Every year, IBPS or Institute of Banking and Personnel Selection declares a notification for recruiting candidates on Clerk, specialist officer, and probationary officer positions. Among those, IBPS clerk exams are the most sought after, probably because of so many vacancies announced for the post. So, aspirants trying to enter the banking industry apply for the position and start preparing for the required exams.
Are you waiting for the clerk notification from IBPS? First, know that it is an entry-level position with decent career growth and pay scale. Here, you will get a clear idea of the IBPS clerk in hand salary structure. When you know what you will get, you can have a clear vision and prepare for it with a better mindset.
Here are the details of an IBPS PO Clerk’s salary:
- Basic Pay: ₹ 11765
- Special Allowance: ₹ 911
- Dearness Allowance: ₹ 5311
- Transport Allowance: ₹ 425
- Housing Rent Allowance: ₹ 1176 for places with a population over 45 lakhs
₹ 1058 for places with a population less than 45 lakhs
So, the total salary of an IBPS Clerk would be ₹ 19,589 or ₹ 19472, depending on the place where they are recruited. As long as you work on the Clerk’s position, you get increments every year. The maximum salary you can receive for the position is ₹ 31,540.
The breakup of the Allowances
In addition to the IBPS clerk in-hand salary, there are several other allowances that an IBPS clerk is entitled to receive. Here is a breakup of those:
- DA or Dearness Allowance: Dearness allowance that you receive is 4% of your basic salary. However, its value depends on the CPI (Consumer Price Index), which is revised every three months.
- HRA or Housing Rent Allowance: This allowance is 7 to 9% of your basic salary, depending on the city of your recruitment. It is 8.5% in metro cities, 7.5% in cities with more than five lakhs population, and 6.5% in other cities.
- Medical Allowance: An IBPS clerk receives ₹ 2000 per annum as a fixed medical allowance.
- Special Allowance: This allowance is 7.5% of your basic pay.
- Travel Allowance: The bank reimburses your travel expenses.
Once you get recruited in a bank clerk position, you get regular rewards in the form of promotions and increments. As your position moves up, so does your salary and other perks.
The bank will give you several chances of promotion based on your performance. As a clerk, you can display your higher skills by learning more about bank functions and intricacies. If you serve 2-3 years of service in the same bank, you may become eligible for a promotion.
You may receive a promotion based on seniority or the basis of your merit. You will have to clear an internal written exam of the bank to get a promotion based on seniority. For merit-based promotion, you will have to achieve a CAIIB and JAIIB diploma from IIBF (Indian Institute of Banking & Finance).
After getting a clear idea about the IBPS clerk in hand salary, you are free to decide whether it is workable for you or not. If it is, start your preparations now and move ahead!