Stuck in a 5-Year Service Bond: Can My Bank Legally Demand Payment If I Leave Early?

I am working with a co-op bank. With reference to one of the conditions of my appointment order, I have to execute a Service Bond of 5 years. Failing to do so, I have to pay the bank 6 months' salary and payment for all other fringe benefits. The fact is I have not executed the bond on stamp paper. Now, after 1 year and 10 months, I want to join another bank for better career opportunities. The bank is pressuring me to pay the dues as explained above. Please let me know from a legal point of view, can the bank recover the dues from me.

Dear Kumbhar (If I may address you thus),

Please click on the links under "Related Information" in the sidebar to the right of the message box. There, such issues have been covered in the past. For example, https://www.citehr.com/46589-employm...nload-pg2.html.

Hello,

This topic of the legal validity of Service Bonds has been discussed MANY MANY times earlier in this Forum. Since you are a new member, suggest please use the 'research' facility at the top of this page for access to the Archives of CiteHR. You should be able to get far more details than any short response to this posting. However, in a single line, any bond linked to any training given by the organization is legal.

Regards,
TS