John,
In india, the system is actually pretty good, clear and fair. A service bond basically is made when the company does some training for you and has spent money on you and wants you to commit to a certain work period to make it worthwhile. A service bond is not effective if the company didn't spend money on you. In fact, courts have denied it where it was on-job training without formal teaching or where it was done free by existing employees of the company. But once the bond is for training provided, or skill enhancement, then you need to follow it.
The problem of bond-breaking is so prevalent, banks and insurance companies have started asking candidates to go and get themselves trained by specific training centres at their (student's) own cost and then join the company. That are doing that so that the banks don't bear the cost of training only to have the person leave after 3-4 months saying they don't work to work. (I have a client who has got training contract worth 5 crores a year and he is now setting up his own training centres across the country to execute it.
But this particular post is not about bond. It is the standard notice period in the country. The OP has signed the employment contract agreeing to a 3 month notice period and wants to leave without completing his notice period. I personally doubt the truthfulness as anyone going abroad to do further studies would know when he has to go and resign well in advance. Most colleges would, in any case, be willing to let you start a semester late if needed.
And they are putting such posts, basically wanting us to say, abscond, who cares. No other answer satisfies them.