of allowances that will be enjoyed by a Circle based officer once appointed in this.
| Allowance | Amount |
|---|---|
| Dearness Allowance | 46.9% of the Basic Pay |
| City Compensatory Allowance | 3% – 4% depending on location |
| House Rent Allowance | 7% – 9% depending on the Place of Posting |
| Medical Insurance | 100% covered for employee | 75% covered for dependent family |
| Travelling Allowance | AC 2-tier fare is reimbursed to the employee for official travels |
| Petrol Allowance | INR 1,100 – 1,250 |
| Newspaper Allowance, Entertainment Allowance, Books Allowance, etc. |
Varies based on the post of Cadre |
SBI CBO: Perks
Given below are some of the perks that will be given to the SBI Circle Based Officer:
1.A SBI CBO gets contribution Pension Scheme/New Pension Scheme.
2.The availability of medical Aid for self (100%) and for family (75%).
3.LTC will be given as well.
4.Home Travel Concession/ Leave Fare Concession will also be given.
5.Concessional interest rates for Housing/Car/Personal Loans will be there.
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