The State Bank of India is the biggest commercial Bank in India. It has a unique position in the Indian money market and is playing a significant role in the country's economy. In the biggest ever VRS introduced in the country, the SBI board approved the scheme for its employees to shed at least 10% of its staffers.

The purpose of the study is to know whether the Voluntary Retirement Scheme (VRS) is profitable from the point of view of employees or not and whether they are satisfied with the VRS package given to them, so that in the next round of VRS the required changes can be suggested.

It can be seen from Table 1 that 18 of the respondents have opted for VRS because of the attractive VRS package and the benefit it offers. Nearly 60% have stated this as the reason for opting VRS as they were being paid for the remaining years in services also. Of the 30 respondents, 4 each have opted for VRS on health grounds and because of the fear of transfer and jobs tension which prompted them to opt for the scheme, whereas the remaining 2 have opted because of the monotonous job. Almost 7% opted on ground of job transfer and tension; employees were under constant fear that they would be transferred to far off rural branches after VRS (especially higher level staff). This shows that VRS was a golden opportunity for them.

Professional Banker Magazine, Voluntary Retirement Scheme, VRS, State Bank of India, SBI, commercial Banks, Life Insurance Corporation, LIC, Customer Services, VRS Package, Bank Managements, Long-term Investments, Operational Costs, Indian Money Market.