SBI Clerk Salary 2024 After 5 Years, Check Salary Structure & Career Growth

SBI Clerk Salary 2024 After 5 Years: The State Bank of India (SBI) is one of the leading and most popular organizations among the banks in India and remains preferred for young individuals willing to become bank clerks. Thousands of candidates try to pass the SBI Clerk exam every year to join the bank as clerk. But more than that first choice, many more get thrilled with the prospect of an increase in their salaries as time goes by.

To be precise, let us discuss the important information you should know about SBI clerk salary in 2024, career advancement, and many more. In this blog, we have provided a detailed brief about SBI Clerk Salary 2024 after 5 years.

SBI Clerk Salary Structure 2024

The salary structure of an SBI Clerk is designed in a way that it increases over time with regular increments and promotions. Here’s a breakdown of the SBI Clerk salary structure for 2024:

1. Basic Pay: The starting basic pay of an SBI Clerk is ₹24,050, which is supplemented with two advance increments for graduates, bringing the total to ₹26,730.
2. Increments: The salary progression follows a clear pay scale over time, with annual increments. The SBI Clerk’s salary increases as follows:
   • ₹24,050 – ₹28,070 (after 3 years)
   • ₹28,070 – ₹33,020 (after another 3 years)
   • ₹33,020 – ₹41,020 (after 4 years)
   • ₹41,020 – ₹57,400 (after 7 years)
   • ₹57,400 – ₹61,800 (after 1 year)
   • ₹61,800 – ₹64,480 (after 1 more year)

SBI Clerk Salary In Hand 2024

The salary in hand refers to the actual amount a clerk receives after accounting for allowances and deductions. Here’s an approximate breakdown of the SBI Clerk salary in hand for 2024:

1. Basic Pay: ₹26,730 (as mentioned)
2. Allowances:
   • Dearness Allowance (DA): ₹6,168
   • Transport Allowance (TA): ₹850
   • House Rent Allowance (HRA): ₹2,862
   • Special Allowance: ₹7,083
   • Special Pay: ₹1,200

Gross Salary: The gross salary of an SBI Clerk in 2024 is approximately ₹46,000.

3. Deductions:
   • Provident Fund (PF) and other deductions: ₹3,673

Net Salary in Hand: After accounting for all deductions, the net in-hand salary of an SBI Clerk in 2024 is approximately ₹42,327.

SBI Clerk Salary 2024 After 5 years

However, the initial pay is fairly good, and the main attractive feature that might attract persons into applying for the SBI Clerk position is the potential for a pay rise. Here’s how the salary structure might look after 5 years of service:

• Basic Pay after 5 Years: The pay scale changes after normal increments for a regular SBI Clerk is around ₹31,370/- only.
• Gross Salary after 5 Years: There will be an increase in the gross salary since the basic pay is subject to an increase getting almost up to ₹53,985.
• In-Hand Salary after 5 Years: Depending on the allowances and deductions, an SBI Clerk after five years’ would earn approximately ₹ 49,674/- per month.

SBI Clerk Allowances and Perks

SBI Clerks are paid a basic wage as listed above, but also qualify for various other allowances and privileges that go with the position. Some of the key allowances are:

• House Rent Allowance (HRA): The HRA if not constant is determined with the city of posting in mind. It stands between 7% and 9% of the basic pay depending on the city an employee works in.
• Dearness Allowance (DA): The DA is adjusted on a yearly basis depending with the inflation rates and is expressed in proportion with the basic pay.
• Transport Allowance (TA): The TA for commutation cost is an arrangement where the TA is generally fixed at ₹850.
• Medical Allowance: SBI provides comprehensive medical insurance for employees and their families.
• Leave-Fare Concession (LFC): SBI employees are entitled to reimbursements for travel expenses, providing financial relief during holidays.
• Provident Fund (PF): A portion of the salary is deducted for the employee’s Provident Fund, which ensures long-term savings.
• Pension: SBI employees benefit from the New Pension Scheme (NPS), offering financial security post-retirement.

Career Growth After 5 Years

In addition to salary growth, SBI offers promising career progression for its employees. After 5 years, an SBI Clerk has several opportunities for promotions, including:

• Promotion to Assistant Manager (AM): If you work steadily and pass all the necessary exams (for example departmental exams), you can be transferred to the position of Assistant Manager after 5-7 years of work.
• Further Career Opportunities: In addition to the Assistant Manager position, one can be promoted to Branch Manager, Circle Officer, or even order managerial positions based on performance and level of experience.
• Transfer to Other Departments: Clerks may also be transferred from one department to the other, SBI, for instance, provides the clerk with an opportunity to work in other capacities within the Operations Department, Marketing and Relationship Management.

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