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Service Agreements and Bond amount in Public Sector Probationary officers



Clearing the Written Examination of Bank Exams mainly Common written examination is not that easy for everyone, After going through the tough sessions of Coaching or self study only one can able to Clear this first round. It will be followed by Personal Interview/Group discussion which makes candidates more uncomfortable if they are freshers to the Corporate Job World. 

The candidates who have some sort of experience in any reputed firm may feel bit easier to tackle this stage. But selection of Bank officers will not end here. The selected candidates need to execute a Service agreement with the Bank compulsorily in order to get complete the section process.
 
At present there is no agreement for Clerical carde.

Here we gives you the general overview on Service Agreements and it may vary depends upon the Bank you have been selected.

Why Service Agreements?

First of all, Whether anyone there who  wants to quit the officer Job after being selected?. Yes, the Resigning employees in Banking Industry is grooming nowadays. It is not the case like 1980s where banking is one of the top most industry which Salary and Perks were equal to that of an IAS officer. But now, There are n Number of Industries that offer high compensation than that of banking. That is the main reason candidates who have joined in banking decides to quit after a certain period, and some of the candidates may wants to use this job as parking until they get to their desired job. After going through these kind of situations, Banks slowly started to implement the IT industry’s Formula “Get paid for your Work or Pay and relieve”.

What is the Agreement about?

There will be many conditions mentioned in the Agreement but the main Condition is you have to serve the Bank for a minimum period of years inclusing the Probationary Period otherwise have to apy the specified amount and relieve the Bank.

What is probationary Period and Agreement Period?

Probationary Period and Agreement period are not same, An employee will be observed as Confirmed Permanent Employee after Probationary period. Periodical Tests and Confirmation Interview will be conducted for the same.
But agreement period is about How long you have to compulsorily service to the bank.

How long the agreement will be?

Probationary Period is the Period that observed for Training of a recruted Bank employee normally Officers will go probation period from Minimum 1 Years – 3 Years maximum.

Service Agreement will be for 2-3 years.

Whether Bank can terminate the Agreeement?

The agreement is between you (Employee) and the bank. However if the bank wants to relieve you from any reasons they may relive you from the Job.
Any dispute regarding this should be taken to the respective jurisdiction.

How much is the amount?

It ranges from Rs.50,000/- to Rs.3,00,000/- (Most bank prefer two lakhs) and should be deposited with the bank. Very few banks accept other bank Guarantees also.

Will I earn Interest for that?

The discretion is with the bank about the interest to the Depository amount, and mostly Interest at prevailing Deposit rate is paid to the employees.

Is it refundable?

The amount is refundable after the Service agreement period

What about original Educational Certificates?

Some banks will collect the Original Educational Certificates like Marksheets of Higher Secondary and degree Certificate, and the same will be returned as applicable to the agreed conditions.

Whom I have to contact for the terms of a bank?

Banks may not relieve the conditions to Public, you can get to know their important conditions through their respective Official Website. But full conditions only made available once you got selected for the particular Post.

Whether special modifications permitted?

No, The Bank only can decide the points to be included or excluded. Any dispute should be taken to the respective jurisdiction .

Can I break the agreement?

Yes, you can. But be aware that you have to pay the service agreement amount (Already deposited with the Bank) and any other dues to the bank.

What if I complete the Agreement Period?

The Term Deposit with the Bank can be closed and you are free to resign from the services of the Bank.
Service Agreements and Bond amount in Public Sector Probationary officers Reviewed by Manohar Veera on 10:30:00 AM Rating: 5

6 comments:

karthik said...

Im a OBC category candidate. I have OBC certificate which was issued by our taluk office but it is not of the format prescribed by IBPS. Should I get a new one or the one with me will do. Please guide me

karthik said...

Im a OBC category candidate. I have OBC certificate which was issued by our taluk office but it is not of the format prescribed by IBPS. Should I get a new one or the one with me will do. Please guide me

karthik said...

Im a OBC category candidate. I have OBC certificate which was issued by our taluk office but it is not of the format prescribed by IBPS. Should I get a new one or the one with me will do. Please guide me

Manohar Veera said...

If the OBC certificate is issued for work under any Public sector bank or any Government job it is fine.

However if you have enough time you can always get a prescribed OBC Certificate to avoid any doubts and Guesses.

http://www.ibps.in/career_pdf/Format_of_OBC_Certificate.pdf

Fahad Zahid said...

Informative Article! Agreed that Banking industry now a days is not at it peak as it was on 1980s, There is massive Competition in banking sector in order to obtain the job!

Service Agreements

Karunagara Pandian said...

Does this belong to PO's also. I'm planning to give IBPS PO 3, for that if get selected do I have to pay the amount initially or later if I have plan to leave the job.

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