Cancelling A Job Offer After Accepting It

Hi everyone. I have recently got a new job at Accenture through a consultancy. Its for a contract period of 18 months. However I will not be an employee of Accenture but the employee of the consultancy who's work place would be at Accenture. Also initially the work place will be bangalore(cost of living pretty high), so ill remain with no savings at the end of the month. I am little bothered with this job. The salary ill be paid is good compared to my salary at my previous employer so I accepted it. I have submitted my photo copies of all certificates for background verification(done by a third party firm) and just a day ago a guy came to my house for address verification. On the same day I got another offer from another local company offering the same salary and explained me some projects I will be working on. The offer was good because of the projects and also since its local I will be able to save some good amount of money every month.

I am now confused which one to take because the first offer- Accenture, has the brand name(I expect future would be good later on) but apart from that no savings and no idea about projects ill work. Second offer- local company, will provide savings and work but has no brand name so after an year when projects complete, no idea how my new job searches would be.

Also if would like to go for the second offer, can I cancel my first offer now. Remember, the background verification is done but I dint sign on the offer letter yet. Please guide me letting me know the pro's and con's from the above with your experiences.

P.S: I am just 6 months experienced in IT industry but got good stuff in my brain to deal with projects

Hi,
I would suggest you to go with local offer considering good projects,good money ,same location etc.
Because at the end work matters not brand.If you are working on good projects your knowledge will increase which will give you good opportunity in future.
Thanks,
Pradnya

Thanks Pradnya for your reply. But how do I reject the offer from the consultancy if I need to. Since the background verification is in progress and if I cancel it now will I get blacklisted? Also, can I tell them that I have got a better job?

Yes,
Many people sign the offer and don't join on the given date which is unethical whereas you haven't signed yet. you can cancel it saying that not willing to relocate at present.
Pradnya