Many students ask me about IBPS Bank Clerk or Assistant Salary in hand, pay scale, perks, allowances, package, CTC, increment, promotion and career growth opportunities etc.
Today I am going to tell you about all this in details. This is the high time to tell you about IBPS Clerk Salary and perks as the notification has recently announced. First, please understand that IBPS Clerk is actually Bank Clerk job in public sector bank. Since the recruitment is being done by the IBPS hence in practice it is often referred as IBPS Clerk also.
Following is the list of banks which participate in the recruitment through IBPS.
- Allahabad Bank
- Canara Bank
- Indian Overseas Bank
- UCO Bank
- Andhra Bank
- Central Bank of India
- Oriental Bank of Commerce
- Union Bank of India
- Bank of Baroda
- Corporation Bank
- Punjab National Bank
- United Bank of India
- Bank of India
- Dena Bank
- Punjab & Sind Bank
- Vijaya Bank
- Bank of Maharashtra
- Indian Bank
- Syndicate Bank
Now let us discuss about IBPS Clerk Salary, perks and allowances in details.
IBPS Clerk Pay Scale: The pay scale of the IBPS clerk is as under:
Rs. 11765 – (655x3) – 13730 – (815x3) – 16175 – (980x4) – 20095 – (1145x7) – 28110 – (2120x1) – 30230 – (1310x1) – 31540
If you do not understand what the meaning of pay scale is, I will explain it to you. Rs. 11765 will be the basic salary. The figures in the bracket are increments. For example 655 x 3 means increments of Rs. 655 for 3 years. If a candidate joins as IBPS clerk his basic salary after 3 increments will be like this Rs. 11765 + Rs. 655 + Rs. 655 + Rs. 655 = Rs. 13730 and so on. Hope the concept of pay scale is now clear to you.
Dearness Allowance: As an IBPS clerk you will also get dearness allowance. I will explain it for those who are not aware. Dearness Allowance or DA is paid to employees and pensioners of government organizations, PSU, PSB etc. It is calculated in terms of inflation. The purpose of the DA is to minimize the impact of rising inflation. In simple words when inflation will raise your salry will also rise due to increase in DA. Dearness Allowance is paid every quarter. At present DA is 45% which means that on a basic salary of Rs. 11765 you will get Rs. 5294 as Dearness Allowance. When inflation decreases the DA may also fall but it happens very rarely. Most of the time, it only increases.
Special Allowance: This has been added from last revision. It is 7.75% of the basic salary. DA is also paid on it. It means that on a basic of Rs. 11765, the special allowance will be Rs. 912 and DA on it will be Rs. 410.
House Rent Allowance: HRA is linked to the place of posting. Depending upon the place of posting it can be either 10% or 9% or 7.5%.
So you can see that the salary of an IBPS clerk is in the range of Rs. 19200 to Rs. 19550 depending upon posting place.
What is the difference between IBPS Clerk Salary and SBI Clerk Salary? In SBI there are a few extra perks due to which the salary is high in SBI. Roughly in SBI there are extra perks of Rs. 2000 to Rs. 2500.
In SBI there are very good opportunities for clerks to rise at a very high level. In SBI there are lots of motivation and encouragement for good performers. Clerk with right attitude can become officers very quickly in SBI. Here is an illustrative career graph for clerks or assistants in SBI.