If you are class 4 employee like a sweeper or peon, you can challenge that in court or labour department. But if you are in an executive position, you have to obey to that transfer order, or else you will be considered as an unauthorized absent from duty and leads to dismissal.
After last working day in the current branch, you will be considered as an employee of transferred branch from next day. Your jurisdiction changes to that branch.
You may bargain and get some extra benefits like free accommodation for some period, food and logistic expenses etc from your organization. But ignoring that transfer order may lead to dismissal.
Transfer is an incidence of employment. It is the employer's prerogative to be exercised in the interest of the organization or on exigencies of the business of the organization subject to the service rules. Therefore, inconvenience of the individual employee can not be an excuse. Moreover, your post indicates that it is not a routine transfer but the one on your promotion. So, you can not refuse to obey it on grounds of personal problems. At best you may consider relinquishing promotion in this turn in order to avoid the change of place.
Generally, in all type of appointment letters, there is a clause for transfer from one branch to another, from one seat to another or from one place to another without adverse affect to total emoluments or post . Particularly , for appointment in banks such clauses are specially mentioned. Further, transfer is an employers prerogative and he can transfer an employee on exigencies, on promotion etc. Hence, you can not deny the transfer. Not honoring the genuine transfer orders will make you liable for disciplinary action.
There are three answers to your query, which are sufficient to clarify your situation and options.
The purpose of my writing is different. I assume, you are not in Class IV ( Peon or Messenger)category. The question is , why should you decline a transfer ? You are with the bank for just one year and they have considered you for a promotion.By declining, you are creating a "negative" for yourself. You should know that in several professions, people are transferred every 2-4 years - from defense services to IAS / IPS / Construction Projects, banks, and so many other departments. And people move. It appears, you are young. You should be prepared to go anywhere. If your wife is also working, then you need to take a call, who will adjust. Moving to places enlightens you, broadens your thinking and adds to your experience. Don't create or imagine flimsy reasons for not going out of Pune. Come out of your comfort zone and take the challenge. Else, be satisfied with a below average career. I don't know, which location you are transferred to. But, suppose, you were transferred to the bank's London or Tokyo branch. Would you have declined on the same "personal" grounds? Most likely, no.If it is a rural posting, then also you should take it. Somebody has to serve the rural population too. If everyone declines, then who would go there ? If soldiers decline to go to Siachin or Kargil, what will happen ? I strongly suggest, accept the transfer and go happily with pride.E
There is no law through which you can decline your transfer, as that is one of the implied main conditions of employment. Any employment is not self-driven event.
However, to cancel transfer is a matter of discretion of the competent authority on specific request of the employee. You may try to convince the management about your problem. Distance, of course, may not be considered as your problem by the management.
Legally management is having a right to transfer you anywhere in India or abroad without enhancing the salary. This is one of the service condition stipulated in the H R Manual.