IBPS clerk salary after 12th bipartite settlement, In-hand Salary, Pay Scale, Job Profile & Promotion

IBPS Clerk Salary after 12th bipartite settlement is really good and encourages people to apply for the job at public banks. The starting pay for this role is between 41,000 to 43,000 rupees. And there are more benefits on top of this. Keep reading to find out more.

The salary for IBPS clerk in 2024 is a big reason why many people want to work in banking. Being a bank clerk is a respected job, and people from all over India take the exam because of the good pay. It’s said to be attractive and comes with lots of perks. So, it’s important for applicants to know all the details about the salary and the extra things they get.

Right now, the basic pay for a PO is 26,730 rupees, and when you add up all the extra allowances, the total salary is about 46,612 ₹ rupees. But, there are some deductions like tax and NPS, so the actual take-home salary is around 43,000 rupees.

The new salary structure for IBPS PO has been decided by the 12th bipartite settlement. This settlement decides how much pay rises for Probationary Officers, Bank Employees, Staff, and Sub-Staff at Public Banks. According to this new deal, employees will get a 17% raise in their pay. And this is what public banks have to follow until a new deal comes out.

IBPS Clerk Salary 2024 – Basic Pay after 12th bipartite settlement

The new IBPS Clerk salary plan, according to the 12th Bipartite settlement, starts at INR 26,000. Over time, this pay goes up based on how long someone has worked. After 7 years, it becomes Rs 34,860. Then, after 9 years, it goes to Rs 39,150. Finally, after 16 years (7 + 2 + 7), it reaches Rs 48,320.

IBPS values employee loyalty and hard work, rewarding clerks with periodic raises. This incremental pay structure helps maintain employee satisfaction and motivation. Understanding these salary increments can assist in future financial planning and make joining IBPS an attractive career option.

IBPS clerk Revised In-hand Salary 2024 after 12th bipartite settlement

Once recruited, bank employees, including IBPS Clerk, receive their salary slip along with their pay. This document is crucial as it contains essential details about their earnings, deductions, and overall salary structure. Here’s what you can expect to find on an official salary slip:

Gross Pay: This is the total amount earned before any deductions are made. It includes basic pay, allowances, and any bonuses.
Deductions: These are amounts subtracted from the gross pay. Common deductions include taxes, provident fund contributions, and insurance premiums.
Net Pay: This is the final amount that the employee receives after all deductions have been made. It’s the actual amount that goes into the bank account.
Breakdown of Allowances: The salary slip may provide a detailed breakdown of various allowances, such as house rent allowance (HRA), travel allowance, and medical allowance.
Employee Details: Personal information such as employee name, employee ID, designation, and department are typically included on the salary slip.
Period Covered: The salary slip indicates the period for which the salary is being paid, usually a specific month or pay period.
Employer Details: Information about the employer, including the bank’s name, address, and other relevant details, may also be included.

Component	Amount (INR)
Basic Pay	26,730
Special Pay	1,970
Special Allowance	8,521
Transport Allowance	1,023
Dearness Allowance (DA)	5,426
House Rent Allowance (HRA)	2,942
Gross Salary	46,612 ₹
Deductions (NPS, Tax etc.)	3,416
Net Salary	43,196 ₹

IBPS Clerk In Hand Salary 2024

The IBPS clerk salary structure is a major attraction for candidates. Initially, the in-hand salary ranges between Rs. 42,000 to 45,000, subject to various allowances and deductions.

Basic Salary: Rs. 25,000 to 26,000.
Dearness Allowance (DA): 39.8% of the basic salary.
House Rent Allowance (HRA): 7% to 9% of the basic salary.
Special Allowance: Around 7.75% of the basic salary.
City Compensatory Allowance (CCA): 3% to 4% of the basic salary.

IBPS Clerk salary Deductions in 2024

Particulars	Details
Union Fee	150
TDS	630
NPS	2636
Total Deductions	3416

IBPS Clerk Job Profile

Being an entry-level position, the IBPS Clerk role offers substantial learning opportunities and potential for early career growth. The more you learn, the more opportunities you will have, leading to faster professional development.

Roles and Responsibilities of an IBPS Clerk

Document Verification: Verify various documents and proofs submitted by customers.
Cash Handling: Responsible for bank cash, important documents, and keys.
Sanctioning Withdrawals: Approve customer withdrawal requests.
Document Maintenance: Maintain bank documents, balance sheets, ledgers, etc.
Customer Service: Resolve customer issues and queries.
Issuing Financial Instruments: Issue Demand Drafts (DDs), manage customer accounts, and process cash receipts.
Information Dissemination: Provide customers with information about the latest schemes and government policies.
Customer Guidance: Guide customers in various banking activities.
Treasury Work: Attend to treasury-related tasks.
Passbook Updates: Update account holder passbooks.
Miscellaneous Tasks: Perform other tasks as assigned.

Key Responsibilities Detailed for IBPS Clerk

Document Verification: Clerks are tasked with verifying documents and proofs submitted by customers, ensuring their authenticity and compliance with bank policies.

Cash Handling: Managing cash transactions, safeguarding important documents, and handling keys are critical responsibilities.

Sanctioning Withdrawals: Clerks approve and process withdrawal requests from customers, ensuring proper procedures are followed.

Document Maintenance: Keeping accurate records of the bank’s documents, balance sheets, and ledgers is a key duty.

Customer Service: Clerks play a vital role in addressing and resolving customer issues, enhancing customer satisfaction.

Issuing Financial Instruments: Clerks issue Demand Drafts, open bank accounts, and manage cash receipts, ensuring accuracy in transactions.

Information Dissemination: Providing customers with up-to-date information on schemes and policies helps them make informed decisions.

Customer Guidance: Offering guidance on various banking activities ensures smooth customer experiences.

Treasury Work: Handling treasury-related tasks is another important aspect of the job.

Passbook Updates: Keeping passbooks updated ensures customers have accurate information on their account balances.

Miscellaneous Tasks: Clerks also perform various other tasks as needed to support bank operations.

Career Growth of IBPS Clerk 2024

The career progression for an IBPS Clerk offers numerous opportunities for growth in the banking sector. Starting as a Bank Clerk, one can advance to various higher positions: Officer/Assistant Manager, Manager, Senior Manager, Chief Manager, Assistant General Manager, Deputy General Manager, and ultimately General Manager.

Attractive Salary and Growth Prospects

IBPS Clerk roles come with competitive salaries and a stable job, along with significant growth opportunities based on performance. Promotions in this role are enticing, although a minimum of 2 years of service is required before becoming eligible for a promotion. After the initial two years, clerks are typically promoted every two years. Promotions follow two main processes:

Normal Process

Requirements: No need for JAIIB and CAIIB diplomas.
Criteria: Based on experience and seniority.
Process: Internal written exam.
Outcome: Successful candidates become Trainee Officers and subsequently Bank Probationary Officers (PO).

Merit-Based Process

Requirements: JAIIB and CAIIB diplomas from the Indian Institute of Banking and Finance.
Criteria: Performance and merit.

Why Aim for Promotions?

Enhanced Responsibilities: Promotions bring more responsibilities and a chance to develop new skills.
Better Pay: Higher positions come with increased salary packages and benefits.
Job Satisfaction: Moving up the career ladder enhances job satisfaction and motivation.
Professional Development: Promotions offer opportunities for continuous learning and professional growth.

Conclusion

Choosing a career as an IBPS Clerk is not only about a good starting salary and job security but also about the potential for substantial growth. With dedication and hard work, clerks can climb the professional ladder, achieving higher positions and greater success in the banking industry. Whether you follow the normal process or the merit-based process, the path to growth is clear and achievable.

What is the salary of IBPS Clerk after promotion?

The salary of an IBPS Clerk after promotion to Officer/Assistant Manager can range from approximately ₹55,000 to ₹60,000 per month, depending on various factors such as the bank, location, and allowances. This includes the basic pay, dearness allowance (DA), house rent allowance (HRA), and other benefits. Further promotions to higher positions bring corresponding increases in salary and benefits.