Career Growth Opportunities After IBPS Clerk Exam 2024

Career Growth along with the salary is one of the main reasons for candidates competing for IBPS Clerk exam. The continuous growth in the banking sector is also the reason for their interest in this clerical job. The IBPS Clerk basic pay is Rs. 19,900 per month with an yearly increment of 1000 for three years. This job is the key that opens many career growth opportunities. In this article, we will explore the career growth opportunities after IBPS Clerk exam 2024 that can help you decide your career.

Benefits After IBPS Clerk Exam 2024

Candidates who clear the IBPS Clerk 2024 exam will be able to avail multiple benefits like job stability, security, a handsome salary package, various allowances, and respect. Let’s discuss the major benefits of this clerical job.

1. Job Stability and Security

IBPS clerks have stable jobs and cannot lose their jobs unless they do something significantly against the rules and regulations. That’s the reason why Bank jobs are considered to be very stable. Also, they offer job security. In the private sector, jobs can be easily terminated, but bank jobs like IBPS Clerk are protected by the law by way of labour laws.

2. Growth Opportunities

IBPS Clerks have excellent growth opportunities. It comes in the shape of internal promotions. After gaining experience, they get promoted to higher posts within the bank hierarchy. They get promoted to roles like Officer or Assistant Manager, Manager, and even higher positions. They need to refine their skills and knowledge in different banking functions. They can increase their chances of promotions by taking part in the training initiatives, workshops and certificates related to banking and finance. 

3. Salary Package

The salary structure of both clerks is very good. The starting salary of IBPS Clerk is more than that of most MBAs. IBPS Clerk salary has a good structure that includes pay scale, basic pay/salary, gross salary, net salary, allowances, deductions, etc.  The starting pay for IBPS Clerk ranges from from Rs 28,000 to Rs 30,000 per month upon joining. The starting basic pay of Rs 19,900. The pay scale of an IBPS Clerk is Rs 19900-1000/1-20900-1230/3-24590-1490/4-30550-1730/7-42600-3270/1-45930-1990/1-47920. It is to be noted that the actual salary amount also depends on the job location of the employees. Go through the IBPS Clerk salary structure from the table given below:

Salary Structure	Amount
Basic Pay	Rs 19900
Conveyance Allowance	Rs 757.08
Dearness Allowance	Rs 5209.82
SPL DA	Rs 4118
HRA	Rs 2039.75
Total	Rs 32024.65
Gross Salary	Rs 32024.65

NOTE: Additional perks and benefits are added after the training period. It is different in different banks.

4. Allowances

Apart from the basic pay discussed above, IBPS Clerks get some other benefits. These benefits will be based on the location they are posted. These benefits are called allowances. These allowances include TA, DA, and HRA. The total salary of IBPS Clerks include these allowances. Check out the table below to get the complete details about them:

BPS Clerk Salary Allowances 2024
Allowance	Structure
Special Allowance	After 1 year, it increases from Rs. 400 to Rs. 500, constituting 7.5% of the basic pay.
Dearness Allowance (DA)	This element amounts to 4% of the Basic Pay and can be revised every three months based on the Consumer Price Index (CPI).
House rent allowance (HRA)	Housing Rent Allowance (HRA) varies as per the posting location. It is 8.5% of Basic Pay for Metro Cities, and 7.5% for cities with populations more than 500,000, and 6.5% for other cities.
Travel Allowance (TA)	Banks reimburse these expenses for official tours and travels.
Medical Allowance	The annual amount is fixed at Rs. 2000.

NOTE: These figures given above in the table may change anytime. Candidates are advised to check the official notification and the official IBPS website for updates.

5. Respect & Prestige

IBPS Clerks get the respect of people as it is a Bank clerical job which is respected by people. People older than the clerks give respect to them, especially the old people. Therefore, many aspirants get attracted towards this job.

6. Retirement Benefits

IBPS Clerks also enjoy retirement benefits such as Provident Fund and Gratuity. Plus, they also have the option to get loans at concessional rates from the banks.

Check out the table below to review all the benefits discussed above:

Benefits After IBPS Clerk Exam 2024
Benefit	Details
Job Stability and Security	Stable jobs; protected by labor laws; can’t be easily terminated unless major rules are violated.
Growth Opportunities	Excellent growth; can reach GM or MD & CEO level; opportunities to attend finance-related workshops/meetings; numerous avenues for promotions and specialist roles.
Salary	Attractive salary structure; starting salary of PO better than most engineering graduates.
Allowances	Various allowances including housing rent, special allowances, learning allowance, and CCA.
Respect	High respect, especially in rural branches; older people appreciate help and guidance on pensions.
Retirement Benefits	Provident Fund, Gratuity, and concessional rate loans available.
Additional Benefits	HRA: 7%-9% of Basic Pay DA: 39.8% of Basic Pay CCA: 3%-4% of Basic Pay Special Allowance: 7.75% of Basic Pay

IBPS Clerk Job Profile

IBPS Clerk job offers multiple opportunities and knowledge. The experience and knowledge gained over the years help the employees get opportunities to grow. This job includes verification of documents, management of cash and documents, Sanctioning of withdrawal, maintenance of documents, dealing with customer’s issues and more. Check out the roles and responsibilities from the table given below:

IBPS Clerk Job Profile
Role/Responsibility	Description
Document Verification	Verifying various documents and proofs submitted by customers.
Cash and Document Management	Responsible for bank cash, important documents, and keys.
Withdrawal Sanctioning	Sanctioning withdrawals by customers.
Document Maintenance	Maintaining bank documents, balance sheets, ledgers, etc.
Customer Issue Resolution	Resolving various customer issues.
Demand Draft and Account Issuance	Issuing Demand Drafts, bank accounts, cash receipts, etc.
Scheme and Policy Information	Providing information about the latest schemes and government policies.
Customer Guidance	Guiding customers on various banking activities.
Treasury Work	Attending treasury-related tasks.
Passbook Updates	Updating the pass books of account holders.
Customer Query Resolution	Resolving customer queries.
Miscellaneous Tasks	Handling various other tasks as needed.

Career Opportunities After IBPS Clerk Exam 2024 via Promotions

IBPS Clerk gets a handsome salary and a job that offers great opportunities of growth. The employee gets promoted based on the performance and the growth is quite attractive. An employee requires a minimum of 2 years of experience to get eligible for promotion. Usually, after 2 years of experience the employee gets promoted once in 2 years. They get promotions through two processes:

Normal process- Employees who get promotions through this process don’t need JAIIB or CAIIB Diploma. IBPS Clerks get promotions based on the basis of their experience and seniority and a written exam that is conducted internally. .

Merit based process- In the merit based process, candidates require a JAIIB and CAIIB diploma from Indian Institute of Banking and Finance. 

Given below is the chain of promotions for the IBPS Clerk post:

• Scale 1 – Officer / Assistant Manager
• Scale 2 – Manager
• Scale 3 – Senior Manager
• Scale 4 – Chief Manager
• Scale 5 – Asst. General Manager
• Scale 6 – Deputy General Manager
• Scale 7 – General Manager.

IBPS Clerk Exam Pattern 2024	IBPS Clerk Syllabus 2024
IBPS Clerk Salary 2024	IBPS Clerk Previous Year Question Paper
IBPS Clerk Cut Off 2024	IBPS Clerk Vacancy 2024

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