IBPS Clerk Salary 2024:- The Institute of Banking Personnel Selection (IBPS) recruits Clerk every year for various banks across the country. The main reason for the Clerk post being a sought-after position is the salary and various allowances. Every year lakhs of aspirants are preparing for the IBPS Clerk examination apart from the IBPS Clerk Salary, there is a major scope of growth as a Clerk. IBPS Clerk is the most sought-after job for candidates preparing for the banking examinations. In the article below we have covered IBPS Clerk Salary Structure 2024, job profile, and career promotion.
Table of Contents
IBPS Clerk Salary Structure 2024
The initial salary package for Clerk is Rs. 28,000 to Rs. 30,000/- per month, at the time of Joining and the starting basic pay is Rs 19,900. According to IBPS Clerk official notification, The Basic Pay for IBPS Clerk is Rs 19,900. It is the starting salary of IBPS Clerk. After the training period, the perks and other benefits are added and which may vary from bank to bank.
| IBPS Clerk Salary Structure 2024 | |
|---|---|
| Facilities/Salary | Amount |
| Basic Pay | 19900 |
| Conveyance Allowance | 757.08 |
| Dearness Allowance | 5209.82 |
| SPL DA | 4118 |
| HRA | 2039.75 |
| Total | 32024.65 |
| Gross Salary | 32024.65 |
IBPS Clerk Salary 2024: Deductions
While calculating the net in-hand salary there are certain deductions, some of which are statutory and some are mandatory by the organisations. The statutory deductions are Provident Fund, Contribution to NPS, etc. Other deductions such as Professional Tax, Death Relief Fund, etc. These deductions are abated from the Gross salary to arrive at Net Salary.
IBPS Clerk Salary 2024: Increments
Given below is the sum of Basic Pay that makes up the total IBPS Clerk Salary. This implies that the minimum Basic Pay for IBPS Clerk is Rs 19,900 with an increment every year
| IBPS Clerk Pay Scale 2024 | |
|---|---|
| Basic Pay | Amount |
| Initial Basic Pay | Rs 19,900 with a yearly increment of Rs 1000 |
| Basic Pay after 3 years | Rs 20,900 with a yearly increment of Rs 1230 for the next three years. |
| Basic Pay after the next 3 years | Rs 24,590 with a yearly increment of Rs 1490 for the next four years. |
| Basic Pay after the next 4 years | Rs 30,550 with a yearly increment of Rs 1730 for the next 7 years. |
| Basic Pay after the next 7 years | Rs 42,600 with a yearly increment of Rs 3270 for the next one year. |
| Basic Pay after the next 1 year | Rs 45,930 with a yearly increment of Rs 1990 for the next one year. |
| Basic Pay after next year | Rs 47,920 (Maximum Basic Pay). |
IBPS Clerk Allowances
IBPS Clerk Salary Allowances are quite lucrative. There are several allowances provided to a clerk through IBPS. These allowances depend on various factors that may include the location of the posting, how the branch is progressing, and some other factors. The various types of allowances provided to the IBPS Clerk are listed below:
| IBPS Clerk Salary Allowances | |
| Special Allowance | Rs 4118/- |
| Dearness Allowance (DA) | DA is 4 per cent of the IBPS Clerk’s Basic Pay.DA depends on the CPI and is revised quarterly, i.e. after every three months. |
| House Rent Allowance (HRA) | The HRA depends on the location of the posting.The HRA remains between 6.5% to 8.5% depending upon the location of the posting. |
| Travel Allowance (TA) | Expenses on official tours and travels will be reimbursed by the bank. |
| Medical Allowance (MA) | This is paid once a year. For IBPS Clerks, the amount is fixed at Rs 2000/- annually. |
| Special Allowance (SA) | Rs. 4118/- |
IBPS Clerk Salary 2024: Career Growth
A clerk plays a very important role in a bank. He is the face of the bank as he deals with the customer directly, and manages all the cash. Apart from all the IBPS Clerk salary and benefits, he has an opportunity to learn a lot about banking functions.
- Bank Clerk
- Officer / Assistant Manager
- Manager
- Senior Manager
- Chief Manager
- Asst. General Manager
- Deputy General Manager
- General Manager
IBPS Clerk Salary 2024: Job Profile
- Verify the documents and statements submitted by the clerk in the bank.
- To update the bank passbook at regular intervals.
- A clerk is also responsible for the bank cash and various documents of the bank etc.
- He sanctions the withdrawals by the customer.
- He maintains various statements like bank balance sheets, ledger, etc.
- He provides information on various government schemes and resolves the issues of the customer.
- Attending the treasury works, distribution of cash, the deposit of cash, and other miscellaneous work.
The clerk is also known as a single-window operator. They help the customer by guiding them through various rules and formalities. They act as a point of contact for customers. A clerk plays a wide variety of roles. They act as a loan clerk, account clerk, data entry clerk, and office clerk, etc.
IBPS Clerk Promotions
IBPS Clerk offers great chances for growth. As a bank clerk, based on the performance and contribution to the bank, there are many chances of growth. When a person works as a bank clerk he learns the different ways a bank functions and chances to prove your potential. A clerk has to serve for a minimum period of 3 years or 2 years in some banks before he can apply for a promotion. Promotions are given through the following two processes:
- Normal/Seniority process
- Merit-based/Fast track process
Normal Process: Candidates who get promoted through this process don’t require a JAIIB and CAIIB Diploma. IBPS Clerks are promoted based on experience and seniority and a written exam is conducted internally. After the qualification of the written exam, IBPS Clerks become Trainee Officers and then Bank Probationary Officers (PO).
Merit-Based Process: Under this, the candidates must hold JAIIB and CAIIB diplomas from the Indian Institute of Banking and Finance (IIBF).
Candidates who are aiming for the IBPS Clerk post should always prepare well to be a competition in the examination. Knowing the duties and salary of the post is equally important to all candidates. Candidates must have a clear understanding of how much they would be offered if eligible for the job and even the promotion details.
The levels of promotions for an IBPS Clerk in Ascending Order are given below.
Clerk > Officer > Senior Officer > Asst Manager > Manager > Senior Manager > Chief Manager > Assistant General Manager > Deputy General Manager > General Manager
Those who join through the PO Program will directly be given Assistant Manager cadre post-confirmation as Management Trainee.
- Assistant Manager – Scale 1
- Manager – Scale 2
- Senior Manager – Scale 3
- Chief Manager – Scale 4
- Assistant General Manager – Scale 5
- Deputy General Manager – Scale 6
- General Manager – Scale 7
The clerk is an entry-level position in any bank and after appointment, as candidates get the experience of working or their daily schedules, they will get huge opportunities to prove their work qualities that can provide a promotion to them and can also help them to reach the senior post.
FAQs
Q. What is the starting salary of IBPS clerk?
Ans. The minimum basic pay of an IBPS clerk is Rs. 19,900/- and the maximum goes to Rs. 47,920..
Q. Is IBPS clerk salary increased?
Ans. IBPS Clerk salary becomes INR 20,095 after four years with an annual increment of INR 11,045.
Q. What are the Perks and allowance given to IBPS Clerk 2024?
Ans. There are a lot of perks and allowances which are given to IBPS Clerk 2024 are Medical facility, HRA, DA, etc.
Q. How much medical allowance is provided to a Clerk?
Ans. It is 2000/per year.
Q. Can a Clerk become PO?
Ans. Different banks have different promotion criteria but the majority of the banks give great opportunities.
