Surety Bond required in SBP
 

A friend of mine has
told me that if any body
is selected for any post
in any bank including
State Bank of Pakistan,
he or she is required to sign a surety bond of Rs.
300,000/- for a period
of 3 years. It means
once you are selected,
you can't quit the job
for at least 3 years without paying the
surety bond and this
may certainly cost you a
better opportunity
elsewhere if you are not
well-off enough to pay the surety. Can any one
confirm the credibility
of this statement? And
also I need clarification
as to whether it's a
contract basis job or a permanent one? A prompt reply by seniors and professionals will highly be appreciated for I'm confused whether to apply or not.

[QUOTE=Rajper Ali;685899]A friend of mine has
told me that if any body
is selected for any post
in any bank including
State Bank of Pakistan,
he or she is required to sign a surety bond of Rs.
300,000/- for a period
of 3 years. It means
once you are selected,
you can't quit the job
for at least 3 years without paying the
surety bond and this
may certainly cost you a
better opportunity
elsewhere if you are not
well-off enough to pay the surety. Can any one
confirm the credibility
of this statement? And
also I need clarification
as to whether it's a
contract basis job or a permanent one? A prompt reply by seniors and professionals will highly be appreciated for I'm confused whether to apply or not.[/QUOTE]

Statement is more or less factual. Amount of bond varies from institution to institution.

What if one leave organization without paying surety bond????

[QUOTE=faiza rajput;1004352]What if one leave organization without paying surety bond????[/QUOTE]

surety bond is given in the form of stamp paper and if someone breaks it without paying the applicable amount then he/she will not receive experience letter from the bank as well as he/she will never be able to get job in any bank throughout the career

[QUOTE=abc66;1004359]surety bond is given in the form of stamp paper and if someone breaks it without paying the applicable amount then he/she will not receive experience letter from the bank as well as he/she will never be able to get job in any bank throughout the career[/QUOTE]
Ohhhh...... Experience letter part is fine.... but ban on working in this sector is dreadful....... :(

[QUOTE=faiza rajput;1004371]Ohhhh...... Experience letter part is fine.... but ban on working in this sector is dreadful....... :([/QUOTE]

It may be a case, but generally banks don't consider it. I personally know some persons who have switched from 1 bank to another before their due date.

[QUOTE=abc66;1004359]surety bond is given in the form of stamp paper and if someone breaks it without paying the applicable amount then he/she will not receive experience letter from the bank as well as he/she will never be able to get job in any bank throughout the career[/QUOTE]
I know a person who switched in the first six months of his job to another bank. The first bank had him sign a two years bond.

[QUOTE=Malik Ubaidullah;1005351]I know a person who switched in the first six months of his job to another bank. The first bank had him sign a two years bond.[/QUOTE]

first six months are probation period, you can leave during this time, when your job is confirmed and you receive confirmation letter, bond time starts from that day

Surety Bond in SBP
 

In state bank you can leave any time by paying the amount of bond which is 200,000 on pro rata basis for a period of 2 years.

[QUOTE=abc66;1005402]first six months are probation period, you can leave during this time, when your job is confirmed and you receive confirmation letter, bond time starts from that day[/QUOTE]
Confirmation letter is nothing but a formality, in most cases. It, however, depends on the policies of the bank, as far as I know. Bond period starts from the day you join the bank, unless otherwise specified.