Dear Member,
It is illegal to take deposits, withholding educational certificates or identity proofs for the sake of employment. It would fall under forced labour as per section 2 of Bonded Labor System (Abolition) Act, 1976 and your agreement will be void.
Explanation : For the removal of doubts, it is hereby declared that any system of forced, or partly forced labor under which any workman being contract labor as defined in clause (b) of sub-section (1) of Section 2 of the Contract Labor (Regulation and Abolition) Act, 1970 (37 of 1970), or an inter-State migrant workman as defined in clause (e) of sub-section (1) of Section 2 of the Inter-State Migrant Workmen (Regulation of Employment and Conditions of Service) Act, 1979 (30 of 1979), is required to render labor or service in circumstances of the nature mentioned in sub-clause (1) of this clause or is subjected to all or any of the disabilities referred to in sub-clauses (2) to (4), is 'bonded labor system' within the meaning of this clause.
So please refrain from such kind of activities. As suggested by other senior members, find out root cause of high attrition rate and take counter measure like incentives, counselling to reduce attrition.