Salaries and Allowances

Scale of Pay

with effect from: 01/11/2007

  Scale I         Rs.14500 - 600 / 7 - Rs.18700 - 700 / 2   - Rs.20100 - 800 / 7 - Rs.25700

  Scale II      Rs.19400 - 700 / 1 - Rs.20100 - 800 / 10 - Rs.28100                    

  Scale III    Rs.25700 - 800 / 5 - Rs.29700 - 900 / 2   - Rs.31500                  

  Scale IV     Rs.30600 - 900 / 4 - Rs.34200 - 1000 / 2   - Rs.36200                  

  Scale V      Rs.36200 - 1000 / 2 - Rs.38200 - 1100 / 2   - Rs.40400                  

  Scale VI    Rs.42000 - 1200 / 4 - Rs.46800         

  Scale VII    Rs.46800 - 1300 / 4 - Rs.52000         

with effect from: 01/11/2002

  Scale I          Rs.10000 - 470 / 6 - Rs.12820 - 500 / 3   - Rs.14320 - 560 / 7 - Rs.18270

  Scale II      Rs.13820 - 500 / 1 - Rs.14320 - 560 / 10 - Rs.19920                   

  Scale III    Rs.18240 - 560 / 5 - Rs.21040 - 620 / 2   - Rs.22280                  

Fitment shall be stage-to-stage. i.e., on corresponding stages from 1st stage onwards and the increments shall fall on the anniversary date as usual.

Dearness Allowance (D A)

a) on and from 01.11. 2007:

Dearness Allowance shall be payable for every rise or fall of 4 points over 2836 points in the quarterly average of the All India Average Working Class Consumer Price Index (General ) Base 1960 = 100 at 0.15% of pay.

Dearness allowance shall be calculated and paid on Basic Pay and Professional Qualification Pay, if any, payable under this settlement in respect of officers.

b) on and from 01.02 2005:

Dearness Allowance shall be payable for every rise or fall of 4 points over 2288 points in the quarterly average of the All India Average Working Class Consumer Price Index (General ) Base 1960 = 100 at 0.18% of pay.

Dearness allowance shall be calculated and paid on Basic Pay and Professional Qualification Pay, if any, payable under this settlement in respect of officers.

c) for the period from 01.11.2002 to 31.01.2005:

Dearness Allowance shall be payable for every rise or fall of 4 points over 2288 points in the quarterly average of the All India Average Working Class Consumer Price Index (General Base 1960 = 100) at the following rates:

a)           0.18% of ‘Pay’   up to     Rs.9,650/-

b)           0.15% of ‘Pay’   above       Rs.9,650/-      to     Rs.15,350/- plus

c)           0.09% of ‘Pay’   above       Rs.15,350/-    to     Rs.16,350/- plus

d)           0.04% of ‘Pay    above       Rs.16,350/-   

Fixed Personal Allowance

On and from 1st November, 2007  Fixed Personal Allowance  together with House Rent Allowance shall be at the following rates and shall remain frozen for the entire period of service.

Note:

1. FPP as indicated in "C" above shall be payable to those officer employees who are provided with Bank's accommodation.

2. FPA for officers eligible for House Rent Allowance shall be (A) + (B) plus House Rent Allowance payable on the last increment of the relevant scale of pay.

3. The increment component of FPP. shall rank for superannuation benefits.

Professional Qualification Allowance

With effect from 01.11.2007:

Officers shall be eligible for Professional Qualification Pay as under:

1.  Those who have passed only CAIIB (Part I) / JAIIB

               Rs.410/- p.m. after one year on reaching top of the scale.

2.  Those who have passed both parts of CAIIB           

(a)       Rs.410/- p.m. after   one year on reaching top of the scale.

(b)       Rs.1030/- p.m. after two years on reaching top of the scale.

An officer employees acquiring JAIIB / CAIIB (either or both the parts) qualifications after reaching the maximum scale of pay, shall be granted from the date of acquiring such qualification the first installment of PQP  & the release of subsequent instalments of PQP shall be with reference to the date of release of first instalment of PQP.

Provided further that in a case where an officer as on the date of this Joint Note, has already acquired any of the above said qualifications and has not earned any increment or PQP on account of acquiring such qualifications, he may be, w.e.f. 1st November 2007 or the date of acquiring  such qualification/s, whichever is later, released PQP as provided herein above.

{Other Allowances

Provident Fund

(a) While the officers who are presently covered under the Pension Scheme and those who will join the Pension Scheme in terms of option being made available under Joint Note dated 27th April, 2010 shall continue to contribute 10% of the Pay towards Provident Fund, there shall be no matching contribution.

(b) Officers of State Bank of India will continue to be covered by Contributory Provident Fund Scheme as hitherto.

(c) Officers who are presently covered under Contributory Provident Fund Scheme who do not opt for Pension Scheme being made available under Joint Note dated 27th April, 2010 shall continue under the Contributory Provident Fund Scheme as hitherto.

(d) There shall be no Provident Fund to officers joining the services of banks on or after 1st April 2010. They shall be covered by a Defined Contributory Pension Scheme, where the officer will contribute 10% of Pay plus Dearness Allowance and the bank will make a matching contribution. The Scheme shall be governed by the provisions of the Contributory Pension Scheme as introduced for employees of Central Government w.e.f. 1st January 2004 and modified from time to time.

 10% of pay.

Please note that PFC must be rounded off to the nearest rupee as per our Main Cir No.2/95-96 dated 19-04-95.

Increments

1.      General

a.       The annual increments specified in the scales of pay accrue on an annual basis and shall be granted on the first day of the months in which these fall due.

b.      The date of annual increment of a Promote Officer shall be the same as in the old scale.

c.    Additional increments for passing JAIIB / CAIIB shall be granted without effecting the usual date of increment.

d.      Normally when an officer is promoted to higher scale, the date of his increment shall be the anniversary date in the previous scale of pay.

e.       Where an officer reaches the maximum in the previous scale of pay or on promotion gets an increase in the Basic Pay equivalent to two or more increments in the previous scale of pay, the date of increment shall be the anniversary date of promotion. However, if the Basic Pay after deduction of increment of CAIIB is not at the maximum, then the date of increment shall be the anniversary of last increment.

f.        If an officer is promoted to higher scale after reaching the maximum in the previous scale of pay, but before drawing stagnation increment, the date of his future increment shall be the anniversary date of promotion or due date of stagnation increment in previous scale, whichever is earlier.

g.       Where an officer in Scale I or II is promoted after moving into higher scale II or III because of stagnation movement, the future increment shall be on the anniversary date of promotion.

Stagnation Increment: (W.E.F. 01.11.2007.)

a. Officers in JM Grade Scale I who have moved to scale of pay for MMG Scale II in terms of Regulation 5(b) after reaching maximum of the higher scale shall be eligible for four stagnation increments for every three completed years of service of which first two shall be Rs.800/- each and next two Rs.900/- each.

Provided that officers who have completed three years or more after receipt of the second stagnation increment as on 1.11.2007 will get the third stagnation increment on 1.11.2007 and another stagnation increment on or after 1.11.2008 on their completion of six years after receipt of second stagnation increment.

b. Officers in MMG Scale II who have moved to scale of pay for MMG Scale III in terms of Regulation 5(b) after reaching maximum of higher scale shall be eligible for three stagnation increments of Rs.900/- each for every three completed years of service.

Provided that officers who have completed three years or more after receipt of the first stagnation increment as on 1.11.2007 will get the next stagnation increment with effect from 1.11.2007 and a subsequent stagnation increment on or after 1.11.2008 on their completion of six years after receipt of the first stagnation increment

Provided further those officers in substantive MMG Scale III i.e. those who are recruited in or promoted to MMG Scale III shall be eligible for four stagnation increments of Rs.900/- each for every three completed years of service. Those who have already received two stagnation increments and completed more than three years of service after receipt of second stagnation increment as on 1.11.2007 will get the third stagnation increment on 1.11.2007 and the fourth stagnation increment, on or after 1.11.2008 on their completion of six years after receipt of second stagnation increment

2.      CAIIB increment

a.       From the date of publication of result – one additional increment for each part. i.e., JAIIB&CAIIB.

3.      Sliding Scale

a.       Officers in Scale I and II, one year after reaching the maximum in their respective scales shall be allowed to earn further increments including stagnation increments in the next higher scale subject to the crossing of an efficiency bar.

b.      Earning of increments in the next higher scales shall not amount to promotion in that scale and the officers in receipt of such increments shall not automatically qualify for any privileges, perquisites, duties, responsibilities or posts of the higher scales.

4.      Stagnation Increment (only for MM-III, MM-II. JM-I)

a.    Officers will be allowed the first stagnation increment after completing 3 years at the top of scale. Second stagnation increment will be allowed on completing 6 years at top of scale. However, the second stagnation increment in scale II is payable only to officers who are promoted to scale III.

b.      Stagnation increment qualifies for DA, CCA, HRA, Superannuation, etc.

c.       Where the punishment of reduction in time scale is imposed after reaching maximum of the scale prior to imposition of penalty, the period spent at the maximum should betaken into account while computing total service at the maximum of scale for the purpose of payment of stagnation increment / professional qualification pay.

d.      Non-application to the process of promotion / refusal to accept promotion shall not disentitle an officer to stagnation increments. ( Per /cir/53/02-03 dated21.11.2002)

5.      Guidelines for Efficiency Bar

a.       The movement of Officers in Scale I and scale II to the higher stages in the next scale after reaching the maximum in their respective scales shall be subject to their crossing the Efficiency Bar which shall apply only in the following cases-

i)   Where an officer employee is under suspension

ii)  Where a disciplinary action has been initiated against an Officer employee

iii) Where an Officer employee has earned an adverse remark from the Reporting Authority in the Reporting Year preceding the date on which the Officer employee is due to cross the Efficiency Bar and the same has been conveyed to the Officer employee.

NOTE:

a) Where the Efficiency Bar operates in terms of (ii) above, the case of the concerned Officer employee shall be reviewed every year well before the next due date for crossing the Efficiency Bar. The delay in crossing the Efficiency Bar under this provision shall not be more than three years after which if the disciplinary proceedings are still not concluded, the increments shall be released with retrospective effect.

b) Where the Efficiency Bar has been applied in terms of (iii) above, but the rating improves subsequently, the increment shall be released after one year.

Average remark or rating shall not be treated as adverse, for this purpose.