This study examined the effect of strategic reward system on staff productivity of selected deposit money banks in Delta State, Nigeria. The specific objectives of the study were to: examine the effect of performance recognition on staff productivity and evaluate the effect of career development on staff productivity. The research design adopted was the descriptive survey approach and the sample size was 378 employees drawn from five selected deposit money banks operating in Delta State. Primary data was generated using questionnaire that reported a reliability coefficient of 0.81. The hypotheses were tested with regression analysis and the study found that performance recognition has positive significant effect on staff productivity (t-statistics 8.312 p-value 0.000<0.05).The study also revealed that career development has significant positive effect on staff productivity (t-statistics 9.491 p-value (0.000<0.05). The study concluded that there was positive and significant effect of strategic reward system on staff productivity in banking industry especially in deposit money banks in Delta State. The study recommended that management of deposit money banks in Delta State should implement clear reward policies such as bonuses, promotions to enhance motivation and overall performance. Also, human resource managers should establish as alternative to pecuniary incentives, training programmes and provide growth opportunities to employees to enhance their skills and long term retention.