Bonds and Probation in Public Sector Banks

Dear Readers,

With a lot of doubts rising in the minds of selected candidates about the Bonds and Probation, we have decided to dedicate this article that will cater to all the queries you have in your mind. Friends, one phase is over with the declaration of results and this embarks the beginning of new phase that will include Documentation and Medical. 

A Probationary Officer (PO) in the bank is the starting level appointment for bank officers. The POs have a one or two years probation period during which they are given exposure to various important functions of the bank such as Loans & Advances, Foreign exchange, Credit Rating, Treasury, Risk Management, IT, Marketing etc.

The probation period can also consider as the learning phase. Hence it is extremely important to be in good conduct, during probation. 

Banks have the right to terminate the employee during the probation, if he/she does not fit the position. As such, the probationary officer shall be required to work at 2-3 branches during the probation period.

A Bank Clerk, is a financial service professional who serves as the primary point of contact for most bank customers, administering basic banking transactions, documentation and administrative functions.

A clerk has six months probation period during which they are placed at different counters of the banks e.g. savings, deposit, retail loans, cash credit, agricultural loans, credit cards, government business, cash receipt or payment etc. Clerks are the soul of the banks and they are the ones, who interacts with customers and take care of their needs. 

Probation Period for PO –  1 or 2 year
Probation Period for Clerk – 6 months

Bond and It's Duration

All the selected candidates need to sign a Service bond with the Bank compulsorily in order to get complete the section process.

What is Service Bond?
A written and signed promise to pay a certain sum of money if you do not fulfilled the terms and condition of the company.
As we can see that many candidates resign from the banks after joining in one or two years. So to avoid this Bank starts implementation of this formula which can prevent the candidates to resign from the post within a specific time and period.

Why Bank Ask for Bond?
Bond 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 the bank in order to get the relieving.

Duration of Bond:
For Po: Duration of the bond varies for each bank  it can be of 1, 2 or 3 years.
For Clerk: As of now, there are no financial bond restrictions for clerical posts.

Can I break Bond?
Yes, you can. But be aware that you will have to pay the Bond amount before leaving.  

What does this means?
You have to work in the bank till your bond duration period (includes probation) & if you choose to quit the job within this period – the earlier agreed amount  must be paid before leaving.

What if I complete the Bond Period?
The Term Deposit with the Bank will closed and you are free to resign from the services of the Bank if you want to leave the bank.

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