IBPS Clerk Salary 2020: The Institute of Banking Personnel Selection (IBPS) is the conducting body for the recruitment of the IBPS Clerks. With the release of the IBPS Clerk Notification for 2020-21, there is a curiosity among the candidates regarding the salary, perks, and allowances.
This article enlightens the candidates with the IBPS Clerk Job, including Salary In hand, Pay Scale, Allowances, Job Profile & Promotions. Read on to find all the information.
IBPS Clerk Salary 2020: Pay Scale
The sum of Basic Pay and allowances makes up the total IBPS Clerk Salary. The first Basic Pay for IBPS Clerk is Rs 11,765.
IBPS Clerk Payscale is: 11765-655/3-13730-815/3-16175-980/4-20095-1145/7-28110-2120/1-30230/1310-1-31540.
This implies that the minimum Basic Pay for IBPS Clerk is Rs 11,765 while the maximum is Rs 31540.
|Initial Basic Pay||Rs 11,765, with a yearly increment of Rs 655 for three years|
|Basic Pay after 3 years||Rs 13730, with a yearly increment of Rs 815 for the next three years|
|Basic Pay after the next 3 years||Rs 16175, with a yearly increment of Rs 980 for the next four years|
|Basic Pay after the next 4 years||Rs 20095, with a yearly increment of Rs 1145 for the next 7 years|
|Basic Pay after the next 7 years||Rs 28110, with a yearly increment of Rs 2120 for next one year|
|Basic Pay after the next 1 year||Rs 30230, with a yearly increment of Rs 1310 for next one year|
|Basic Pay after next year||Rs 31540 (maximum Basic Pay)|
IBPS Clerk Salary: Allowances
IBPS Clerk Salary Allowances are quite attractive. There are a number of allowances provided. These allowances also depend on the location of posting and a few other factors.
The type of allowances of IBPS Clerk Salary are listed below:
|Special Allowance||Rs 1561|
|Dearness Allowance (DA)||DA is 4 percent of the IBPS Clerk Basic Pay.DA depends on the CPI and is revised quarterly, i.e. after every three months.The starting DA would be Rs 7073|
|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||Expenses on official tours and travels will be reimbursed by the bank.|
|Medical Allowance||This is paid once a year. For IBPS Clerks, the amount is fixed at Rs 2000 annually.|
IBPS Clerk Salary 2020 Structure
The variation of IBPS Salary and Allowances as per the location :
|IBPS Clerk Salary Structure – Divisions||Population More Than 45 lakhs||Population Less Than 45 lakhs|
|Basic Pay||Rs 11765||Rs 11765|
|Dearness Allowance||Rs 5311||Rs 5311|
|Travel Allowance||Rs 425||Rs 425|
|Special Allowance||Rs 911||Rs 911|
|House Rent Allowance||Rs 1176||Rs 1058|
|Total IBPS Clerk Salary||Rs 19588||Rs 19470|
IBPS Clerk Job Profile
IBPS Clerk Job profile involves the following Roles And Responsibilities. The IBPS Clerk Job Profile involves a lot of duties, and not just account related to accounting, but also has a customer service and guidance. An IBPS Clerk is the first point of the contact person for bank-related inquiries and issues. He/She deals with the front desk work and customer handling operations and this is why his Job Profile is also known as Single Window Operators.
The Job Responsibilities of an IBPS Clerk is given below.
- To manage inquiry corners, receipts, withdrawal, etc.
- A clerk also deals with opening new accounts, cash collection, issuing bank statements and handling mails and delivery.
- Verification of various documents and proofs submitted by the customers
- Updating the pass books of account holders
- Responsible for bank cash, various important documents, keys, etc.
- Issuing of Demand Drafts (DDs), bank accounts for the customers, cash receipts, etc.
- Sanctioning of withdrawals by the customers
- Maintaining the various documents of the bank, balance sheets, ledger, etc.
- Resolving the various issues of the customers
- Providing guidance to customers relating to various banking activities
- Attending to treasury works
Thus, one and all an IBPS Clerk job profile is quite a task without which some of the major bank operations might not be possible.
IBPS Clerk Promotions
IBPS Clerk offers great chances of growth. With a good salary, a settled job and other perks. 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 way bank functions and chances to prove your potential and merit. A clerk has to serve for a minimum period of 3 years or 2 years in some banks before he can apply for the promotion. Promotions are given the following two processes:
- Normal/Seniority process
- Merit-based/Fast track process
Normal Process: IBPS Clerks are given promotions based on their experience and seniority. However, they will have to clear the written exam conducted internally. Candidates who get promotion through this process don’t need JAIIB and CAIIB Diploma.
Merit-Based Process: Under this, the candidates must hold JAIIB and CAIIB Diploma from Indian Institute of Banking and Finance (IIBF).
The levels of promotions for an IBPS Clerk is given below.
Clerk->Officer->Senior Officer->Asst Manager->Manager->Senior Manager->Chief Manager->AGM->DGM->GM
Those who join through the PO Programme 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 the 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 the work qualities that can provide a promotion to them and can also help them to reach the senior post.
IBPS Clerk Salary 2020: FAQ’s
What is the in-hand salary for an IBPS Clerk?
Ans. The In-Hand Salary for an IBPS Clerk at entry-level varies from Rs.19,000/- to Rs.22,000/- per month. However, the salary increases with the years in service.
How can an IBPS Clerk get promoted to a higher level?
Ans. An IBPS Clerk gets promoted through two methods: Normal/Seniority process OR Merit-based/Fast track process.
What are the benefits that an IBPS Clerk receives apart from the salary?
Ans An IBPS Clerk gets the facility of DA, HRA, Medical, Travel, Transport Allowances to name a few
What is the basic pay for an IBPS clerk?
Ans. An IBPS Clerk has a basic pay from Rs 11,765 while the maximum is Rs 31540.