As we are getting lots of queries regarding probation period and Bond amount in Public Sector Banks. Here we are posting a post on this. Read on..
A Probationary Officer (PO) in the bank is the starting level appointment for bank officers. The POs have a one or two years probation period during which they are given exposure to various important functions of the bank such as Loans & Advances, Foreign exchange, Credit Rating, Treasury, Risk Management, IT, Marketing etc.
The probation period can also consider as the learning phase. Hence it is extremely important to be in good conduct, during probation.
Banks have the right to terminate the employee during the probation, if he/she does not fit the position. As such, the probationary officer shall be required to work at 2-3 branches during the probation period.
A Probationary Officer (PO) in the bank is the starting level appointment for bank officers. The POs have a one or two years probation period during which they are given exposure to various important functions of the bank such as Loans & Advances, Foreign exchange, Credit Rating, Treasury, Risk Management, IT, Marketing etc.
The probation period can also consider as the learning phase. Hence it is extremely important to be in good conduct, during probation.
Banks have the right to terminate the employee during the probation, if he/she does not fit the position. As such, the probationary officer shall be required to work at 2-3 branches during the probation period.
A Bank Clerk, is a financial service professional who serves as the primary point of contact for most bank customers, administering basic banking transactions, documentation and administrative functions.
A clerk has six months probation period during which they are placed at different counters of the banks e.g. savings, deposit, retail loans, cash credit, agricultural loans, credit cards, government business, cash receipt or payment etc. Maximum customer interface in banks occurs at these counters managed by clerical staff.
Probation Period for PO � 1 or 2 year
Probation Period for Clerk � 6 months
Bond and It's Duration
All the selected candidates need to sign a Service bond with the Bank compulsorily in order to get complete the section process.
All the selected candidates need to sign a Service bond with the Bank compulsorily in order to get complete the section process.
What is Bond?: A written and signed promise to pay a certain sum of money if you do not fulfilled the terms and condition of the company.
As we can see that many candidates resign from the banks after joining in one or two years. So to avoid this Bank starts implementation of this formula which can prevent the candidates to resign from the post within a specific time and period.
As we can see that many candidates resign from the banks after joining in one or two years. So to avoid this Bank starts implementation of this formula which can prevent the candidates to resign from the post within a specific time and period.
Why Bank Ask for Bond? Bond contains many conditions but the main condition is that you have to serve the Bank for a minimum period of years including the Probationary Period otherwise candidate has to pay the specified amount and relieve the Bank.
Duration of Bond:
For Po: Duration of the bond varies for each bank it can be of 1, 2 or 3 years.
For Clerk: As of now, there are no financial bond restrictions for clerical posts.
Can I break Bond? Yes, you can. But be aware that you have to pay the Bond amount before leaving.
What this means is?
You have to work in the bank till your bond duration period (includes probation) & if you choose to quit the job within this period � the earlier agreed amount must be paid before leaving.
What if I complete the Bond Period?
The Term Deposit with the Bank will closed and you are free to resign from the services of the Bank if you want to leave the bank.
Duration of Probation and Bond Period for PO in Public Sector Banks | |||
Bank | Probation Period | Bond Duration | Bond Amount |
List of Banks which have Probation of 2 years and Bond Duration of 3 Years | |||
Allahabad Bank | 2yrs | 3 yrs | Rs. 1,00,000 |
Andhra Bank | 2 yrs | 3 yrs | Rs. 2,00,000 |
Bank of India | 2 yrs | ||
Indian Overseas Bank | 2 yrs | 3 yrs | Rs. 1,00,000 |
Punjab & Sind Bank | 2 yrs | 3 yrs | Rs. 50,000 |
Dena Bank | 2 yrs | 3 yrs | Rs 1,50,000 |
Union Bank of India | 2 yrs | 3 yrs | Rs. 2,00,000 |
United Bank of India | 2 yrs | 3 yrs | Rs. 1,00,000 |
Vijay Bank | 2 yrs | 3 yrs | Rs. 2,00,000 |
Punjab National Bank | Na | 3 yrs | Rs. 2,00,000 |
List of Banks which have Probation of 2 years and Bond Duration of 2 Years | |||
Indian Bank | 2 yrs | 2 yrs | Rs. 1, 00,000 |
Canara Bank | 2 yrs | 2 yrs | 25,000 |
Syndicate Bank | 2 yrs | 2 yrs | Rs. 1,00,000 |
UCO Bank | 2 yrs | 2 yrs | Rs. 2,00,000 |
Bank of Maharashtra | 1yr | 2 yr | Rs. 1,00,000 |
Corporation Bank | 2 yrs | 2 yrs | Rs. 50,000 |
Central Bank of India | 2 yrs | ||
Oriental Bank of Commerce | 2 yrs | ||
List of Banks which have Probation of 1 years | |||
IDBI Bank | 1yr | ||
Bank of Baroda | 1 yr | ||
ECGC | 1 YR | 3 yr | 3 months salary |
Note: Data in the above table collected from recruitment notification issued by respective bank. Blank space indicates those banks have not show this detail in the notification. | |||
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