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A clerical cadre job in banks is of repetitive nature and deal with the customers in depositing money, printing on passbooks, withdrawals, etc. The IBPS Clerk Job Profile spans from customer relation to back-office works as the association demands. The clerk is the first step in the banking career ladder. Within two years of service, one can appear for promotion tests to ace their career. The clerical cadre is somewhat relaxing compared to the officer’s posts. The Fixed working hours and desk jobs are perks of this post. The IBPS Clerk salary is 2023 and allowances will be around Rs. 20000 after deductions. Here we can check further details about the IBPS Clerk recruitment and the clerk’s entitled salary and allowances.
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IBPS recruitment 2023 is going to be an opportunity for those who have not been able to get through SBI and other Bank Recruitment Exams. The role of an IBPS Clerk or Junior Associate is one of the most sought-after careers in the banking field. The Institute of Banking Personnel Selection (IBPS) conducts the recruitment of eligible and dynamic candidates for the post of Clerk. More details regarding the post and the job roles will be clear the IBPS Clerk Notification is published by the commission. Every year lakhs of applications are received by the IBPS. One of the best parts of the recruitment process of an IBPS Clerk is a two-stage selection process comprising of Prelims and Main Online Exam with no Interview. Check out the entire article to know more details regarding IBPS Clerk salary 2023 and the starting salary of IBPS Clerk for the year 2023.
IBPS Clerk Salary 2023
IBPS offers some of the best salaries packages for the candidates who clear the examination for the post of clerk. The given below are the details regarding the IBPS Clerk salary structure and the IBPS Clerk starting salary 2023.
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IBPS Clerk Salary Structure
The initial salary package for Clerk is Rs. 28,000 to Rs. 30,000/- per month, at the time of Joining and the starting basic pay is Rs 19,900. According to IBPS Clerk’s official notification, The Basic Pay for IBPS Clerk is Rs 19,900. It is the starting salary of an IBPS Clerk. After the training period, perks and other benefits are added and which may vary from bank to bank.
| IBPS Clerk Salary Structure 2023 | |
|---|---|
| Facilities/Salary | Amount |
| Basic Pay | 19900 |
| Conveyance Allowance | 757.08 |
| Dearness Allowance | 5209.82 |
| SPL DA | 4118 |
| HRA | 2039.75 |
| Total | 32024.65 |
| Gross Salary | 32024.65 |
From the Total earnings of the IBPS Clerk Salary following amounts will get deducted every month:
- Union Subscription
- Group Insurance
- Penson Fund
- Professional Tax
- Financial Aid For Bereaved Families Scheme (FABF)
IBPS Clerk Salary 2023 Increment
1: What does the acronym "ATM" stand for in banking?
Given below is the sum of Basic Pay and allowances that make up the total IBPS Clerk Salary. This implies that the minimum Basic Pay for IBPS Clerk is Rs 19900 while the maximum is Rs 32024.
| IBPS Clerk Pay Scale | |
|---|---|
| Basic Pay | Amount |
| Initial Basic Pay | Rs 19,900 with a yearly increment of Rs 1000 |
| Basic Pay after 3 years | Rs 20,900 with a yearly increment of Rs 1230 for the next three years. |
| Basic Pay after the next 3 years | Rs 24,590 with a yearly increment of Rs 1490 for the next four years. |
| Basic Pay after the next 4 years | Rs 30,550 with a yearly increment of Rs 1730 for the next 7 years. |
| Basic Pay after the next 7 years | Rs 42,600 with a yearly increment of Rs 3270 for the next one year. |
| Basic Pay after the next 1 year | Rs 45,930 with a yearly increment of Rs 1990 for the next one year. |
| Basic Pay after next year | Rs 47,920 (Maximum Basic Pay). |
IBPS Clerk Allowances 2023
| IBPS Clerk Salary: Allowances | |
|---|---|
| Special Allowance | It is 7.5 per cent of the basic pay, after completion of 1 year it may increase from 400 to 500 Rs. |
| Dearness Allowance | It is 60-70%(approx) per cent of the basic pay which is revised quarterly |
| House rent allowance | It depends on the posting of the location. It is highest at 8.5%in the metropolitan cities. |
| Travel Allowance | These expenses are reimbursed by the banks(on official tours and travels only) |
| Medical Allowance | It is 2000/per year. |
Apart from the basic pay that is been set by the commission, the candidates who clear the IBPS clerk examination and enter into the job are entitled to get several allowances and financial benefits from the banks. The given below are the details regarding the salary benefits that candidates will obtain from the bank as an employee.
- Dearness Allowance
- House Rent Allowance
- Travel Allowance
- Medical Allowance
Dearness Allowance (DA): Dearness Allowance is revised quarterly and is based on the Consumer Price Index(CPI) as declared by the banks. DA will be 4% of the Basic Pay.
House Rent Allowance (HRA): HRA varies according to the posting station. HRA can be 8.50%, 7.50%, and 6.50% depending on metros, big cities, and other locations.
Medical Allowance: Annual allowance of Rs. 2000/.
Transport Allowance (TA) – The official tours and travels will be reimbursed by the bank.
Special Allowance: For IBPS Clerk, this amount is fixed at Rs. 4118
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IBPS Clerk Job Profile 2023
This post offers employees great opportunity to learn and grow. The various roles and responsibilities are:
- Deposit and withdrawal cash handling is the primary work of the clerks.
- Clerks handle the receipt of cheques, drafts, dividend warrants, and pay orders.
- Cheque Verification, Demand draft issue, Account Opening, and Account Closing related matters.
- Issuing ATM cards, Debit and Credit Cards, gold loans, etc.
- Maintaining a daily record of balance, attending Government Treasury related matters.
- Back-office works like receipts collection, ledger maintenance, tally balance, data entry, issue ESI stamps, etc.
- The clerk also has a significant role in the marketing of financial products of the Bank such as loans, mutual funds, deposits, schemes, etc.
- Clerks often serve as customer service agents, or the customers first personal contact.
- Clerks are entitled to serve the customers to make them understand the different bank products and how it works and the difficult banking terms.
- Issuing of Demand Drafts (DDs), bank accounts for the customers, cash receipts, etc.
- Resolving queries of the customers
- Sanctioning of withdrawals by the customers
IBPS Clerk Promotion
A bank clerk has great scope for growth in career. IBPS Clerks are promoted based on their experience and seniority and a written exam is conducted internally. The different rungs of the ladder in the promotion are as follows:
Bank Clerk → Assistant Manager → Manager → Senior Manager → Chief Manager → Asst. General Manager → Deputy General Manager → General Manager.
IBPS Clerk Participating Banks 2023
- Vijaya Bank
- United Bank of India
- Union Bank of India
- UCO Bank
- Syndicate Bank
- Punjab & Sind Bank
- Punjab National Bank
- Oriental Bank of Commerce
- India Overseas Bank
- Indian Bank
- Bank of Baroda
- Allahabad Bank
- Bank of India
- Dena Bank
- Corporation Bank
- Central Bank of India
- Bank of Maharashtra
- Andhra Bank, and
- Canara Bank
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FAQ’s
Q1. What is the starting IBPS Clerk Salary?
Ans: The minimum basic pay of an IBPS clerk is Rs. 19,900/- and the maximum goes to Rs. 47,920.
Q2. What is the net IBPS Clerk Salary?
Ans: The net IBPS Clerk Salary is Rs.28,000-Rs.30,000 per month.
Q3. What is the career growth of IBPS Clerk?
Ans: Different banks have different promotion criteria but the majority of the banks give great opportunities.
