IBPS PO results are out and all of you must be eager to know for the next step that all of you have to undergo in order to start working as an officer with a Public Sector bank in the country. Most of the banks have already started calling candidates for medical as well as pre joining formalities. An important aspect of your joining will be executing service agreements and bonds during your joining process. In this process, you will require to notarize a certain agreement provided by your bank on stamp paper of adequate value so that it becomes a legally valid document. In this article, we shall try to explore the various aspects of bonds and service agreements in various Public Sector Banks.
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Bond and Service Agreement: What do they mean?
Most of you are freshers and must be hearing about these terms for the first time in your life and that is why these things create a lot of confusion among the candidates. This is important for all of you to understand bond and service agrrement.
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A bond is basically an agreement between you and the organisation that you are joining requiring you to give in writing that you will serve the company for a certain year or else you will pay the company certain sum as decided by the company at the time of execution of bond. The bond should be legally valid. All the banks have now introduced this criterion because of the high level of attrition in these organisations in the recent years.
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A service agreement is the overall rules and regulations under which you will be employed in the organisation. You have to abide by those during your tenure at the organisation. Hence, executing the bond is also a service condition that you will be required to conform to. It underlines the terms and conditions of your employment in the organisation.
Bonds in various Public Sector banks
In IBPS, all the participating organisations have now introduced the criterion of bonds so that they can actually deter candidates from leaving the organisation but it actually matters little because attrition rate is still very high in all the banks even after the introduction of the bond factor.
| Sr No. | Name of the Bank | Bond Period | Bond Money (in Rs.) |
|---|---|---|---|
| 1. | Allahabad Bank | 3 years | 1 lakh |
| 2. | Andhra Bank | 3 years | 2 lakhs |
| 3. | Bank of Baroda | 3 years | 3 lakhs |
| 4. | Bank of India | - | - |
| 5. | Canara Bank | 2 years | 25000 |
| 6. | Bank of Maharashtra | 2 years | 1 lakh |
| 7. | Corporation Bank | 2 years | 50000 |
| 8. | Central Bank of India | - | - |
| 9. | Dena Bank | 3 years | 150000 |
| 10. | ECGC | 3 years | 3 months’ salary |
| 11. | IDBI Bank | - | - |
| 12. | Indian Bank | 2 years | 1 lakh |
| 13. | Indian Overseas Bank | 3 years | 1 lakh |
| 14. | Oriental Bank of Commerce | - | - |
| 15. | Punjab National Bank | 3 years | 2 lakhs |
| 16. | Punjab and Sind Bank | 3 years | 50000 |
| 17. | Syndicate Bank | 2 years | 1 lakh |
| 18. | UCO Bank | 2 years | 2 lakhs |
| 19. | Union Bank | 3 years | 2 lakhs |
| 20. | Vijaya Bank | 3 years | 2 lakhs |
| 21. | United Bank of India | 3 years | 1 lakh |
N.B. ‘-‘implies that there is no data available for these banks.
Criterion of bonds is essential in banking jobs these days. This is because of the high attrition rate of the banks. So, think accordingly and join in case you have a number of options available so that in future you do not need to pay your hard earned money to the bank in the case of your resignation. Rest, joining formalities are underway and do as you are instructed.
All the best!!
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