SBI Bank Employee Benefits and Perks

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As the largest India’s commercial bank, the State Bank of India (SBI) provides a wide range of attractive and exclusive benefit packages for its employer. These are meant to retain their existing professionals and to attract new talents to be a part of the financial institution.

If you are interested in working or are a new hire at this bank, then this article will show you the various packages of the SBI Bank employee benefits.

The offered SBI Bank employee benefits include the health insurance, retirement and financial plans, paid time-off and vacation, parenting and family package, and many more.

Each of the packages will be detailed below, along with the provided facility and the bank’s profile.

SBI Bank Employee Benefits

About State Bank of India (SBI)

State Bank of India (SBI) is a global India-based public sector bank with the main office located in Mumbai. It was listed at 221st position in the list of the 2020 Fortune Global 500 biggest corporations in the world, and overall is the 43rd largest bank across the world. The bank owns a total of 25% of total deposit and loan market, as well as 23% market share by total assets. in India, it sits at the 5th position of the largest employer nationwide with more than 250,000 total employees.

In the past, the Bank of Bombay, the Bank of Calcutta, and the Bank of Madras merged into one to assemble the Imperial Bank of India. Then, in 1955, the Indian government took over the bank by acquiring 60% of its stake and turned it into the State Bank of India that it is today.

State Bank of India
The Banker to Every Indian
State Bank Bhavan’, Nariman Point, Mumbai
FormerlyImperial Bank of India
TypePublic Sector Undertaking
Traded as
  • LSE: SBID
  • NSE: SBIN
  • BSE: 500112
  • BSE SENSEX Constituent
  • NSE NIFTY 50 Constituent
ISININE062A01020
IndustryBanking, financial services
Predecessor
  • Bank of Calcutta (1806-1921)
  • Bank of Bombay (1840-1921)
  • Bank of Madras (1843-1921)
  • Imperial Bank of India (1921-1955)
Founded
  • 2 June 1806, Bank of Calcutta
  • 15 April 1840, Bank of Bombay
  • 1 July 1843, Bank of Madras
  • 1 July 1955, State Bank of India
  • 27 January 1921, Imperial Bank of India
HeadquartersState Bank Bhawan, M.C. Road, Nariman Point, Mumbai, Maharashtra, India
Number of locations22,141 Branches, 58,555 ATMs
Area servedWorldwide
Key peopleRajnish Kumar
(Chairman)
Products
  • Credit cards
  • Retail banking
  • Mortgage loans
  • Private banking
  • Corporate banking
  • Investment banking
  • Wealth management
  • Finance and Insurance
Number of employees249,448 (March 2020)
ParentGovernment of India (56.92%)
Subsidiaries
  • SBI Life Insurance Ltd
  • SBI Cards and Payment Services Ltd
  • Yes Bank (30%)
  • Jio Payments Bank (30%)
  • SBI General Insurance (70%)
  • Kaveri Grameena Bank (35%)
  • Andhra Pradesh Grameena Vikas Bank (35%)
Websitebank.sbi

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SBI Employee Benefits, Perks, and Packages

There are a lot of offered SBI Bank employee benefits packages for its team members. What makes their benefits interesting is the fact that part-time employees are eligible to access equal perks and benefits as the full-time workers.

Read the detailed facility benefits provided by this bank below:

  • Salary pay structure: Basic pay with special allowance, City Compensatory Allowance (CCA), Dearness Allowance (DA), and House Rent Allowance (HRA).
  • Medical Insurance: SBI Bank employee benefits for medical purpose with 100% of reimbursement for employees and 75% of reimbursement for employees’ family members.
  • Lease accommodation: Living accommodation allowance based on where the employee lives.
  • Furniture allowance: Allowance to enable employees to enhance work-from-home experiences.
  • Leave Travel Concession (TLC): Leave travel and fare reimbursement for employees (limited for official business travel).
  • Miscellaneous: SBI Bank employee benefits in the form of entertainment allowance, book and magazine allowance, newspaper allowance, petrol allowance (55 liters for 4-wheelers; 50 liters for 2-wheelers), etc.
  • Loan’s concessional interest rates: Concessional rates of interest provided by the bank for mortgage loan, automobile loan, and personal loan.
  • 2-years sabbatical leaves: 2-years sabbatical leaves for women staff of the bank from work for purposes like taking care of their parents or their children’s education.

SBI Bank Employee Benefits and Perks

SBI Bank Employee Benefits Summary

Health, Wellness, and Life Insurance

  • Medical insurance and health care
  • Life insurance
  • Vision coverage
  • Dental coverage
  • Disability insurance

Financial & Retirement Plan and Bonuses

  • Retirement plan
  • Pension plan
  • Employee stock option
  • Performance-based bonus

Family & Parenting

  • Paternity and maternity leave
  • Childcare leave
  • Flexible working hours
  • Work from home
  • Unpaid leaves of absence

Vacation, Time Off, and Leaves

  • Paid time-off and vacation
  • Compassionate leave
  • Sick leave
  • Irregular working hours

Special Perks & Benefits

  • Special discount for employees
  • Assistance program
  • Membership of gym
  • Free snacks and lunch
  • Company car

Professional Support

  • Diversity and inclusion program
  • Program of apprenticeship
  • Tuition and job training

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Conclusion

Employee’s benefits help staff and team members in various areas such as financial, healthcare, and paid leaves. By understanding the SBI Bank employee benefits from the insight above, you can assess the comprehensive packages offered if you are interested in working in this financial institution or want to gain deeper knowledge as the new hire of this company.