The banking sector is one of the most desirable sectors for people looking for a challenging and rewarding job. The sector offers an unmatched opportunity to learn and grow. Though IBPS clerk is an entry position, it offers excellent opportunities in the banking career. Here is some vital information about growth prospects you can expect from this role.
Initial Pay of IBPS Clerk
One of the biggest concerns for banking job aspirants is the IBPS clerk salary in hand. Here is some crucial information about the monetary perks related to the job.
After joining the banking sector as an IBPS clerk, you will receive a basic pay of Rs.11765. The salary also includes various allowances like
- Dearness Allowance
Initially, an IBPS clerk gets a dearness allowance of 5311 INR. The dearness allowance is linked to your basic pay and the consumer price index. According to HR experts, the dearness allowance is equivalent to 4% of the basic pay. The government of India revises the consumer price index every month, which affects the Dearness allowance.
- House Rent Allowance
The House Rent Allowance is an essential constituent of the IBPS clerk salary in hand. The HRA depends on the location of your posting. Banking employees posted in Metro cities will get a higher HRA than their peers posted in smaller cities.
If your posting is in a city with a population greater than 45 lakhs, you will receive an HRA allowance of 1176 INR. If you are posted in a city with a population lesser than 45 lakhs, you will get an HRA allowance of 1058 INR.
- Special Allowance – 911
- Transport Allowance – 425
Growth Prospects in IBPS clerk job
Job seekers are known to value future career growth potential with salary increments. A higher salary is an indication, the organization values employees. Yearly increments and basic revisions are key drivers of career advancement and economic growth.
Basic Pay Revisions and Increments
If you get posted as a clerk in the banking sector, your basic pay will be revised several times during your entire service period. Between basis revisions, you also get yearly increments. Here is some more information about the basic pay revision and increments of the IBPS clerk.
- After joining the banking sector as an IBPS clerk, you will increment INR 655 for three years. After three years of service, your basic pay increases to 13,730, and you are entitled to receive a yearly increment of Rs. 815 for the next three years. The next basic pay increase comes after six years of service, and your basic pay is equivalent to INR 16175. For the next four years, you receive a yearly increment of INR 980.
- After completing ten years in service, your basic pay reaches INR 20,095, and you get a yearly increment of INR 1145 for the next seven years
- After completing 17 years of service, your basic pay reaches INR 28,110, and you get a yearly increment of INR 2120. The maximum basic pay an IBPS clerk receives is INR 31540.
To sum up, an IBPS clerk draws a higher salary than similar job roles in other industries. Besides a good salary in hand, the banking sector employees also enjoy other financial perks like medical benefits and pension.