The State Bank of India (SBI) will be releasing the SBI clerk recruitment notification for 2021 shortly. Candidates can visit the official website of SBI to get the latest updates from time to time.
SBI is one of the premier banks in public sector banks. A bank’s job is considered prestigious, as is the position of an SBI clerk salary is decent and includes several benefits and perks, offering candidates good job security. Several candidates who plan to take the next SBI exam are eager to know about the SBI clerk’s salary and perks.
The exact date of the examinations for the recruitment of SBI clerks is yet to be announced. Job seekers should regularly visit the bank’s website, though the advertisements for recruitment are also published in all leading newspapers.
SBI Clerk Salary in-hand, 2021
Candidates who write the exam and are declared eligible for selection are likely to be appointed as a Junior Associate in any of the bank’s branches in India. The Junior Associate’s basic salary upon joining is Rs. 13075, which is the current figure. However, after the sixth increment announced by the governing body, the SBI clerk in-hand salary is likely to be around Rs.20000 to Rs.22000. However, candidates should keep in mind that the compensation paid to a clerk working in a metro city and a small town is not the same. The salary varies according to the city, as it is based on the cost-of-living index.
Payscale for SBI Clerk, 2021
The salary pay scale for SBI clerks for 2021 is in the range of Rs.11765-655/3-13730-815/3-16175-980/4-20095-1145/7-28110-2120/1-30230-1310/1-31450. To put it in a nutshell, the starting pay is Rs.11765/-, and a yearly increment of Rs.655, which takes the total to Rs.13075/-.
However, if the candidate is posted in a metro city like Mumbai, Kolkata, or Chennai, the starting salary is higher and is Rs.26000 per month, including the Dearness Allowance and other applicable allowances. Newly appointed graduate Junior Associates are eligible for two additional increments. The allowances are fixed based on the city the candidate is instructed to join for duty.
SBI Clerk Salary and Increments in detail:
Basic salary for SBI Junior Associate (clerk) – Rs.13075/-
SBI clerk salary after the first increment- Rs.13730/-
SBI clerk salary after the second increment Rs.16175/-
SBI clerk salary after the third increment Rs.20095/-
SBI clerk salary after the fourth increment Rs.28110/-
SBI clerk salary after the fifth increment Rs30230/-
SBI clerk salary after the sixth increment Rs.31450/-
Please note that the newly appointed SBI clerk gets the first increment only after three years, and the salary is Rs.13730/-. Following this, there is an annual increment of Rs.815, and the salary after the next three years will be Rs.16175 as the annual increment also increases to Rs.980. Hence, the monthly salary for the next four years will be Rs.20095. It is only after seven years that the salary increases to Rs.28810. After another year, the salary becomes Rs.30230. After yet another year, the salary an SBI clerk draws is Rs.31450. This is the maximum salary a clerk can draw up to their retirement.
Emoluments – Allowances 2021
Dearness Allowance:
Popularly referred to as the DA – the Dearness Allowance of an SBI clerk is revised every quarter or four times a year. The allowance is fixed based on the Consumer Price Index (CPI). The DA is subject to increases and decreases based on inflation. However, in most cases, it increases and rarely decreases.
House Rent Allowance:
Popularly known as HRA – House Rent Allowance of an SBI clerk is dependent on the city they are posted in and varies accordingly. The HRA for Metro Cities is higher. Whereas, in other cities, it is lower.
Besides the above, an SBI clerk is eligible for various other allowances like telephone bills reimbursement, allowance for purchasing furniture, etc. The total salary for an SBI clerk in a metro city like Mumbai or Kolkata is fixed at Rs.26000, which includes all the above mentioned-allowances.
SBI Clerk Emoluments – Perks 2021-03-06
There is high competition amongst job aspirants to join as a clerk in SBI because of the additional perks. The perquisites offered by SBI include flexible working hours, a comfortable work environment, and pension eligibility under the New Pension Scheme (NPS), where the employee contributes a small sum and the bank contributes the rest, which makes up the pension the clerk can draw after retirement.
Besides these perks, the SBI clerks are also eligible for medical treatment reimbursement, medical insurance, travel allowance, or leave travel concession, which entitles them to take their family to any destination in the country and back every year. SBI clerks are also eligible to get Provident Fund (PF) after retirement.
Summing it Up
SBI is one of the premier banks in the banking sector in India. The post of SBI clerk and the salary is attractive as it includes liberal allowances and perks. Candidates serious about making a banking career should practise hard before the exams.
