The remuneration is one of the reasons for people wanting to join the banking industry. Besides a good salary, banking employees also get added benefits like pension benefits and medical benefits. To give you a clear idea about the salary and perks an IBPS clerk gets, here is some information about the IBPS clerk pay scale.
Salary Structure
The basic that is the main component of the pay is around 11765, which is equal for all IBPS clerks irrespective of posting. Here are some details of other salary components:
- Dearness Allowance – 5311
- Special Allowance – 911
- Transport Allowance – 425
An IBPS clerk posted at a place with a population more significant than 45 lakhs gets an HRA of 1176 INR, while those posted at a place population less than 45 lakhs gets an HRA of 1058. It is the only difference in the IBPS clerk pay scale you will find. Now please take a look at the increments of IBPS clerk:
Basic Pay and Increments of IBPS Clerk
The initial basic pay of IBPS clerks is around 11765 INR, and they are entitled to receive a yearly increment of 655 INR. The basic pay is revised after three years, and the IBPS clerk’s basic pay increases to 13,730 INR. After the first basic increment, they will receive a yearly increment of 815 INR for the next three years.
After six years in service, the IBPS clerk’s basic is revised, and the basic reaches the level of 16,175 INR. For the next four years, you’ll receive a yearly increment of 980.
After ten years of service, the basic of IBPS clerks reach 20,095 INR, and you will get a yearly increment of 1145 INR for the next seven years. An IBPS clerk who has served the banking organization for 17 long years gets a basic of 28,110 INR, and receives a yearly increment of 2,120 INR before the basic is revised.
After completing 18 years of service as an IBPS clerk, you are entitled to receive a basic pay of 30,230 INR. The next year, you will receive a yearly increment of 1310. The last basic revision of IBPS clerk comes after spending 19 years in service. The maximum basic an IBPS clerk can get is 31,540 INR.
Allowance of IBPS Clerk
- Dearness Allowance
An IBPS clerk gets a DA at the rate of 4% of basic pay. The value of the dearness allowance depends on the Consumer Price Index. The government of India revises the Consumer Price Index every three months.
- House Rent Allowance
The HRA rate differs as per the location of the posting. Generally, the range of HRA for IBPS clerks is 7 to 9% of their basic pay IBPS clerks posted in metro cities get an HRA allowance equivalent to 8.5% of their basic pay.
IBPS clerks posted in cities with a population of less than five lakhs get an HRA allowance equivalent to 7.5% of their basic pay. IBPS clerks in other cities get an HRA allowance equivalent to 6.5% of their basic pay.
To sum up, an IBPS clerk is an entry-level position in banks. The salary structure of IBPS clerks is quite good in comparison to similar jobs in other industries. Also, there is good scope for growth that makes it a good career option.