The main allowances given to Clerk, working in Indian Overseas Bank are-

Dearness Allowance-

DA is adjusted for every 3 months ie Quarterly increase happens in DA .
The DA will be changed according to the consumer price index (CPI)

House Rent Allowance:-

As we all know that rent of house is different in different types of cities.

If you are posted in metro cities HRA will be 8.50% of Basic Pay.
If you are posted in cities with population more than 5 lakh, HRA will be 7.50% of Basic Pay.
If you are posted in any other metro cities HRA will be 6.50% of Basic Pay.

Medical Allowance:

This allowance is fixed at Rs 20000 and is paid annually.

Clerk Basic Pay:

The Pay Scale of Bank Clerk is: Rs 11,765 – Rs 42,020.

The Basic pay thus amounts to be Rs 11,765

After completion of 1 year, the basic pay will be increased by a specific amount say Rs. 400/.

After it from 2nd year onwards, increment will be 500 for next 3 years.