IBPS Clerk Salary 2024: Salary, Benefits, Job Profile & Growth

For candidates aspiring to start their careers as IBPS clerks, the IBPS clerk salary is one of the most motivating things, apart from other allowances and perks.  An IBPS clerk starting salary is Rs 19,900. The IBPS Clerk Salary In-Hand is Rs 29,453.67 with the different allowances and deductions. The salary may differ because of the place of posting and different government regulations. Aspiring candidates must understand the IBPS clerk salary in detail. This would motivate them to prepare well for the exam. There are different perks, allowances, and IBPS clerk salaries in hand for the selected candidates.

This article will discuss the salary of IBPS clerks in detail with the breakup structure. It will also discuss the allowances, the job profile, and the career prospects of getting recruited as an IBPS clerk.

Also read IBPS Clerk Syllabus 2023: Subject Wise Syllabus & Exam Pattern For Prelims and Mains.

IBPS Clerk Overview

The IBPS-appointed clerk has several responsibilities, including handling cash withdrawals and deposits. They issue DD and cash receipts, update customer passbooks, and handle the queries of the customers. They also manage the financial documents of their branch and handle the treasury work. The IBPS Clerk Salary Per Month ranges from Rs 28,000 to Rs 30,000. Let’s look at the important things about IBPS salary in detail.

• There is a difference in salaries because of the city of posting. 
• The allowances and deductions may change as per government regulations. 
• The deductions would include IT deductions, PF, and others. 

To know more information about the IBPS Job profile read: Institute of Banking Personnel Selection

IBPS Clerk Pay Scale 2024

With years of experience, the bank clerk pay scale would also increase. Let’s look at the projected salary increment as years add to their job experience.

Years	Salary	Increment
Starting basic pay	Rs 19,900	Rs 1,000 for the next three years
After three years	Rs 20,990	Rs 1,230 for the next three years
After another three years	Rs 24,590	Rs 1,490 for the next four years
After four years	Rs 30,550	Rs 1,730 for the next seven years
After seven years	Rs 42,660	Rs 3,270 for the next year
After one year	Rs 45,930	Rs 1,990 for the next year
After one year	Rs 47,920	Final basic pay

• The pay scale of an IBPS-appointed clerk increases every few years. 
• The increment is mentioned in the above table. It reflects the hike in basic pay as the job experience increases. 
• The basic income starts from Rs 19,900, and the maximum is Rs 47,920.  
• However, the final IBPS clerk’s salary may differ because of different factors. 
• Some of the different factors are 
  o City of posting
  o Tax deductions
  o New financial regulations implemented by the government

IBPS Clerk Benefits and Allowances

There are different allowances provided along with the salary of IBPS clerks. Let’s look at the allowances in detail for a better understanding.

Allowances	Amount	Remarks
House Rent Allowance (HRA)	Between 6.5 – 8.5% of basic pay.	It depends on the city of the posting.
Dearness Allowance (DA)	4% of basic pay.	It is reliant on CPI. It is revised every quarter.
Medical Allowance	Rs 2000/ year.	The amount is fixed and paid once a year
Travel Allowance (TA)		The bank directly reimburses the amount for official tours.
Special Allowance	Rs 4118

• All the allowances are added to the basic salary and comprise the IBPS clerk’s salary. 
• The amount may change if there are new regulations from the government. 
• Some of the allowances may differ because of the city of posting. 
• The salary will be higher if a candidate is posted in a Tier I city. This is done to accumulate the cost of living in the city. 

IBPS Clerk Job Profile

After understanding the salary and the allowances linked to IBPS, let’s look at the job profile:

• Update the passbook of customers of that particular bank branch. 
• Verify the documents provided by the customers.  
• Issue Demand Drafts (DD), cash receipts, bank accounts, and other services related to banking. 
• Provide information about the government’s and RBI’s latest schemes and incentives. 
• Maintain the balance sheets, ledgers, and other financial documents. 
• Address the queries of the customers. 
• Manage the cash withdrawals and deposits. 
• Handle the responsibility of treasury works. 

The job profile of an IBPS clerk is quite comprehensive. They have to handle several responsibilities. So, according to the job profile and responsibilities, the IBPS clerk’s salary is decent, and the job is respectable.

IBPS Clerk Promotions

The IBPS clerks are provided promotions based on the seniority of their job experience and merit. The candidates must work for at least two years to be eligible for promotions. Let’s look at the level of promotions.

• Assistant Manager (Scale I) 
• Manager (Scale II) 
• Senior Manager (Scale III) 
• Chief Manager (Scale IV) 
• Assistant General Manager (AGM) (Scale V) 
• Deputy General Manager (Scale VI) 
• General Manager (Scale VII) 

The promotions are based on two criteria. Let’s understand them in brief.

Merit or Fast track based promotion	The candidates should have a CAAIB or JAIIB diploma from IIBF.
Seniority based promotion	The candidates have to pass a written-based exam. The exam is organised internally. In this case, they do not require JAIIB to CAAIB diploma.

Frequently Asked Questions ( FAQs )