Can i buyout my notice period? or any way to avoid notice period?

Even not directly mentioned in the clause, you are advised to follow notice period..

Originally posted by : Sandip Mondal
	My employment agreement has notice period clause as below. Pls confirm if I have any option to avoid my notice period as I want to move for a better career opportunity. I fall in M4 grade of payment. "During your employment with the Company, discontinuation of service may happen at the discretion of the Company or the employee, by giving one-months' notice in writing during the training and probationary period and two months' notice on confirmation for grades upto M3 and three month's basic in lieu of notice period for M2 and above grades on either side. The Company however, reserves the right to pay or recover basic salary in lieu of notice period. Further, the Company may at its discretion relieve you from such date as it may deem fit even prior to the expiry of the notice period."

You cannot avoid the notice period. The most you can do is to request your Boss to release you prior to the expiry of your notice period. Please refer the above quoted last bolded underlined lines.

It is very clearly mentioned in the notice period clause that "The Company however, reserves the right to pay or recover basic salary in lieu of notice period." You have, therefore, to pay the basic salary in lieu of notice period.

3 months basic may be recovered in lieu of notice for M4.  You can seek same information officially from HR or from your association.  The presumption is that you are from a PSU Bank.

It is within the discretion of the employer to permit such by out of notice period.

You can tender the resignation letter with a mention about your willingness to compensate the company with salary for the period of notice period hence the notice period may be waived. 

The company's offer letter conditions clearly states that  you can pay basic pay for the  notice period in lieu of the notice period.

Thus you may either have to serve the notice period or have to pay  the company in lieu of the notice period, you cannot avoid this inevitable situation. 

Well advised by experts, I endorse.

Terms and conditions of service are binding upon employee and employer, which may be relaxed by employer, if convinced.