PSU Bank offer letter contained place of posting as Hyderabad. I left my well-paying IT job to join there.
During 3 day induction I had signed an indemnity bond of INR 1 Lakh. When I went to Hyderabad branch I was asked to join 250 Km away from Hyderabad in the remotest village. I objected and resigned on the spot. I was asked to pay 1 lakh INR without which HR said they cannot process the resignation.
I knew I had already signed the indemnity bond and had to pay. So I requested an arrangement to pay in instalments or staggered payments.
The Bank refused and demands the payment in one lump-sum.
What are my options? Please help. In reply to the latest email received, I have reiterated my intent to solve it amicably and again stressed that due to my financial condition I cannot pay in one lump-sum and stated that I am open to flexible options like staggered/instalment payments.
Please help me. I need advice. Will a money recovery suit be filed? What happens now and how can I best handle this scenario?
From India, Mumbai
During 3 day induction I had signed an indemnity bond of INR 1 Lakh. When I went to Hyderabad branch I was asked to join 250 Km away from Hyderabad in the remotest village. I objected and resigned on the spot. I was asked to pay 1 lakh INR without which HR said they cannot process the resignation.
I knew I had already signed the indemnity bond and had to pay. So I requested an arrangement to pay in instalments or staggered payments.
The Bank refused and demands the payment in one lump-sum.
What are my options? Please help. In reply to the latest email received, I have reiterated my intent to solve it amicably and again stressed that due to my financial condition I cannot pay in one lump-sum and stated that I am open to flexible options like staggered/instalment payments.
Please help me. I need advice. Will a money recovery suit be filed? What happens now and how can I best handle this scenario?
From India, Mumbai
There is no room for negotiation in PSU's, because they are governed by policy guidelines. If the policy guidelines state it has to be paid in one shot, then it has to be done so, unless there is court judgement supporting your proposition.
From Indonesia, Jakarta
8From Indonesia, Jakarta
On what ground the indemnity bond was signed? Bonds and agreements to withhold an employee is illegal. The company can recover the actual cost of any training provided to employee through these bonds/ agreement. Did the company provide you any such training? If not, why the company is asking for money?
Yet, the company can file a suit before the court to recover the money but they will not have much chances if you fight properly.
Let the company demand you the Rs.1 lac in writing and then you can start defending yourself may be by replying with assistance of a lawyer. If you have already started communicating, be careful with each and every word. And future communications should be in writing.
From India, Kolkata
Yet, the company can file a suit before the court to recover the money but they will not have much chances if you fight properly.
Let the company demand you the Rs.1 lac in writing and then you can start defending yourself may be by replying with assistance of a lawyer. If you have already started communicating, be careful with each and every word. And future communications should be in writing.
From India, Kolkata
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Indemnity Bond - Format.doc