SBI Circle Based Officer Salary 2020: The State Bank of India will be recruiting a total of 3850 Candidates for the post of Circle Based Officer (CBO). As being an SBI Circle Based Officer (CBO) receives an attractive salary package, therefore, the no. of applications received will be huge. Here we are discussing the salary of a Circle Based Officer. Let us have a look at the Circle Based Officer SBI In Hand Salary 2020, Perks and Allowances, Career Growth.
The Graduate Candidates will be able to apply online from 27th July to 16th August 2020.
SBI Circle Officer Salary Structure
The candidates who will be applying for the SBI Circle Based Officers 2020, will be placed in the Junior Management Grade Scale 1or JMGS-I. The JMGS 1 term is generally used to refer to the officers who have just entered the Officer Cadre after promotion from the Clerical Cadre.
The SBI CBO Pay Scale will be Rs. 23700-980/7-30560-1145/2-32850-1310/7-42020.
This means the CBO will get a basic pay of Rs 23700 with an increment of Rs 980 for the next 7 years, followed by a basic of Rs 30560 with an annual increment of Rs 1145 for the next two years and so on. The maximum basic salary will be Rs 42020.
SBI CBO In Hand Salary
The candidates who will be appointed as SBI Circle Based Officer (CBO) will be paid or the Basic Pay will be Rs. 23,700/- plus one increment at the starting of the job. 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.
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.
SBI CBO Perks and Allowances
Here we are describing the perks and allowances that an SBI Circle Based Officer (CBO) is entitled to.
SBI CBO Allowances
After being appointed as an SBI Circle Based Officers, the candidates will receive the following allowances apart from the regular monthly salary.
|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|
Books Allowance, etc.
|Varies based on Cadre|
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SBI CBO Perks
An SBI Circle Based Officer will also be entitled to the following perks as per rules in force from time to time.
1.Contribution Pension Scheme/New Pension Scheme.
2.Medical Aid for self (100%) and for family (75%).
4.Home Travel Concession/ Leave Fare Concession.
5.Concessional interest rates for Housing/Car/Personal Loans.
SBI CBO Salary: Promotion, Career Growth
- On joining, the selected candidates will be designated as “Circle Based Officers” (CBOs) and will be on probation for a period of 6 months.
- The CBOs will be subjected to continuous assessment during the probation period for judging their suitability for confirmation.
- The candidates who qualify in their assessment as per standards determined by the Bank from time to time, will be confirmed in the service of the Bank in Junior Management Grade Scale-I (JMGS-I).
- If any candidate fails to achieve minimum standards stipulated, his/ her services may be terminated as per the policy of the Bank in force at the material time.
- The selected officers will be in the general cadre and will be governed by the promotion policy applicable for Bank’s general cadre officers.
- The selected candidates will not be entitled to inter-circle transfer up to his/ her promotion to SMGS-IV Grade OR 12 years of service, whichever is later.