IBPS Clerk Salary 2020: The Institute of Banking Personnel Selection (IBPS) is for the recruitment of clerks in various national public sector banks. The selection is based on the recruitment exam that is conducted every year. Here, we are sharing IBPS Clerk Salary Structure, Perks, Promotion, Allowance etc.
This year for 2020-21 IBPS Clerk exam, more than 12000 vacancies will be released by IBPS. It is a wonderful opportunity for the candidates aspiring to make a career in banking and financial sector. The IBPS Clerk Job profile comes with an offer of decent salary, consistent career growth and promotions. The IBPS Clerk is appointed for entry-level position in a bank. As candidates get the experience of working, there will be huge opportunities to prove their qualities. This may help in their promotion and attain seniority.
The following are the details of an IBPS Clerk Salary:
|Facilities||Places with population|
|>45 lakhs||<45 lakhs|
|House Rent Allowance(HRA)||Rs.1176.5/-||Rs.1058.5/-|
|Total (without HRA)||Rs.18413.37/-||Rs.18413.37/-|
|Gross with HRA||Rs.19589.87/-||Rs.19472.22/-|
Initial Basic Pay – Rs 11765 with an yearly increment of Rs 655 for three years.
Basic Pay after 3 years – Rs 13730 with an yearly increment of Rs 815 for the next three years.
Basic Pay after the next 3 years – Rs 16175 with an yearly increment of Rs 980 for the next four years.
Basic Pay after the next 4 years – Rs 20095 with an yearly increment of Rs 1145 for the next 7 years.
Basic Pay after next 7 years – Rs 28110 with anyearly increment of Rs 2120 for next one year.
Basic Pay after next 1 year – Rs 30230 with an yearly increment of Rs 1310 for next one year.
Basic Pay after next year – Rs 31540 (maximum Basic Pay).
The minimum basic pay of an IBPS clerk is Rs. 11765/- and the maximum goes till Rs. 31540.
The allowances, other than the basic pay are explained below:
Dearness Allowance: This component is 4 percent of the Basic Pay. DA depends on the CPI and is revised after every three months.
House Rent Allowance: The HRA is dependent on the location of the posting. It is 8.5 percent of the Basic Pay for Metro Cities, 7.5 percent of the Basic Pay for cities having a population of more than 5 lakhs, and 6.5 percent of the Basic Pay for other cities.
Travel Allowance: The official tours and travels will be reimbursed by the bank.
Medical Allowance: For IBPS Clerks, the amount is fixed at Rs 2000. It is paid once a year.
Being an entry level post, IBPS Clerk is a post that offers a lot of learnings as well as opportunities. The more you learn, the more opportunities come your way, which will take you towards early growth.
The roles and responsibilities in IBPS Clerk Job Profile are explained below:
Bank Clerk → Officier / Assistant Manager → Manager → Senior Manager → Chief Manager → Asst. General Manager → Deputy General Manager → General Manager.
IBPS Clerk offers a good salary, a settled job and great chances of growth. Based on the performance, the promotion and growth is quite attractive. However, a minimum of 2 years of service is required to get eligible for a promotion. After two years of service, IBPS Clerks gets promoted once in every two years. Promotions are given the following two processes:
Normal process- Candidates who get promoted through this process don’t require JAIIB and CAIIB Diploma. IBPS Clerks are promoted based on the experience and seniority and a written exam is conducted internally. After qualification of the written exam become IBPS Clerks become Trainee Officers and then bank Probationary Officers (PO).
Merit based process- Merit Based Process requires a candidates to have JAIIB and CAIIB Diploma from Indian Institute of Banking and Finance.