The State Bank of India is one of the most in-demand options for banking aspirants. SBI Clerk, also known as Junior Associate, provides job security, attractive pay, and excellent career growth. The release of SBI Clerk Notification 2024 for 14,191 vacancies has made candidates curious to know about the salary structure, allowances, and benefits of the job. All the aspects of the SBI Clerk’s Salary are explained in detail here.
SBI Clerk In-Hand Salary
In-hand salary is what the person gets after taking off taxes, PF, and other contributions. The first in-hand salary of an SBI clerk would be around Rs. 46,000 per month, depending upon the location of posting, in metro cities like Mumbai, but in villages, that amount is a little less.
The basic pay for SBI Clerk starts at Rs. 26,730 and has two increments added to graduates. The maximum level of the basic pay may reach Rs. 64,480 in the course of increments.
Also read: SBI SO Admit Card 2024 Out – Download at @sbi.co.in
New SBI Clerk Salary Structure
The new pay scale for SBI Clerks is Rs. 24,050-64,480. It means that the basic salary starts at Rs. 26,730 and then increases with time. So, the first increment takes it to Rs. 28,070. Further increments, after gaining experience, take it to Rs. 33,020, Rs. 41,020, and so on to Rs. 64,480.
In addition to the base pay, SBI Clerks get allowances and benefits that highly contribute to their gross pay.
Allowances in SBI Clerk Salary
SBI Clerks get a lot of allowances along with the base pay. The following are the significant allowances:
- Dearness Allowance (DA): DA is re-adjusted every quarter. It is inflationary. Therefore, DA depends upon the rate of inflation. DA keeps salaries by the inflation level.
- House Rent Allowance (HRA): It varies with the place of posting. HRA of the employees in metro cities is higher as compared to the one posted in the rural areas.
- Transport Allowance: This allowance is for transport.
- Special Allowance: This is an add-on to the total remuneration in a fixed form.
- City Allowance: These are payable when employees are posted to a city and metro cities.
- Medical Allowance: It pays for medical expenses to an employee along with his family members.
- Allowance to Newspaper: The amount is minuscule and is more than fair to provide a day-to-day newspaper allowance
- Allowance for Furniture: The employees are enabled to make their home by purchasing furniture.
- These allowances make the entire remuneration package quite attractive and ensure comfort for the employee’s finances.
Benefits and perks for SBI Clerks
SBI Clerk, having a competitive salary, accrues several benefits and rewards. These include:
- Job Security: SBI has permanent and secure employment; it is preferred and believed as a career choice by most.
- Medical Benefits: Provides medical insurance and treatment to the employee and his family members for severe health issues.
- Provident Fund: A part of the salary directly goes to the PF account, which helps support him in his life after retirement
- Pension Scheme: This is a pension for an employee after retirement
- Leave Benefits: Casual leave, medical leave, and many other types of leave are offered to the employees.
- Promotion: The avenues for promotion and its structure are well-defined.
Also read: SBI Clerk Application Form 2024 Starts | Apply Now for Clerk Post
Conclusion
The SBI Clerk position attracts a very handsome salary, job security along good growth opportunities. The starting salary is in the range of Rs. 41,000 to 46,000 and varies as there are different allowance facilities like DA, HRA, and transport benefits. Their in-hand salary increases substantially at regular intervals and on due promotions. Other benefits that accompany the deal include medical insurance and pension, which enhance the offer and make it one of the best deals within the country’s banking industry.
This position, SBI Clerk, will provide any aspirant who seeks to build a secure and rewarding career with a good base and prospects for growth.
