The IBPS clerk exam is sought after and one of the most competitive exams in the country that provides a chance to work in a lot of centralized banks throughout the country but only on clerical posts. IBPS conducts an online exam each year which is known as CWE or Common Written Exam for vacancies related to the IBPS post. In this article, we will cover one of the most highlighted aspects of this job, IBPS PO Salary & Perks 2021. So, hold tight and read till the end to know all the benefits and in-hand pay received by a Clerk in IBPS.
IBPS Clerk 2021 Latest Update
IBPS Clerk examination is put on hold by the Finance Ministry. The Finance Ministry on Tuesday directed IBPS to put on hold the examination for clerical cadre in public sector banks (PSBs) till a final view is taken on conducting tests in regional languages. In order to look into the demand for holding examination for clerical cadre in Public Sector Banks (PSBs) in local/regional languages, a Committee has been constituted to look into the matter in its entirety. The Committee will give its recommendations within 15 days. The ongoing process of holding the examination initiated by IBPS will be kept on hold until the recommendations of the Committee are made available.
IBPS had earlier released the recruitment notification for the IBPS Clerk exam 2021 on 11th July 2021. A total of 5830 vacancies have been released by the IBPS for 2021. As per the latest official notification, IBPS Clerk prelims is scheduled to be held on August 28th & 29th and September 4th 2021, and the mains examination is scheduled to be held on 31st October 2021. Check out all the latest news on IBPS Clerk exam like admit card, result, free mock test etc. Now with the release of the notification, it is important to prepare for the IBPS Clerk exam with the latest pattern mock test series and online courses on Oliveboard.
IBPS Clerk Salary 2021 | PayScale
The IBPS Clerk salary in India gradually increases as an employee continues to work and gets promoted through the course of his job.
As per the IBPS, the pay scale of a Clerk in IBPS is 11765-655/3-13730-815/3-16175-980/4-20095-1145/7-28110-2120/1-30230/1310-1-31540.
This translates into
- Initial Basic Pay – Rs 11765 with a yearly increment of Rs 655 for three years.
- After 3 years – Rs 13730 with a yearly increment of Rs 815 for the next three years.
- Next 3 years – Rs 16175 with a yearly increment of Rs 980 for the next four years.
- Next 4 years – Rs 20095 with a yearly increment of Rs 1145 for the next 7 years.
- Next 7 years – Rs 28110 with a yearly increment of Rs 2120 for next one year.
- Next 1 year – Rs 30230 with a yearly increment of Rs 1310 for next one year.
- Maximum – Rs 31540
The minimum basic pay of an IBPS clerk starts at Rs. 11765/- and the maximum goes till Rs. 31540.
IBPS Clerk Allowances
The allowances, other than the basic pay are explained below:
- DA: This component is 4 percent of the Basic Pay. DA depends on the CPI and is revised after every three months.
- HRA: 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.
IBPS Clerk Salary Structure
|Particulars||Population Less Than 45 lakhs||Population More 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|
* Dearness Allowance – DA is 4% of the basic pay for the employees which is revised quarterly.
*House Rent Allowance – HRA is basically 7-9 % of the basic pay
HRA% is varied as per the cities that the candidate will be posted in eventually:
|Cities with Population more than 5 lakhs||7.5|
The IBPS clerk 2021 salary varies from bank to bank as well. Few other facilities that can be availed by the employees are home loans, education loans, medical benefits, etc.
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IBPS Clerk 2021 – Job profile
The job profile of IBPS Clerk is not limited to just one task, they are deployed on various profiles after their selection for the position. Few of them are as listed here:
- Bank office clerks are deployed in the back office for various tasks like maintenance of ledger, bank receipt collection, handling the daily closure details
- Updation of Passbooks of account holders at counters
- Printing of receipts for cheques and demand drafts
- bank clerks also do hold bank keys, safe keys under their protection
- They are often placed at the query window to act as an information counter for the customers.
- Handling the deposit and withdrawal cash.
- Verification of various documents and proofs submitted by the customers
- Responsible for bank cash, various important documents, keys, 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
- Issuing of Demand Drafts (DDs), bank accounts for the customers, cash receipts, etc
- Providing information about the latest schemes and government policies
- Providing guidance to customers relating to various banking activities
- Attending to treasury works
- Resolving queries of the customers
- Miscellaneous tasks
Clerks are often placed in various departments like accounts clerk, loan clerk, office clerk, etc. Clerks are usually the first point of contact for any customer who is visiting the bank premises.
IBPS Clerk 2021 Career Growth
After becoming a clerk in any Public sector bank, multiple opportunities can be availed by the aspirant to become the officer in the bank but there are certain constraints to that. An employee needs to complete 2 years of service with the same bank to be eligible to appear for the test for the officer rank. Public sector banks do carry out the test for promotions every 2 years. They need to apply for the promotion and appear for the examinations, like JAIIB(Junior Associate of the Indian Institute of Bankers) and CAIIB (Certified Association of the Indian Institute of Bankers). After becoming the officer the career prospects for an employee looks like this:
- Scale 1 – Officer / Assistant Manager
- Scale 2 – Manager
- Scale 3 – Senior Manager
- Scale 4 – Chief manager
- Scale 5 – Assistant General Manager
- Scale 6 – Deputy General Manager
- Scale 7 – General manager
The growth of an employee is also dependent on his/her performance over the tenure with the bank. Banks do consider employees with impeccable work performance for higher positions.
This career prospect is completely under banks prerogative. Banks do design these programs and implement changes as they deem fit.
IBPS Clerk Exam Preparation
Get started with your exam preparation for IBPS Clerk exam 2021 with Oliveboard’s Mock Test Series. You will get access to:
- 20 Mock Tests for IBPS Clerk 2021 Prelims
- 10 Mock Tests for IBPS Clerk 2021 Mains
- All Topic Tests
- Sectional Tests
- GK Supplement with 2500 questions
- Video Crash course – 200+ Videos
- Lessons on All Topics
That’s all from us on this blog, please keep checking this space for more updates regarding IBPS Clerk 2021 updates. Please follow the Oliveboard page for more such updates related to other exams and their details.
IBPS Clerk Salary | FAQs
The in-hand salary of IBPS Clerk varies from Rs.19,000/- to Rs.22,000/- per month.
At the time of joining, the pay scale of an IBPS Clerk is Rs 11,765 with and increment of RS 655 for 3 years.
Apart from the salary, the IBPS ClerkAn IBPS Clerk gets the allowances like DA, HRA, Medical, Travel, Transport Allowances.
An IBPS Clerk gets promoted through two methods: Normal/Seniority process OR Merit-based/Fast track process.