Tuesday, 5 April 2016

List of Service Bound Amount in Government Banks

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Looking for how much you need to pay as Service Bond price when joining Government Banks? Here is list of Service Bond Amount to be paid at the time of joining bank jobs. Some banks do make it compulsory to sign probation, minimum service bond year's of job and even ask you to pay Service Bond amount which is refundable. Here is those bank wise list of probation service bond amount.

List of Service Bound Amount in Government Banks

List of Service Bound Amount in Government Banks
Most of government sector banks made it compulsory to sign service bond and take advance service bond amount, if you break the bond you lose amount, else you will get paid back at the end of probation period. It happen because many candidates who join bank jobs are resigns instantly after getting big offers from private sector banks.

Check out below list of Service Bond Amount in Government Banks;

Bank Name Service Bond Period Bond Amount
Andhra Bank 3 years Rs. 2 lac
Allahabad Bank 3 years Rs. 1 lac
Bank of Baroda No Bond ----
Bank Of India No Bond ----
Bank of Maharashtra 2 years Rs.1 lac
Canara Bank 2 years Rs. 25 thousand
Central bank of india No Bond ----
Corporation Bank 2 years Rs. 50 thousand
Dena Bank 3 years Rs. 1.5 lac
IDBI Bank No Bond ----
Indian Bank 2 years Rs.1 lac
Indian overseas bank 3 years Rs.1 lac
Oriental bank of commerce No Bond -----
Punjab National Bank 3 years Rs. 2 lac
Punjab Sind Bank 3 years Rs. 50 thousand
Syndicate bank 2 years Rs. 1 lac
UCO Bank 2 years Rs. 2 lac
United bank of india 3 years Rs. 1 lac
Union Bank of India 3 years Rs. 2 lac
Vijaya Bank 3 years Rs. 2 lac
Exim Bank No Bond ---
ECGC 3 years 5 months of salary
Bhartiya Mahila Bank No Bond ----
State bank of india No Bond ----

As you can see in above table, we have provided bank wise list of Service Bond years and amount to be paid for Service Bond. Not all banks signs you service bond but most of them do.Starting from Rs.25 thousand to Rs. 2 lac of bond are signed by bank authorities.

FAQs related to Service Bond

1. What is Service Bond and why should we sign/Pay for it?

Service bond is something like precautionary amount, that you won't leave organization before certain time being. When some organization hires you, they expect a minimum time period of service from you, that is probation period. Until, you done your probation period, you won't get certain benefits and payroll amount.

If you leave or quit your organization before service bond period, you lose the amount you paid for, as a penalty/fine.

2. What is the format of Service bond?

In service bond, on certain forms, bank ask you to sign and AGREE that if you quite before service bond period, you need to pay some amount as compensation to organization for leaving before completing minimum service time in organization.

3. What if I don't sign Service bond?

In many case, you won't get job if you don't sign service bond, or organization may give negative ratings to your service towards organization and it make difficult for you to get another job.

4. Do i need to pay Advance Service Bond Amount?

No,not at all. You need to pay service bond amount only if you quite in advance or before completing notice period. Or sometimes, it is adjusted with your monthly salary, like if you need to pay Rs.30 thousand as service bond, either work for one month extra or pay Rs. 30 thousand in case. 

We advise you to sign service bond after reading all terms and condition carefully. It is something most important.

Also Read :-

- Upcoming Bank Jobs
- SBI Junior Assistant Bank Jobs

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