Stuck in a Banking Job: How Can I Retrieve My Documents Without Paying Hefty Fees?

I'm currently working for a bank. At the time of recruitment, I was told that I should undergo a training program before joining the bank, and the cost of the training program is borne by the bank in the form of a loan, which I repay as an EMI. I was receiving a notional amount as a stipend during the training period. At the time of joining the bank, I signed a service bond for 4 years, and the bank took all my original certificates. Now, I have observed that there is a discrepancy in PF. I have consulted my HR but couldn’t get a satisfactory reply, and I want to leave the organization. However, the company is claiming that I have to pay all the stipend amount plus an extra one lakh as compensation for the loss of opportunity for the company.

My Questions

Should I have to pay all of the amount which the company is demanding from me to get back my original documents?

There is a discrepancy in my salary. I want to know whom to consult and how?

Regards

Bank's Retention of Original Documents

The retention of original documents by the bank is not in order. The bank is not bearing the cost of your training program; the loan they have given is being repaid by you.

Questions to Consider

- What is the balance amount?
- Is any interest being charged by the bank?
- What does notional stipend mean?
- Have you completed training?

Addressing Discrepancies

Quantify the discrepancy in PF and salary as you work out and put up an application to bank authorities in writing, asking for clarification. From your PF account number, you can check online with EPF to know your correct balance. I am sure you have applied for a Universal Account Number from EPF.

Legal and Financial Considerations

The bank cannot demand more compensation from you for leaving, and nothing beyond what they have given as a loan. You must have repaid part of it also. Please read your appointment letter thoroughly and seek legal advice.

Regards.

Nathrao has raised very valid points. Which bank are you talking about? Usually, banks have to follow some government stipulations, and that includes not taking originals.

While taking bonds against any special training being given, in your case, the training seems to have been funded by you, as you are paying back the cost through EMIs. Hence, taking a bond as well as the EMIs isn't right—I think it's not right even legally.

As regards 'notional' stipends, whatever or howsoever one defines it, a stipend is a stipend. So you don't have a ground on this aspect.

Please elaborate regarding the 'discrepancy in PF'—like Nathrao mentioned, unless you give the details, it's tough to suggest anything that's actionable. For all you know, your understanding may be wrong. Most companies, including banks, computerize/automate the salary and PF payouts. So if you have a problem, others should too. Hope you get the point.

Coming to your 'I want to leave the organization...' statement, I think you are either mixing up issues or are taking the PF issue as a justification for wanting to resign. How long have you worked here—in the 4 years bond that you have? How many more years are left?

Regards, TS

Firstly, thank you for answering, Nath Rao. I have paid 85,000 till today as EMI. The ROI charged is 14%. I received 82,500 as a stipend (2,500 for 9 months; 20,000 for 3 months including tax). I completed the course in August 2014 and got placed in the bank as promised.

Regarding the PF Part

The bank deducted PF from CTC, and there is another deduction happening every month. The employer's contribution is deducted from my CTC, and the employee's contribution is deducted from my salary every month. Is this the correct way of deduction?

Employer has to contribute 12% from their side to EPF.

The bank has not covered the training costs; you have been asked to pay EMI to clear the loan. The bank cannot ask you to pay an extra one lakh and nothing beyond the repayment of the balance loan. Retention of original certificates is not appropriate in any way. In my opinion, you should submit your resignation and leave the bank.

Leaving the Organization: Challenges and Concerns

I want to leave the organization, but the things that flash in my mind are:

- I have to pay ₹1.8 lakh (₹1 lakh as compensation and ₹80,000 stipend amount).
- My organization wants me to pay ₹1.8 lakh + ₹3 lakh (outstanding amount) in one shot to get my original certificates back. Without the original certificates, I am unable to attend other interviews as the interviewer asks for them for verification.

Due to these issues, I lost two opportunities to join other organizations that were ready to offer a 20% - 25% hike. I am not in a position to pay ₹4.8 lakh at once.

I request suggestions.

Regards,
Reetu

What course were you asked to attend?

Other than the loan balance, you need not bother to repay the bank. Take legal advice and inform the bank that retaining the original certificates in this manner is an offense under IPC. Ask for your original certificates back in writing.

Thank you, Nath Rao, but if I submit my resignation, I will have to pay an amount of 4.8 lac, which I am currently unable to repay. I would like to clarify the correct amount I am required to pay to the bank and inquire about whom I should contact regarding any discrepancies in my PF.

As I repeat, you are not obliged to pay 1.8 lakhs. Only the balance of the loan is due from you. First, be sure there is a discrepancy in PF. Visit the nearest EPF office to check. Consult an advocate who specializes in labor law. Don't get bogged down by the bank's pressure. They are not right legally.