IBPS Clerk Salary of PSU Bank gets 17% annual hike; 5-day work week awaits government nod in 12th Bipartite Settlement.
The Indian Banks’ Association (IBA) will soon transmit the Settlement to the Banks for execution, following which the respective Banks will undertake measures to implement the various provisions outlined in the Settlement. They will also facilitate the disbursement of arrears owed due to the revised pay scales and allowances.
The 12th Bipartite Settlement will be retroactively effective from November 1, 2022, and will span a duration of five years until October 2027. This Settlement encompasses 25 Banks, comprising 12 Public Sector Banks, 10 Private Sector Banks, and 3 Foreign Banks, with an estimated benefit for approximately 400,000 employees in the clerical and subordinate staff cadre.
New IBPS Clerk Salary from April, 2024 💵
Candidates hired as IBPS Clerks receive a comprehensive salary package that encompasses various allowances and benefits. Furthermore, it is essential for applicants to familiarize themselves with the job profile of an IBPS Clerk to understand their roles and responsibilities. Hence, individuals applying for the IBPS Clerk Recruitment 2024 should refer to the following article to gain insight into both the IBPS Clerk’s salary and job profile.
Several extra benefits are poised to be bestowed upon employees as a result of the 12th Bipartite Settlement. The following examples will illustrate the magnitude of the monthly increment in the remuneration of employees at the entry-level.
IBPS Clerk Salary Calculator as per 12th BPS 🔢
Upon joining the bank, an IBPS Clerk who holds a graduate degree will receive two extra increments in Basic Pay.
Salary Details:
| Basic Pay | 26,730 |
| Special Pay | 1,970 |
| Special Allowance | 8,521 |
| Transport Allowance | 1,023 |
| Dearness Allowance (DA) | 5,426 |
| HRA | 2,942 |
| Fixed Personal Pay (FPP) | 0 |
| Professional Qualification Pay (PQP) | 0 |
| Special Area Allowance | 0 |
| Gross Salary | 46,612 ₹ |
|---|---|
| Deductions (NPS, Tax etc.) | 3,416 |
| Net Salary | 43,196 ₹ |
IBPS Clerk In-Hand Salary 🫴
Candidates who are selected will receive their salary after certain deductions such as NPS (National Pension Scheme), Professional Tax, Union Fees etc., referred to as the in-hand salary / Net Salary. The in-hand salary remains consistent across Tier-I, Tier-II, and Tier-III cities in the 12th Bipartite Settlement.
IBPS Clerk Annual Package 🗓️
All candidates who are selected and shortlisted as IBPS Clerk will receive a substantial compensation for their contributions to the sector. The starting annual CTC for IBPS Clerks is estimated to be approximately around ₹ 6,50,000/- including Allowances, EPF.
Download Arrear Calculator Excel for 12th Bipartite ⬇️
Pay Components🧾
1. Basic Pay 📑
The pay scale of IBPS Clerk is ₹ 24050-1340/3-28070-1650/3-33020-2000/4-41020-2340/7-57400-4400/1-61800-2680/1-64480 as per 12th Bipartite Settlement.
| Stage | 11th BPS (Old) | 12th BPS (New) |
| 1 | 17900 | 24050 |
| 2 | 18900 | 25390 |
| 3 | 19900 | 26730 |
| 4 | 20900 | 28070 |
| 5 | 22130 | 29720 |
| 6 | 23360 | 31370 |
| 7 | 24590 | 33020 |
| 8 | 26080 | 35020 |
| 9 | 27570 | 37020 |
| 10 | 29060 | 39020 |
| 11 | 30550 | 41020 |
| 12 | 32280 | 43360 |
| 13 | 34010 | 45700 |
| 14 | 35740 | 48040 |
| 15 | 37470 | 50380 |
| 16 | 39200 | 52720 |
| 17 | 40930 | 55060 |
| 18 | 42660 | 57400 |
| 19 | 45930 | 61800 |
| 20 | 47920 | 64480 |
| 21 | 49910 | 67160 |
| 22 | 51900 | 69840 |
| 23 | 53890 | 72520 |
| 24 | 55880 | 75200 |
| 25 | 57870 | 77880 |
| 26 | 59860 | 80560 |
| 27 | 61850 | 83240 |
| 28 | 63840 | 85920 |
| 29 | 65830 | 88600 |
| 30 | — | 91280 |
| 31 | — | 93960 |
2. Special Pay 💸
That is why, in this background, the Sub-Committee set up by AIBEA for formulating the demands for the 12th Bipartite Settlement unanimously recommended that the role and duties of clerks is revised suitably as per present day needs and more particularly keeping in mind the importance of retaining the cadre and to re-engineer the role with a view of re-balance the manpower structure in the Banks.
In this 12th Bipartite Settlement, all such SWO-A have been made eligible for the Special pay of Rs. 1970 + DA thereon which will attract HRA and all superannuation benefits.
3. Graduation Pay / Professional Qualification Pay (PQP) 🪙
For employees who reach or have already reached the 20th stage of their pay scale and have received increments for their education or professional qualifications, they’ll get Graduation Pay or Professional Qualification Pay.
4. Fixed Personal Pay (FPP) 👨🏻🦳
When employees reach the highest salary level for their position, they can get Fixed Personal Pay (FPP) equal to their last raise after one year at that level. Those who joined the Banks on or after 2nd November, 1993 are not eligible for FPP.
5. Officiating Pay 👨🏻💼
If a clerk temporarily takes on the role of Officer in Junior Management Grade for at least 4 days straight or for a total of 4 days in a month, they’ll receive additional pay equal to 15% of their regular salary for each day they’re filling in, along with other allowances.
Allowances 🤑
1. Dearness Allowance 📈
The change in the Dearness Allowance rate base on All India Consumer Price Index will be released on a quarterly basis on 1st May, 1st August, 1st November and 1st February for IBPS Clerk Salary.
2. House Rent Allowance (HRA) 🏠
10.25% of Pay. If an employee is moved to a different location for work reasons, not because they asked for it, they can choose to get their house rent reimbursed up to 150% of what they would have received for House Rent Allowance (HRA).
3. Special Allowance 💸
Employees will receive a Special Allowance equal to 26.50% of their basic salary, along with any applicable Dearness Allowance (DA) as per 12th Bipartite Settlement.
4. Transport Allowance 🏍️
Rs. 850 per month with applicable DA thereon
5. Compensation for losses due to breakage or damage to goods on Transfer 🚚
With receipts/statement of loss,
Clerical Staff: Rs. 2,000
Subordinate Staff: Rs. 1,400
Without receipts/statement of loss,
Clerical Staff : Rs. 1,400
Subordinate Staff : Rs. 1,000
6. Halting Allowance 🚧
Halting allowance shall be payable at maximum of Rs. 1500/- per diem for Clerical Staff and Rs. 1100/– per diem for Subordinate Staff for the days spent on duty outside the headquarters and where Lodging expenses are not claimed / reimbursed.
Employee can also claim lodging expenses reimbursement at maximum of Rs. 3000/- per day for Clerical Staff and Rs. 1500/– per diem for Subordinate Staff by production of hotel rent receipt.
Provided further that in such cases of reimbursement of hotel rent, boarding charges at 35% of the halting allowance shall be payable as per 12th Bipartite Settlement.
Email Subscription
Sign up for our newsletter and stay up to date!
7. Deputation Allowance ↩️
As per 12th Bipartite Settlement, If an employee deputed to serve outside the bank to an organization in a different place other than the present place of posting, 7.75% of Pay with a maximum of Rs. 3750/- per month is payable.
If an employee deputed to another organization at the same place or to the training establishment not owned by the bank, 4% of Pay with a maximum of Rs.1875/- per month is payable.
8. Hill and Fuel Allowance ⛰️
At places situated at a height of 1000 to 3000 meters and above, 3 to 8% of pay (Max. Rs. 950/- to Rs. 2850 p.m.) is payable as per 12th Bipartite Settlement.
9. Special Area Allowance ❄️
From Rs. 1000 to Rs. 5300 based on area.
10. Medical Aid 🩸
The reimbursement of medical expenses under medical aid scheme shall be payable at maximum amount of Rs.2830/- per annum
All employees shall be allowed reimbursement of Rs. 500 per year towards annual eye check-up.
11. Leave Fare Concession (LFC) 🚊
For availment of leave fare concession under a 4 year block for visit to any place in India, the maximum permissible distance shall be 5400 km (one way) for subordinate staff and 4700 km (one way) for non-subordinate staff as per 12th Bipartite Settlement.
12. Medical Insurance Scheme ⛑️
Under this Scheme, the sum insured under the uniform base policy would be Rs. 2 lacs.
13 Other Allowances 🚗🍽️📰📱
Conveyance allowance, Lunch allowance, Newspaper allowance, Telephone allowance etc.
Related: Glorious and Promising CBEU Golden Jubilee Family Welfare Scheme
List of Banks to 12th Bipartite Settlement 🏦
- Bank of Baroda
- Bank of India
- Bank of Maharashtra
- Canara Bank
- Central Bank of India
- Indian Bank
- Indian Overseas Bank
- Punjab & Sind Bank
- Punjab National Bank
- UCO Bank
- Union Bank of India
- State Bank of India
- IDBI Bank
- The Dhanlaxmi Bank Ltd.
- The Federal Bank Ltd.
- The Jammu & Kashmir Bank Ltd.
- Kotak Mahindra Bank Ltd.
- The Karnataka Bank Ltd.
- The Karur Vysya Bank Ltd.
- The Nainital Bank Ltd.
- RBL Bank Ltd.
- The South Indian Bank Ltd.
- Citibank, N.A.
- The Hongkong & Shanghai Banking Corporation Ltd.
- Standard Chartered Bank
Change of designations in Bank 👨🏻💼
With effect from 1st April, 2024, the following designations/nomenclatures will be in vogue:
| Existing | Changed as |
| Clerk / SWO-A and SWO-B | Customer Service Associate (CSA) |
| Head Cashier | Senior Customer Service Associate (Cash) |
| Special Assistant | Special Customer Service Associate |
| Substaff/Peon | Office Assistant |
| Bill Collector / Daftary | Senior Office Assistant |
| Head Peon | Special Office Assistant |
| Sweeper | Housekeeper (HK) |
IBPS Clerk Job Profile 2024 – Career Growth and Promotion 🎯
Banks in the IBPS make sure to promote their employees within a year depending on how well they work. IBPS Clerk staff get a good salary and have great opportunities to advance in their careers. To be considered for a promotion, an employee needs to have worked for at least 2 years. Promotions follow a certain process.
The steps for promoting IBPS Clerk employees are as follows:
Clerk > Officer / Assistant Manager > Manager > Senior Manager > Chief Manager > Asst. General Manager > Deputy General Manager > General Manager!
IBPS Clerk Job Profile 2024 – Roles and Responsibilities 👤
The roles and responsibilities of Customer Service Associates (CSAs) in banks under IBPS involve a variety of tasks related to customer service, clerical work, and assistance in various departments. Here’s a breakdown of their roles as per 12th Bipartite Settlement:
- Customer Assistance: CSAs attend to customers at counters, handling routine clerical tasks excluding supervisory duties. This includes receiving and acknowledging various financial instruments like cheques, drafts, and dividend warrants.
- Document Handling: They ensure proper contents in envelopes and covers before dispatching them. CSAs also perform data entry for account opening forms and update KYC documents in the system.
- Account Services: CSAs generate CIBIL reports, print statements of accounts, passbooks, and certificates of balance. They also handle standing instructions, stop payment instructions, and Positive Pay System letters.
- Service Delivery: CSAs deliver cheque books, debit cards. They also assist with loan recovery, issuance of reminders, and intimation letters to customers regarding deposits and locker renewals.
- Administrative Support: They assist in administrative offices, audit departments, and may work in specialized branches like cheque processing centers. CSAs handle routine correspondence, generate statistical data, and assist with audits.
- Cash Handling: CSAs manage cash transactions, including recounting cash, scanning and capturing specimen signatures, and passing various financial instruments independently or jointly with supervisory staff based on specified limits.
- Marketing and New Business Acquisition: CSAs may be involved in marketing and guiding customers about digital and banking products. They may also assist in acquiring new business without assigned targets.
- Guidelines and Training: Banks should provide proper guidelines for allocating work to CSAs, especially those with benchmark disabilities. They may also be sent on deputation to training establishments or other organizations.
- Digital Banking and IT Support: CSAs assist customers in activating net banking/mobile banking facilities, sensitize them about digital products, and may work in IT departments for tasks like running patch programs or maintaining hardware records.
These duties ensure effective customer service, operational efficiency, and support various banking functions, contributing to the overall functioning of the bank.
Frequently Asked Questions 🤔
Q. What is the Probation Period of IBPS Clerk?
Candidates chosen for the IBPS Clerk job will need to complete a trial period lasting 6 months. Only after passing an evaluation or performance review will they become permanent employees.
Q. What is the starting salary of IBPS Clerk?
The initial IBPS Clerk Salary may vary based on the location and employing organization, typically falling within the range of Rs. 42,000 to Rs. 45,000 per month as per 12th Bipartite Settlement.
Q. What is the in-hand salary of an IBPS Clerk?
The in-hand IBPS Clerk Salary varies from Rs.39,000/- to Rs.42,000/- per month.