IBPS Clerk Salary 2024: Pay Scale, Allowances & Career Growth

The public sector banks in India offer lucrative salaries to Clerical cadre posts along with various perks, incentives and benefits. Therefore, the in-hand salary of an IBPS Clerk may range between INR 28,000 to 30,000 per month. The following allowances are offered to IBPS Clerk: Dearness Allowance: This component is 4 per cent 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 per cent of the Basic Pay for Metro Cities, 7.5 per cent of the Basic Pay for cities having a population of more than 5 Lacs, and 6.5 per cent 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 INR 2000. Medical allowance is provided once in a year. Special Allowance: For IBPS Clerk this amount is fixed at INR 4118.

Selected candidates will get a salary amount only after a few deductions, called in-hand salary. The In-hand salary for the Tier-I, Tier-II and Tier-III cities is different. For example, if you are posted in Mumbai, Delhi, Kolkata, your in-hand salary amount would be slightly more than others. The In-hand salary given will be inclusive of allowances as per the 7th pay commission. 

• The basic pay of an IBPS clerk is INR 19,900 per month.
• The pay scale of IBPS Clerk is INR 11765-655/3-13730-815/3-16175-980/4-20095-1145/7-28110-2120/1-30230-1310/1-31540

A total of 11 public sector banks participate in the recruitment process of IBPS Clerk. The list of participating banks is given below 1) Bank of Baroda 2)Canara Bank 3) Indian Overseas Bank 4) UCO Bank 5)Bank of India 6) Central Bank of India 7) Punjab National Bank 8)Union Bank of India 9) Bank of Maharashtra 10) Indian Bank 11) PSB The selection process of IBPS Clerk comprises prelims and mains exams. The marks obtained in the prelims exam are not counted for the merit list. The marks obtained in the mains exam are counted for the merit list. The prelims and mains exams are conducted online. The selection process is carried out by IBPS. However, joining letters and verification of eligibility is done by the participating banks.

The year-wise increment offered to IBPS Clerk is given below:

• Initial Basic Pay: INR 19,900 with a yearly increment of INR 655 for three years.
• Basic Pay After 3 Years: INR 20,900 with a yearly increment of INR 815 for the next three years.
• Basic Pay After the Next 3 Years: INR 24,590 with a yearly increment of INR 980 for the next four years.
• Basic Pay After the Next 4 Years: INR 30,550 with a yearly increment of INR 1,145 for the next 7 years.
• Basic Pay After Next 7 Years: INR 42,600 with a yearly increment of INR 2,120 for the next one year.
• Basic Pay After Next 1 Year: INR 45,930 with a yearly increment of INR 1,310 for the next one year.
• Basic Pay After Next Year: INR 47,920 (Maximum Basic Pay).

IBPS Clerk is an entry-level post. IBPS Clerk is a post that offers a lot of learning as well as opportunities. The job profile of IBPS Clerk is given below: 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 Updating the passbooks of account holders Resolving queries of the customers Miscellaneous tasks.

The dearness allowance offered to IBPS Clerk is given below:

• DA is 4 percent of the IBPS Clerk Basic Pay.
• DA depends on the CPI and is revised quarterly, which is after every three months.
• The Dearness Allowance would be INR 5,209

The public sector banks in India offer a good salary package to candidates selected through IBPS Clerk. Based on the performance of candidates, the growth and promotion of IBPS Clerk are quite attractive. A minimum of two years of service is required in order to be eligible for the promotion. IBPS Clerk gets promoted once every two years. The promotion process of IBPS Clerk is given below:

Normal process- Candidates who get promoted through this process are not required to have JAIIB and CAIIB diplomas. IBPS Clerks are promoted based on their experience and seniority and a written exam which is conducted internally. After qualifying the written exam, candidates become eligible for promotion to the post of Bank Probationary Officers (PO).

Merit-based process- Merit-Based process requires candidates to have JAIIB and CAIIB diplomas. 

IBPS Clerk is a permanent job. All candidates selected for IBPS Clerk exam will be on a probation period of six months. After this period, candidates are confirmed as permanent employees only after an assessment through a test or review of their performance in the probation period. Candidates for the post of IBPS Clerk is selected based on the performance in the Mains exam. The marks obtained in the prelims exam are not counted for the final merit list. IBPS Clerk prelims exam pattern is such that it is divided into three sections-Quantitative Aptitude, Reasoning Ability and English Language. The total marks allotted to the prelims exam are 100. The mains exam comprises General/ Financial Awareness, General English, Reasoning Ability & Computer Aptitude, and Quantitative Aptitude. The total marks allotted to the test are 200.

It is important for candidates to utilise the right resources to prepare for IBPS Clerk exam. The accurate preparation strategy helps candidates in moving ahead on the path to success. Candidates need to put in consistent and dedicated efforts to prepare for IBPS Clerk exam in the right direction. If candidates are preparing for the exam, it is essential for candidates to have an efficient study plan. This will help candidates to prepare in the best possible way. As this is a competitive exam, without study plan, candidates may struggle to clear the cutoff. The tips and tricks to prepare for the exam are given below:

• For English Language, candidates can focus on the topics such as reading comprehension, cloze test, fillers, spotting errors, etc. Candidates can improve their comprehension by reading newspapers
• For Reasoning Ability section, candidates must practice more questions on the topics such as puzzles, inequalities, syllogism, coding decoding, blood relations, seating arrangements
• For Numerical Ability section, candidates must practice a variety of questions on different topics including simplification, number series, data interpretation, and quadratic equations.
• Candidates must attempt mock tests inorder to identify the strengths and weaknesses
• Candidates must focus on the important topics that carry higher weightage