SBI VRS Scheme 2020,Latest News| Eligibility ,Salary,Benefits


Complete Details about SBI VRS Scheme 2020, Latest News| Eligibility, Salary, Benefits

The largest banking giant State Bank of India has announced another scheme called Voluntary Retirement Scheme to its employees to optimize the resources and cost-cutting. Through this Voluntary Retirement Scheme, around 30,000 employees from SBI will be eligible for this scheme. This VRS Scheme allows a voluntary exit option for the employees who are willing to retire voluntarily due to personal reasons, health obligations, and persons who have completed 25 years of their careers. The latest news is that SBI will open this scheme from December to February.

However, all the permanent employees can apply for the VRS scheme on the State Bank of India’s official portal.

SBI VRS Scheme 2020, Latest News| Eligibility, Salary, Benefits

In this article, we explain to you about the SBI VRS Scheme, Highlights of the Scheme, Latest News, Eligibility, Salary, Benefits

Highlights Of SBI VRS Scheme 2020,Latest News 

  • Over 30,000 employees are going to avail of the VRS Opportunity announced by SBI.
  • This VRS Scheme by State Bank of India is not just a cost-cutting measure, but it is termed as “Congenial Solution.”
  • The ‘Second Innings Tap VRS’ is planning to fill a total of 14000 vacancies.
  • Around 11,565 officers and 18,625 staff members of SBI are going to eligible for this scheme.
  • Along with VRS, the employees will also get other benefits such as gratuity, pension, medical benefits and provident, etc.

Eligibility Criteria for SBI VRS Scheme 2020

Let us see the eligibility criteria that employees fulfill to get eligible for SBI VRS Scheme. 

  • All the officers and staff members who are permanent employees are eligible for this scheme.
  • The employees who completed 25 years of service and crossed 55 years on the cut-off date of age are eligible for SBI VRS Scheme 2020.
  • The eligible candidates can apply from December to February for this scheme.
  • The employee retired under this scheme is eligible for re-employment with a cooling-off period of 2 years from his retirement date.

Salary for SBI VRS Scheme 2020

Let us see the Salary Component of the State Banking of India Voluntary Retirement Scheme.

For the employee who opted for retirement under VRS, SBI will pay an ex-gratia amount of 50 percent of salary for the residual period of service till the date of Superannuation, subjects to 18 months last drawn salary.

Benefits of SBI VRS Scheme 2020

Let us see the benefits that a staff member will get after choosing a Voluntary Retirement Scheme.

  • Gratuity
  • Pension
  • Provident
  • Medical Benefits
  • Miscellaneous 

Quick Links 

SBI Official Portal

SBI VRS Scheme 2020 FAQ

How many members are going to benefit from the SBI VRS Scheme?

At least 30000 permanent staff members of State Bank Of India will benefit from the SBI VRS Scheme.

What benefits the staff members can derive after choosing the SBI VRS Scheme?

The staff members can get benefits like gratuity, pension, medical services, etc. after retiring under VRS Scheme.

What is the online application date for applying SBI VRS Scheme?

The Online Application date for applying SBI VRS Scheme is in between December 2020 to February 2021.

Does the employee who has not completed 55 years can apply for the SBI VRS Scheme?

No, the employees must complete at least 55 years of age to apply SBI VRS Scheme.