IBPS Salary 2024: Check Clerk, PO, RRB Pay Scale Per Month and Allowances

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Reported by Anshika Saxena

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IBPS Salary Check here Clerk, PO, RRB Pay Scale, and their allowances:- A lot of candidates are interested in getting recruited through the Institute of Banking Personnel Services for the post of Probationary Officers or Clerks. or Regional Rural Banks PO. There is heavy competition for these posts for they not only offer a secure and healthy work environment, but the salary package they offer is also attractive.

The pay scale for all the jobs in any of the Banks that hire through IBPS is much similar for particular levels. The aspirants of Banking jobs can plan out their career choices accordingly based on the pay scale and perks. To check details such as Salary, Pay Scale, Perks, Allowances, and much more about the incentive aspect of the jobs here.

IBPS Salary
IBPS Salary

IBPS Salary 2024

The Institute of Banking Personnel Selection conducts the recruitment procedure for various banks in the country systematically. The pay scale and other details are also announced by the bank authority. People who aspire to do banking jobs in India must check the IBPS portal for the latest recruitments. However, to get an idea of the pay scale and incentives that they shall receive upon their recruitment, they can check the following details.

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The structure and financial commitments for all the banks that recruit employees through the procedures of IBPS are similar. Hence the ensuing data can be used to estimate the package that selected candidates will surely receive.

IBPS Pay Scale

For the Probationary Officer or PO, the pay scale has been fixed as per the norms. The announced scale is Rs. 23700– Rs. 42020. This is a range in which the employed candidates shall receive their salary. This structure can be expanded as 23700 -(980/7) -30560 -(1145/2) -32850 -(1310/7) –42020. This implies that the candidates will be paid Rs. 23700/ p.m in the initial year. The candidates shall receive an annual increment of Rs. 980.

The increment of Rs. 980 shall be received for the next 7 years. Post that, the annual increment shall change to Rs. 1,145 for next. Once the candidate is on the basic pay of Rs. 32,850, he/she shall be eligible for Rs. 1,310 annually in cement for the next 7 years as per the 10th Bipartite. The candidates shall finally receive Rs. 42,020 per month as their Basic Pay as per the above-explained structure.

A similar method will be followed while understanding the pay scale for Regional Rural Banks PO, and Clerks.

IBPS 2023-24 Exam Calendar

Institute of Banking Personnel Selection Salary Structure

The structure of the salary as provisioned is given below:

Basic PayRs. 23,700
Special AllowanceRs. 1,836.75
Dearness Allowance OR DARs. 10,163.63
City Compensatory Allowance or CCARs. 870
Total, excluding HRARs. 36,570.38
House Rent Allowance or HRARs. 2,133.00
Gross, including HRARs. 38,703.38
DeductionsRs. 3,659.32
Final AmountRs. 35, 044.06

The above-mentioned figures are the general numbers to get an estimation. The salary structure will differ depending on the post, bank, and rules. The final salary structure shall only be announced at the time of recruitment.

Allowances through the Institute of Banking Personnel Selection

Apart from the Salary every month, the banks shall also provide various allowances to the recruited candidates. The following have been observed:

S.No.Allowance TypeAllowance Details
1.Dearness Allowance or DADearness Allowance as announced by the authorities is 75.9% of the basic pay. It is redrafted after every 3 months and has been presently raised by 1.4.
2.House Rent Allowance or HRAAt least 7% of the basic pay is the HRA. It depends upon the city in which the candidate has been posted. It can also be 8% or 9% depending upon the development quotient of the city.
3.City Compensatory Allowance or CCAThis depends upon the city in which the candidate is posted. The CCA can be 0% in certain cases. However, if applicable, this allowance can be 3% or even 4%.
4.Special AllowanceFixed as 7.75% of the Basic Pay
5.Other AllowancesMiscellaneous Allowances including Travel, Medical, Entertainment, Leased Accommodation, Hill Allowances and much more are retained here.

IBPS In Hand Salary

The candidates who are recruited as Probationary Officers have to serve at least 2 years of Probation. They receive pay almost equivalent to the other Probationary Officers in other sectors. In total, adding all the allowances and various other monetary details and incentives as part of allowances, the Probationary Officers or Clerks or RRB PO can probably receive the following amount in hand:

PostIn-Hand Amount (Approx)
IBPS ClerkRs. 29,453.67
IBPS Regional Rural Bank Probationary OfficerRs. 51,630.38
IBPS Probationary OfficerRs. 57, 289.70

Perks of being employed through IBPS

Apart from a great pay scale with opportunities for career growth and professional development, the jobs offered in the banking sector upon recruitment by IBPS come with many other perks. The allowances and amounts depend upon the current norms and the bank policies but the formats are similar. The following are the benefits of working in the Bank sector:

  • Pay Scale: The pay scale is fixed along with the increment amount. The candidates need to closely observe the salary structure and they shall receive the basic pay based on the notified scale.
  • Special Allowance: Every employee is additionally provided with the benefit of a special allowance as an incentive that adds to the salary they receive every month.
  • House Rent Allowance and Leased Accommodation: The bank does provide financial assistance for House rent depending upon the city in which the candidate is posted. Apart from that, in the case of leased accommodations, the case of the lease is considered and the incentive is provided based on that.
  • Medical Allowance: The bank employees receive additional allowance to cover medical expenditures.
  • Provident Fund: An amount is deducted every month that adds up to the PF or Provident Fund in name of the Employee.
  • Pension: The employees shall receive an amount every month as per the new pension scheme post their retirement.
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