Security deposit from employees

Neha Jain (Querist) 22 September 2012 This query is : Resolved
I have a query that can a company keep three months salary of the employees as security deposit for both existing and new joining.

Is there any law in India that allows or prohibits the Company from taking security deposit from the employees?

Please advice me and if there is a any section in any law kindly do refer the same.

Thanks
Neha

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Guest (Expert) 23 September 2012
If the employee is handling cash and valuables of the company, there is nothing wrong on the part of the company to ask for security deposit from its employee.

V R SHROFF (Expert) 23 September 2012
Academic Query _ Imaginary

RAJU O.F., (Expert) 23 September 2012
There is no law regulating the collection of security deposit from employees. According to the nature and risk involved, the organisation may fix the deposit amount.

Neha Jain (Querist) 24 September 2012
Thanks every one

Guest (Expert) 24 September 2012
You are welcome.

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