The banking clerk job portfolio is a very varied one with great scope for career growth as it provides good pay. The salary can act as a good springboard for youngsters, especially those from an economically weak background.
Type of Work and Pay
Clerks act as the first point of contact for customers with the bank. They perform many valuable tasks like opening a bank account, document verification, inquiry and grievance solutions, general guidance, etc. IBPS clerk salary in hand is commensurate to their job responsibilities and duties.
Clerk positions are broadly divided into specializations like Accounts Clerk, Data Entry Clerk, Loan Clerk, Office Clerk, etc.
Each of these performs tasks specific to their concerned departments. The bank’s policies determine whether you will shift to a lower level or upper-level clerk post.
The various primary and secondary tasks performed by a clerk are as follows:
- Occasional Single Window tasks
- Banking Document Verification
- Passbook Updating
- Cheque verification, DD issuing, and withdrawal sanctioning
- Entering daily work information in the computer
- Marketing bank products to customers like loans, mutual funds, deposit schemes, etc.
- Ensuring safe custody of bank keys, money, and other valuables of the bank and its customers
- Background tasks like balance tallying, ledger maintenance, receipt collection, etc.
- Tending to Government Treasury work
- Cash receipt and ESI stamps issuing at counters
Due to work performed by clerks, they are also called Single Window Operators as they interact with customers through the single glass window from behind their desks.
The career growth path for clerks is rich. You become eligible after a service of 2 years. The promotion exams happen every 2 years, which must be applied for and passed to become Officers.
With the normal route, you’ll have to clear the promotion exam and interview. Then, based on service record, score, and seniority, you’ll be selected as a Trainee Officer (TO) first, and later become a Probationary Officer (PO).
If you have a JAIIB and CAIIB certification from IIBF and a graduate/post-graduate degree, you can be promoted via the merit route.
The scales after PO are numbered 1-7 and are respectively Officer/Assistant Manager, Manager, Senior Manager, Chief Manager, Asst. General Manager, Deputy General Manager, and General Manager.
The basic salary for IBPS clerks as of 2020 is Rs. 11,765. IBPS clerk salary in hand is much higher than this with the many other additions like special pay and allowances.
The details are as follows:
- Basic Pay of Rs. 11,765
- Dearness Allowance (DA) of 4%, as was revised every quarter based on the consumer price index declared by the banks.
- House Rent Allowance (HRA) of 7-9% based on location, if applicable.
- Special Allowance of 7.5%
- Transport Allowance
- City Compensatory Allowance (CCA) if applicable
The total comes up to Rs. 21,424 w/o HRA, and Rs. 22,404 with it. An increment of Rs. 400 happens after a year and Rs—500 after 2 years. The 2015 10 Bipartite Wage Settlement increased the totals to Rs. 21,339 to Rs. 23,117 range.
The IBPS clerk salary in hand is around Rs. 18,000 to Rs. 20,000. This increases with performance and promotions, making for a secure and robust career path.