Dear PaGaLGuY readers,
The IBPS PO IV and SPL – IV final
result has been declared. Many of you have been selected and allotted
one of the participating banks by IBPS in PO IV & SPL – IV. Also, there are quite a number of candidates who, at this point, are thinking to resign from the banks after about one to two years from their joining date.
But it is not easy to quit the
banks as there are multiple conditions which bank ask their new recruits to fulfil. In this article, we intend to provide brief information
regarding service agreement and bond amount in Public sector Banks and which will help you clarify what you should be doing in the near term.
The
public sector banks train their personnel in all the aspects of banking to make
them full-fledged bankers. It is rapidly becoming a trend across many candidates now a days that some candidates resign from the banks after joining in one or two years. To avoid
this, “Public sector banks have
been forced to introduce the system of “Service Bond undertaking to
serve the bank” for its new recruits which aims to put a check on attrition. According
to banking HR circles, the rate of attrition in public sector banks varies
between 10% to 15% annually.
At present there is no service agreement
and bond amount for Clerical carde.
What is Bond? A written and signed promise to pay a
certain sum of money if you do not fulfil the terms and condition
of the company.
Service Bond / agreement and its duration:
The selected candidate will be
required to execute a service bond undertaking to serve the Bank in order to
complete the selection process. Service agreement contains many conditions but
the main condition is that you have to serve the Bank for a minimum period of
years including the Probationary Period otherwise candidate has to pay the
specified amount to be relieved from the the Bank.
Duration of service agreement: In public sector banks, period of service
agreement varies for different banks; it can be of 1 year, 2 years or 3 years.
Bond Amount – In public sector banks, bond amount varies
for each banks, it can be of Rs 25,000 or Rs 50,000 or Rs 1 lakh or Rs 2 lakhs or Rs 3
lakhs.
Note: It is important to note that, if any candidates leave the bank
before completing the period of service agreement, than he/she has to pay the
Bond amount before leaving.
After completion of the service
agreement period, candidates are free to resign from the services of the Bank, if
they want to leave the bank. The bank will not impose any restriction on
the candidates after completion of the service agreement period.
Duration of Service agreement and bond amount
for POs & SO in Public Sector Banks
1. Allahabad Bank – Service agreement – 3 yrs Bond amount – Rs 1 lakh
2. Andhra Bank – Service agreement – 3 yrs Bond amount – Rs 2 lakh
3. Bank of Baroda – Data not provided by the
bank.
4. Bank of India – Data not provided by the
bank.
5. Bhartiya Mahila Bank – Data not provided by
the bank
6. Bank of Maharashtra – Service Agreement – 2 yrs Bond Amount – Rs 1 lakh
7. Canara Bank
– Service Agreement – 2 yrs Bond Amount – Rs 25,000
8. Corporation Bank – Service Agreement – 2 yrs
Bond Amount – Rs 50,000
9. Central Bank of India – Data not provided by
the bank
10. Dena Bank – Service Agreement – 3 yrs
Bond Amount – Rs 1,50,000
11. ECGC – Service Agreement – 3 yrs Bond
Amount – Salary of 3 month
12. IDBI Bank – Data not provided by the bank
13. Indian Bank – Service Agreement – 2 yrs
Bond Amount – Rs 1 lakh
14. Indian Overseas Bank – Service Agreement – 3 yrs Bond Amount – Rs 1 lakh
15. Oriental Bank of Commerce – Data not provided
by the bank
16. Punjab National Bank – Service Agreement – 3 yrs Bond Amount – Rs 2 lakh
17. Punjab & Sind Bank – Service Agreement – 3 yrs Bond Amount – Rs 50,000
18. Syndicate Bank – Service Agreement – 2 yrs
Bond amount – Rs 1 lakh
19. Union Bank of India – Service Agreement – 3 yrs
Bond amount – Rs 2 lakh
20. United Bank of India – Service Agreement – 3 yrs
Bond amount – Rs 1 lakh
21. UCO Bank – Service Agreement – 2 yrs
Bond amount – Rs 2 lakh
22. Vijaya Bank – Service Agreement – 3 yrs
Bond amount – Rs 2 lakh
Note: The details of service agreement period
and bond amount has been collected from recruitment notification issued by
respective bank.
Please share your success story with us. We will make an article and publish
the same on our (PG) site. You can mail your success story at –
neeraj.mishra@pagalguy.com
If you have any more queries,
please ask them in the comments below. We’ll try to answer them shortly.