Attrition or the reduction in number of employees continues to be one of the main concerns for companies. To prevent them from moving out quickly, IT companies imposed some conditions for new recruits.One among them was the salary bond.With most public sector banks also joining the list – here we explain the procedure
Before we move into the details of bonds, there is an important stage that every newly appointed person has to go through:
After getting selected in the interview & completing the formalities, you shall be posted in a branch as a PO or clerk under probation & it lasts for,
Probationary Officer : 2 years
Clerk: 6 months
It is here, candidates will get first hand experience on how a bank works.
- They would be assigned various duties within the branch across departments.It may include ledger maintenance, account operations, loan disbursal, cheque clearance, draft issuance, document verifications etc.,
- Such activities enable the newly appointed to know more about the daily banking operations & acquire required skills.
At the end, candidates shall have their performance evaluated either through a test or a simple interview or both.On successful completion, they will become confirmed employees.
If a person`s record is unsatisfactory or not upto the level, banks may terminate them but it rarely happens.
All those selected in interviews will have to sign a service bond before joining. What does it specify? Here are the main details..
- Work in the bank for a minimum of 3 years
- Rs.2 lakhs should be paid to the organization incase of breaking the bond.
What this means is,
you have to work in the bank for 3 years (includes probation) & if you choose to quit the job within this period – the earlier agreed amount must be paid before leaving.
The conditions of the bond varies for each bank with some fixing the minimum term as 2 years & the amount to be paid at Rs.1 lakh.
- Corporation bank in its PO recruitment, wants selected candidates to furnish a bank guarantee for Rs.50,000 or open a fixed deposit with the bank for the same amount.
As of now, there are no financial bond restrictions for clerical posts