Public Sector Banks Outshine Private Peers in Average Salaries

India's state-owned lenders pay their employees significantly more than their private counterparts, despite the chiefs of private banks earning much higher salaries than their public sector counterparts, a Mint analysis of data from annual reports has shown. The average salaries at State Bank of India (SBI) and Bank of Baroda were Rs.27.2 lakh and Rs.22.1 lakh, respectively, in fiscal year 2025, significantly higher than the average salaries at ICICI Bank and HDFC Bank, which stood at Rs.13 lakh and Rs.11.14 lakh, respectively. However, the gap in salaries widens sharply at the leadership level, with HDFC Bank's managing director and CEO earning Rs.12.06 crore in fiscal year 2025, compared to Bank of Baroda's CEO who took home Rs.73.92 lakh.

Key Takeaways:

Public sector banks pay an average salary of Rs.27.2 lakh at SBI and Rs.22.1 lakh at Bank of Baroda, compared to Rs.13 lakh at ICICI Bank and Rs.11.14 lakh at HDFC Bank.
The average salary at public sector banks is higher due to higher salaries at junior management levels, with lower hikes than the private sector as one climbs the ladder.
The gap in salaries widens sharply at the leadership level, with HDFC Bank's CEO earning Rs.12.06 crore in fiscal year 2025, compared to Bank of Baroda's CEO who took home Rs.73.92 lakh.
The chairman of SBI received Rs.63.87 lakh in fiscal year 2025, while the CEO of ICICI Bank earned Rs.10.45 crore.
Private sector banks tend to pay more at senior management levels, while public sector banks tend to pay more at junior management levels.
Public sector bank employees receive significantly better benefits compared to private banks.
HDFC Bank's median employee salary was Rs.5.6 lakh for male employees and Rs.3.9 lakh for female employees, while SBI's median employee salary was Rs.13.9 lakh and Rs.12.8 lakh for male and female staff, respectively.

Statistics:

Average salary at SBI: Rs.27.2 lakh
Average salary at Bank of Baroda: Rs.22.1 lakh
Average salary at ICICI Bank: Rs.13 lakh
Average salary at HDFC Bank: Rs.11.14 lakh
HDFC Bank's CEO salary in fiscal year 2025: Rs.12.06 crore
ICICI Bank's CEO salary in fiscal year 2025: Rs.10.45 crore
Bank of Baroda's CEO salary in fiscal year 2025: Rs.73.92 lakh
SBI chairman's salary in fiscal year 2025: Rs.63.87 lakh
HDFC Bank's median employee salary (male): Rs.5.6 lakh
HDFC Bank's median employee salary (female): Rs.3.9 lakh
SBI's median employee salary (male): Rs.13.9 lakh
SBI's median employee salary (female): Rs.12.8 lakh

Sources:

Mint analysis of data from annual reports
State Bank of India (SBI) annual report
Bank of Baroda annual report
ICICI Bank annual report
HDFC Bank annual report
HT Digital Content Services with permission from HT Lucknow