IBPS CLERK SALARY 2021: Components & Allowances.

The IBPS: Institute of Banking and Personnel Selection(IBPS) has already updated the no. of vacancies applicable this year which is 12075 vacancies for the recruitment of IBPS clerical post in 19 public sector banks in India. This is a great opportunity who wants a reputed job and attractive pay. Along with the decent pay that an IBPS Clerk gets there are many opportunities to grow and learn from this job. Candidates applying for this exam must check the salary structure of IBPS. The allowances and the basic pay constitute of the IBPS Clerk Salary 2021. The IBPS Clerk Salary is very simple to understand and is described below in a very easy way.

IBPS Clerk Pay Scale:

• Initial Basic Pay: Rs.11765 with a yearly increment of Rs.655 for 3 years
• Basic Pay after 3 years: Rs.13730 with a yearly increment of Rs.815 for the next 3 years
• After the next 3 years Basic Pay: Rs.16175 with a yearly increment of Rs.980 for the next 4 years
• Basic Pay after the next 4 years: Rs.20095 with a yearly increment of Rs.1145 for the next 4 years
• After the next 7 years Basic Pay: Rs.28110 with a yearly increment of Rs.2120 for the next 7 years
• Basic Pay after the next 1 year: Rs.30230 with a yearly increment of Rs.1310 for the next 1 year
• After next year Basic Pay: Rs.31540 (maximum)
• The min. basic pay of an IBPS CLERK is Rs.11765 and the max goes till Rs.31540.

The allowances except the basic pay are explained below in detail for more defined knowledge.

IBPS Clerk Allowances:

The IBPS Clerks are given other allowances in addition to the basic pay which they get. The IBPS Clerk Allowances are given below:

To view, the IBPS Clerk Exam Syllabus click here.

IBPS Clerk Salary 2021: Details:

To find out the cutoff marks for the last 3 years click below: IBPS CLERK CUT OFF MARKS.

IBPS CLERK PROMOTIONS:

The post of IBPS CLERK offers great opportunities for growth at both personal and professional level and as the candidate will work as a bank clerk, he will learn how the bank functions and he will get many scopes on how to improve his skills, potential, and merit. Many top bankers have started their journey as bank clerk and have reached the post of reputed managers. IBPS CLERKS will have to work for min. 2 years to start applying for promotions. After that, they will get a chance of being promoted every 2 years. Promotions are given on the following 2 bases:

• Normal Process
• Merit-based Process

Under Normal Process, IBPS CLERKS are promoted on their experience over the years and seniority. However, they will have to clear the internal exam conducted internally. The candidates getting promotion under this process will not need JAIIB and CAIIB Diploma, while under Merit-based Process the candidates will need JAIIB and CAIIB Diploma. The clerks after clearing the written exam to become a Training Officer and then Probationary Officer (PO).

The subsequent Promotions of IBPS CLERK are as follows:

1. Asst. Manager
2. Manager
3. Snr. Manager
4. Chief Manager
5. Asst. General Manager
6. Deputy General Manager
7. General Manager

IBPS CLERK ROLES AND RESPONSIBILITIES:

The job role and responsibilities of an IBPS CLERK is summarized below for an easier understanding of the entrants of the IBPS CLERK EXAM:

• Verifying various documents and proofs submitted by the customers
• Updating passbook of customers
• Responsible for various documents, keys, and bank cash, etc.
• Issue of Demand Drafts (DD), the bank account of the customers, cash receipts, etc.
• Sanctioning of withdrawals of customers
• Maintaining the various bank documents, balance sheets, ledger, etc.
• Resolving the various issues of the customer, taking care of their needs related to bank
• Providing info about the latest schemes and govt. policies
• Providing guidance to customers regarding various banking activities
• Attending treasury works
• Resolving queries and doubts of the customers
• Miscellaneous tasks

CO-OP BANK CLERK SALARY STRUCTURE 2021:

The co-op societies own the co-op banks while the commercial banks are owned by shareholders. The co-op banks are registered under the COOPERATIVE SOCIETY ACT, 1912 and mainly serve the small industry and self-employed workers in urban areas. These banks provide services like providing loans, holding deposits and other financial services to cooperatives and member-owned org. The salary of a co-op bank clerk will be approx. Rs.10000 per month during the training period of 6 months. After, the training they will be hired with a salary of Rs.20221 per month.

PRIVATE BANK CLERK SALARY STRUCTURE 2021:

Private banks like HDFC Bank, AXIS Bank, ICICI Bank, YES Bank, and others recruit the aspirants of the clerical post by themselves so, therefore the work profile for most of the banks is more or less the same. These private banks have special recruitment programs where they recruit fresh candidates and train them for at least 1 year. The salary of a private bank clerk is approx. Rs.18000 to Rs.20000 initially with other allowances. To find out the IBPS CLERK EXAM PATTERN click here.

IBPS CLERK SALARY STRUCTURE AFTER 11TH BIPARTITE SETTLEMENT:

The bank employees always wait for the Indian Bank’s Association (IBA) BIPARTITE SETTLEMENT as after that they expect a small increment in their basic pay which is 20% to 30%.

• If the IBA agrees to a 20% increment. So, therefore, the Final Basic Pay Salary will be Rs.15374. So the total is 38.80% obtained on the basic pay as DA and HRA. Total fresher Bank Clerk Salary is Rs.21339. (Worst Scenario)
• The IBA, if agrees for a 25% increment, then Final Basic Pay will be Rs.16015 and the total Gross Salary of Fresher Bank Clerk will be Rs.22228. (Good Scenario)
• If the IBA agrees to a 30% increment, Final Basic Pay will be Rs.16655 and the total Gross Salary of Fresher Bank Clerk will be Rs.23117. (Very Good Scenario).

For easy understanding, the above is shown in a table format:

SALARY STRUCTURE OF IBPS CLERK AFTER REVISION:

After the 11th Bipartite Settlement of 2015, a bank clerk is bound to get a salary of Rs.21990, with an in-hand salary of Rs.19461. Govt. setting up the stage for 11th revision talks. Now IBA and Employee Union Associations must start the formal process.

7th PAY COMMISSION EFFECT ON IBPS CLERK SALARY:

The Govt. employees are expected to get the best salary out of 2021. By 2021, it is expected that the compensation of Indian financiers (bankers) will be expanded. As we all know, that the Seventh Pay Commission is good to execute and with that the difference between Govt. representative commission and bankers will be considered profound. The news about the expansion of the investor’s pay had begun after the Dept. of Financial Services issued notification for the next compensation (Wage Revision) correction out in the open segment banks (Public Sector Banks) on 12.01.17. The new IBPS CLERK SALARY STRUCTURE is provided below in a table format:

IBPS CLERK NEW SALARY SCALE FOR BANK JOBS AND DEMANDS:

The banking sector has great potential and scope for the entrants of the IBPS CLERK EXAM to flourish and improve their skills and can grow both at professional and personal levels. Now, after gaining all the information needed about the IBPS CLERK SALARY  the candidates must start preparing for the IBPS CLERK EXAM without wasting any time as it is a competitive exam where vacancies are in thousands and aspirants for this exam is in lakhs.

Author: Silpi Ghosh

A passionate writer and education enthusiast. Looking forward to the digitization of education and helping students in achieving their goals.

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