IBPS Clerk Salary: Participating PSBs have been providing lucrative salaries to its Clerk Cadre posts along with various benefits, perks, and incentives, which is why lakhs of candidates apply every year for IBPS Clerk Recruitment. Aspirants who dream of working for a bank want to know everything about IBPS Clerk salary and benefits. In this article, we have discussed basic pay, in-hand salary, job profile, responsibilities of a clerk, and career progression for IBPS Clerks.
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IBPS Clerk Salary in 2021
As IBPS Clerk Notification for 5830 vacancies is out, this is a great opportunity for all banking aspirants who did not succeed in the last year’s exam or plan to take it this year. The IBPS Clerk 2021 exam. If you are applying for IBPS Clerk 2021 and interested in knowing the salary structure and career growth of IBPS Clerks, take a look at the details in the article.
Salary Structure for Clerks in IBPS in 2021
A glance at the IBPS Clerk Salary Structure is presented in the table below.
|House Rent Allowance(HRA)||Rs.2039.75/-|
|Deduction (NPS Fund, Union Fee)||Rs.2570.98/-|
Pay scale for IBPS Clerk 2021
IBPS Clerks receive an initial salary package of Rs. 28,000 to Rs. 30,000/- per month, which includes Dearness Allowance and other benefits. For IBPS Clerk, the pay scale is Rs.19900-1000/1-20900-1230/3-24590-1490/4-30550-1730/7-42600-3270/1-45930-1990/1-47920.
- Starting basic pay is Rs 19,900 with a yearly increment of Rs 1000
- After 3 years, the starting pay is Rs 20,900 with an annual increase of Rs 1230 for the next three years.
- After the next three years, the basic pay will be Rs 24,590 with a yearly increment of Rs 1490 for the next four years.
- After the next 4 years, the basic pay will be Rs 30,550 with yearly increases of Rs 1730 for the next 7 years.
- A basic salary of 42,600 after the next 7 years will be increased by 3270 rupees annually for the next one year thereafter.
- With a yearly increment of Rs 1990 for the next year, the basic pay after one year will be Rs 45,930.
- After next year, the Basic Pay will be Rs 47,920 (Maximum Basic Pay).
An IBPS clerk is paid a minimum of Rs. 19,900/- and a maximum of Rs. 47,920/- per month.
Other Allowances for IBPS Clerks
Below are the allowances, other than the basic pay:
- Earnings Allowance: This component is equal to 4 percent of Basic Pay. DA is based on CPI and is revised every three months.
- HRA: The HRA depends on where the posting is located. This amounts to 8.5 percent of the Basic Pay for metro cities, 7.5 percent for cities with a population of more than 5 lakhs, and 6.5 percent for other cities.
- Bank reimburses official trips and travels.
- IBPS Clerks receive an allowance of INR 2000 for medical expenses each month. Once a year, medical allowances are paid.
- IBPS Clerks are entitled to a special allowance of INR 4118/-
A description of the Clerk position in IBPS
IBPS Clerk, as an entry level position, offers a lot of learning opportunities as well. The more you learn, the more opportunities you’ll have, which will lead to early growth.
The roles and responsibilities in IBPS Clerk Job Profile are explained below:
- Documents and proofs submitted by customers are verified
- Cash, important papers, and keys must be taken care of by the bank.
- Customer approval of withdrawals
- Keeping track of bank documents, balance sheets, ledgers, etc.
- Resolving various customer issues
- Customer bank accounts, cash receipts, etc., as well as the issuance of Demand Drafts (DDs)
- Current information about government policy and schemes
- Providing guidance on various banking activities to customers
- Paying attention to treasury work
- Keeping account holders’ pass books up to date
- Responding to customer inquiries
- Other tasks
Promotions for IBPS Clerks
Bank Clerk → Officier / Assistant Manager → Manager → Senior Manager → Chief Manager → Asst. General Manager → Deputy General Manager → General Manager.
With IBPS Clerk, you’d have a secure job, a good salary, and various opportunities for growth in the banking sector. It is quite tempting to promote and grow based on the performance. To be eligible for promotion, you must have worked for the company for at least two years. IBPS Clerks get promoted once every two years after serving for two years. Two types of promotions are available:
Candidates who get promoted through this process do not need a JAIIB or CAIIB diploma. Internal written tests are conducted for the promotion of IBPS Clerks based on their experience and seniority. When you pass the IBPS clerk examination, you become an IBPS trainee officer and then a bank probationary officer (PO).
Candidates must have a JAIIB and CAIIB diploma from the Indian Institute of Banking and Finance to qualify under merit-based selection.