Education: B.Tech from Tier 3 College
Years of Experience: 4.7
Prior Experience: Service and Product Company
Date of the Offer: Apr 2022
Company: PayPal
Title/Level: SE 2 , T23
Location: Bangalore
Base Salary: INR 26 lakhs
Relocation/Signing Bonus: INR 4 lakhs
Stock bonus: $21,600 USD (equivalent to 15.5 lakhs) vested in 3 years
Annual Bonus: 10 percent of base=2.6 lakhs
Gross Compensation: INR 29.2 lakhs (including base, annual bonus and gratuity)
Total comp (Gross + stock bonus): INR 34.3 lakhs
Benefits: Standard Paypal benefits
Previous Compensation: INR 12 lakhs(Fixed) + 1.5(Variable) ~ 13.5

Counter Offer: From an small Investement Bank
Fixed : 25 LPA( excluding pf)
Variable: 10% of base pay( 2.5 LPA)
Sign in Bonus: 3.6 LPA
Total Comp: 31.1 LPA

Am I getting lowballed? I asked for SDE 3 but recruiter denied after checking with the hiring manager