What is the Salary Difference between SBI Clerk & IBPS Clerk?

Banking aspirants who are looking forward to making an entry into the banking sector in an assistant role have quite a few options. Two of the most popular options are IBPS Clerk & SBI Clerk. There is often a difference drawn between these 2 profiles. And obviously, the financial factor is looked at with great details. In this article, we’ll be covering the financial aspect of the comparison between these 2 profiles. Some of the most common questions which poke aspirants’ curiosity are:

What is the salary difference between SBI Clerk & IBPS Clerk?
Basic pay of which profile is more?
Annual increment is better in which job? SBI Clerk or IBPS Clerk!
Whose take-home salary is more? SBI Clerk or IBSP Clerk!
What about allowances? Who gets those more?
Is there an extra commission on achieving targets (if any)? If yes, whose commission is more?

We’re sure these questions would be running through your mind as well. Fret not! In this article, we’ll be taking on all these questions and providing as much clarification as possible.

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Latest Pay Scale of SBI Clerk

As per the official notification of SBI Clerk, the latest pay scale of an SBI Clerk is 17900- 1000/3- 20900- 1230/3- 24590- 1490/4- 30550- 1730/7- 42600- 3270/1- 45930- 1990/1- 47920. The starting Basic Pay is Rs.19900/- (Rs.17900/- plus two advance increments admissible to graduates).

To explain you what these numbers mean, we will start with 17,900 which is the first number. The second set of numbers is 1000/3 which means that there is an annual increment of Rs 1000 for 3 years which will make your basic pay 20,900 (17,900 + 3,000).
Now the annual increment is your next set of number which is 1230/3. So the next increment is Rs 1,230 for 3 years. Now after a service of 6 years, your basic pay is 24,590 (20,900 + 3,690).
You can keep calculating like this. This way your basic pay will become 47,920 after 19 years.
This amount is just your basic pay i.e. without any additional allowances & perks.

Talking about emoluments, the total starting emoluments of a Clerical Cadre employee payable at Metro like Mumbai will be around Rs.29,000/- per month inclusive of D.A., other allowances at the current rate and two additional increments for newly recruited graduate junior associates. Allowances may vary depending upon the place of posting. They will be eligible for reimbursement of various perquisites, provident fund, Pension under New Pension scheme (Defined Contribution Benefit), Medical, Leave-Fare and other facilities.

To answer a long question short, the in hand salary of an SBI Clerk can range between Rs 26,000 to 30,000; the actual amount depends on the place of posting.

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Latest Pay Scale of IBPS Clerk

Talking about the pay scale of an IBPS Clerk, here it is: 19900- 1000/1- 20900- 1230/3- 24590- 1490/4- 30550- 1730/7- 42600- 3270/1- 45930- 1990/1- 47920. You can interpret it with the help of the above explanation. Additionally, an IBPS Clerk is entitled to several allowances which are Special Allowance, Dearness Allowance, House Rent Allowance, Travel Allowance, Medical Allowance etc. All in all, an IBPS Clerk slightly less salary when compared with that of SBI Clerk (again this depends on the location of the posting). In hand salary of an SBI Clerk ranges between Rs 26,000 to 30,000 (depending on the posting location).

Sales Targets & Incentives

Talking about sales targets, IBPS Clerks don’t get any sales targets. SBI Clerks may get some sales targets but there are no incentives associated with those targets.