Bipul Baibhav
in Contracts Law Civil Law
Asked October 28, 2017

Process for terminating the employment contract

  • 2 Answers

I joined a nationalized bank nearly 2 months bank. At the time of joining they asked me to sign a paper on which several instructions were written including a bond. It says, 'You' should lodge with bank a security deposit of 1 lakh on or before reporting to duty. Entire amount of deposit can either be given at joining or you may deposit 10k initially and rest in 9 monthly installment of 10k each. This deposit will be refunded on completing 3 years of service. If you resign before completing this period then the deposit shall be forfeited'. Now, I want to resign from the bank to join another nationalized bank. Till now, I had deposited 2 installment of 10k each and the bank has given me around 60k as salary. No other expenses as training were made on me by the bank. Also note that a DPE circular directs government offices (banks come under DFS) to transfer service bonds between offices. Please advise me if I am liable to pay remaining 80k to the bank before resignation.

Answers 2

You need to identify, if the DPE circular will be cover the Bank you are seeking the transfer to. If it does then you should submit your application for transfer with the required circular and seek the permission to transfer the amount also. The Bank may ask you to deposit the entire amount with the assurance that they will transfer the amount to your new employer. In this case, you must ensure that there is some form of documentation to this effect. 

Agree Comment 0 Agrees almost 4 years ago

The opinion expressed by Lawfarm Team holds good.

Agree Comment 0 Agrees almost 4 years ago

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