IBPS Clerk is one of the highly coveted positions in the banking sector. The Institute of Banking and Personnel Selection conducts an IBPS exam every year to fill in thousands of clerical cadre positions across India’s public sector banks. IBPS Clerk salary is one of the reasons why aspiring candidates prepare to apply for this position.
If you want to build your career in the banking industry, then the entry-level position of IBPS Clerk is one you should consider. It starts with a decent pay scale, offering opportunities for a steady rise in pay scale and promotions.
If you wonder how much an IBPS Clerk gets paid, the in-hand salary, and the different allowances provided, you are at the right place. The article aims to simplify the salary structure of an IBPS Clerk.
IBPS Clerk Salary Structure
The salary structure of an IBPS Clerk is broken down into different components like basic pay, dearness allowance, HRA, medical, travel, and other allowances.
The basic pay for an IBPS Clerk as per the latest notification released is Rs. 11,765. Allowances are granted based on the policies of the bank you work at. The maximum basic pay for an IBPS Clerk can go up to Rs. 31,540 depending on work experience.
Below is an example of the salary structure of an entry-level employee.
|Salary Components||Population> 45 lakhs||Population <45 lakhs|
|Dearness Allowance||Rs. 5,311||Rs.5,311|
|House Rent Allowance||Rs.1,176||Rs.1,058|
|Total||Rs.19, 589||Rs.19, 472|
IBPS Clerk Allowance Details
IBPS Clerks are provided with different allowances as a part of their salary. The actual allowance amounts will differ from one bank to another.
- Dearness Allowance: This allowance amount depends on the Consumer Price Index (CPI), which is revised every three months. DA is 4% of the basic pay.
- House Rent Allowance: HRA usually falls under the range of 6.5% to 8.5% of the basic pay as per the city of your posting. If you are working in a metro city, HRA will be 8.5%, in a city with a population of over 5 lakhs, HRA will be 7.5%, and for other cities, HRA will be 6.5%.
- Travel Allowance: Travel expenses are at the discretion of the bank you are employed with.
- Special Allowance: 7.5% of the basic pay goes for special allowance, which will be increased post a year. This increment can fall in the range of Rs.400 to Rs.500.
- Medical Allowance: Rs. 2,000 is the fixed medical allowance provided over a year.
IBPS Clerk Growth Opportunities
From the IBPS Clerk position, you can grow to a General Manager position with work experience and certifications.
The various positions available in the banking sector, in order, are as below:
- Senior Officer
- Assistant Manager
- Senior Manager
- Chief Manager
- Assistant General Manager
- Deputy General Manager
- General Manager
You can get promoted to the next position as and when you complete the required work experience. A fast track process is also available wherein you need to get CAIIB and JAIIB diplomas from the prestigious Indian Institute of Banking and Finance or IIBF. With these diplomas, you can skip levels and get posted to the position of Assistant Manager.
The chief responsibilities of an IBPS Clerk are dealing with customers, solving their queries, and guiding customers on various banking activities. The in-hand IBPS Clerk salary can range from Rs. 19,000 to Rs. 22,000 depending on the allowance provided and bank policies. The position of IBPS Clerk provides a steady payment scale with increment periodically. You can start preparing for the IBPS entrance exam to get selected for the post of IBPS Clerk.