Service bond

You want to migrate from one public sector organisation to another one.  Did you inform the PSU while applying for the post that you were already serving with a PSB? If you applied for or interviewed by the PSU before getting offer from the PSB, did you inform the PSU that you were now serving with the PSB? What is the reason given by you to the PSB for resigning? Have you disclosed to the PSB that you have an offer from the PSU?

In order to give a bond of service, you must be getting some "consideration" from the bank the maximum value of which may be Rs.3Lakhs. If the cost to the bank is lessthan  that by whatever method used for computing the compensation you will be required  to pay the lesser amount only.

Generally one public sector unit will not accept a person from another public sector unit without an NOC from the latter. So if the public sector unit which is now offering you a job do not know that you are already serving with a PSB, inform them that now you are with a PSB , and confirm for yourself that still the PSU is willing to accept you without an NOC from the PSB.

In any case there is not enough time to settle the issue of bond. The PSU may not wait for you.

Dear sir,

 I have applied for the PSU in the month of July 2011, when i was not having any job offer. Later on, in the month of September, i received an offer from a PSB at our Campus Recruitment programme and i joined the same in November 2011. I got selected in the written test conducted by the PSU and was called for GD and PI in the month of February. At the time of interview, i informed them that i am currently working with a PSB. I have not submitted the NOC, but they asked me to submit the same at the time of joining (if selected). I got the final joining call from the PSU in the month of April. I responded to the call and reported as per my joining schedule to the respective office of the PSU and applied for an extension in my joining time as a 3-month notice period is there in the PSB. They have granted me the extension in my joining time for the requisite time and i am currently serving the notice period in the PSB. Now advice me accordingly.

From your statements I gather that you have not yet got the NOC from the PSB. Have you applied to the PSB for an NOC? If so what was their answer?  After 3 months, if you quit the PSB without an NOC from them, you will lose both the jobs. If they have agreed to give NOC, it may be subject to your payment of the bond money. Assuming that you have case to not pay the bond money, unless the PSB agrees on its own to waive the bond money, you can achieve your case only by going to court. The court will take more than 3 months to decide. Even if the court decides in your favour you will also have to get a decree ordering the PSB to give you an NOC or ordering the PSU to take you in without an NOC. Don't you think that in the end all this will leave a bitter taste?  So early in your career it is not advisable to get into such things. You take up the matter with your boss in the PSB in a cordial manner and try to get waiver of the Rs.3.0 lakhsand give you an NOC. If that is not possible, withdraw your resignation from PSB and advise the PSU that you were not able to join them. Heavens will not fall if you do that. Who knows? The episode can turn out to be a blessing in disguise.

Dear sir, I routed an application for waiver of bond amount to my HR department through my department head seeking them to waive the bond on the ground of Guidelines issued by Department of Public Enterprises clearly stating that the bond amount need not to be paid in case of switching from one PSU to another. Now, the HR department has replied to me stating that the DPE guidelines are not applicable on bank as they are not governed by this and their parent ministry, Ministry of finance s the only empowered body in this regard. They have clearly written that your resignation shall be processed further only after the receipt of bond amount. Now the question is :- 1. Whether the DPE guidelines r applicable to a Public sector bank or not??? 2. Whether an indemnity holder can claim the complete amount or only to the extent of actual losses??? Also, i have heard that some recent judgement has cm frm court in a case of Bank of baroda wherein the employee has been ordered not to pay the bond amount. Kindly suggest me.