IBPS Clerk 2021: In-Hand Salary & Future Promotions

IBPS Clerk 2021: It was not so long ago when IBPS announced the official notification for IBPS Clerk 2021. The news came in just yesterday. The interested aspirants should be happy to know the fact that the salary for this job will come under the purview of the seventh pay commission. All the aspirants should have a detailed overview of the salary and job profile before applying for this job.  

The awareness about the job role and in-hand salary does give the aspirants a clear picture of what they can expect if they clear the IBPS Clerk 2021. Heer are some pointers to keep in mind before applying for the recruitment: 

• The following exam is being conducted for clerical jobs under the organisation of “The Institute of Banking and Personnel Selection.”
• You will be expected to clear two rounds of examination: Prelims and Mains.
• In order to appear for mains candidates will have to clear the prelims cut-off.
• a provisional allotment list is generated for those candidates who have scored high enough.
• You will be offered the job once you have cleared the mains. Some candidates are kept in the waiting list and if those from the former list don’t join the job, the ones in the waiting list are given a chance.

IBPS Clerk Job Profile

Any clerical job in any bank is an entry level job at an administrative level. A clerical job is literally like an on-job training. The very first practical experience of how a bank and banking sector operates. So, ideally your workload is high in terms of the operational and administrative work. You will be constantly working under the supervision of senior employees.  

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Some of the major responsibilities of an IBPS Clerk:

• Verification of documents submitted by the customers
• Single window operations
• Updating passbooks of customers
• Assisting senior managers
• Maintenance of various documents such as bank’s ledger, balance sheets, etc.
• Management of cash deposits and withdrawals
• Attending treasury related works
• Handling regular customer grievances
• Other miscellaneous tasks and duties

IBPS Perk In-Hand Salary 2021

The in-hand salary is decided by multiple factors such as basic pay, allowances, HRA, etc. And also by the population of state.  

Facilities	Population More than 45 Lakhs	Population Less than 45 Lakhs
Basic Pay	INR 11,765/-	INR 11,765/-
Dearness Allowance	INR 5,311/-	INR 5,311/-
Travel Allowance	INR 425/-	INR 425/-
Special Allowance	INR 911/-	INR 911/-
House Rent Allowance	INR 1176/-	INR 1058/-
Total IBPS Clerk Salary	INR 19,588/-	INR 19,470/-

The monthly in-hand salary would either be Rs. 19,588 or Rs. 19,470. The perks and allowances are calculated as per a fixed percentage of the basic pay. The percentage is different for each type of allowance or perk.

IBPS Clerk Payscale 2021: 11765-655/3- 13730-815/3- 16175-980/4- 20095-1145/7- 28110-2120/1- 30230/1310-1- 31540.  

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IBPS Clerk Additional Benefits and Allowances

Special Allowance	INR 1,561/-
Dearness Allowance (DA)	The DA is about 4 percent of the IBPS Clerk’s Basic Pay. DA’s value depends on the CPI which is revised quarterly every 3 months.  INR 7,073/- would be the starting DA
House Rent Allowance (HRA)	The posting location determines the HRA allowance. The HRA is supposedly between 6.5% to 8.5% depending upon the location of the bank.
Travel Allowance	Expenses of official tours and travels will be reimbursed by the bank.
Medical Allowance	INR 2,000/- annually is paid every year as a medical allowance.

IBPS Clerk Year-Wise Pay Scale 2021

The minimum basic pay as mentioned is Rs. 11,765. The maximum basic pay can be Rs. 31,540. Here are the year-wise increments and salary structure: 

• Initial basic pay of Rs. 11,765 will have a yearly increment of Rs. 655 for the first three years
• Basic pay after 3 years: Rs. 13,730 with a yearly increment of Rs. 815 for the next three upcoming years.
• Basic pay after another 3 years: Rs. 16,175 with a yearly increment of Rs. 980 for the next 3 years.
• Basic pay after the next 4 years: Rs. 20,095 now with an annual increment of Rs. 1,145 for the next 7 years.
• Basic pay after the next 7 years: Rs. 28, 110 now with an annual increment of Rs. 2,120 for the next one year.
• Basic pay after the next 1 year: Rs. 30,230 now with an annual increment of Rs. 1,310 for the next one year.
• Basic pay after next year: Rs. 31,540 (Maximum Basic Pay)

Sign up to Take a Free Mock Test of IBPS Clerk 2021 Prelims- Will be available Shortly

Future Promotions Available for an IBPS Clerk

You may start as a clerk with a nominal salary at such banks but as you grow further with time you can enjoy the luxury of being a highly respected bank official.  

IBPS Clerk Promotion Sequence

Bank Clerk

Officer/Assistant Manager

Manager

Senior Manager

Chief Manager

Asst. General Manager

Deputy General Manager

General Manager

Criteria for Promotion for an IBPS Clerk

Normal Process of Seniority/Experience

Normally, clerks are promoted on the basis of work experience and seniority. You will have to give an internal exam which is conducted for an employee’s qualification for a promotion. After the first exam a clerk becomes a trainee officer and by the next exam, they are probationary officers.  

Merit-based Process

The merit-based process would require the employees to take JAIIB and CAIIB diplomas from the Indian Institute of Banking & Finance.  

Sign up to Take a Free Mock Test of IBPS Clerk 2021 Prelims- Will be available Shortly

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