Nov 14th, 2025
SUNNY SHARMA
Ludhiana, Punjab
sunny.sharma775@[Link]
Candidate ID: dhqsr7p2oq7ov6ua626oki2i71
Subject: Letter of Appointment
Dear Sunny,
Greetings from IDFC FIRST Bank. We extend our heartfelt congratulations!
We are delighted to extend to you this Letter of Appointment. IDFC FIRST Bank is a new age Universal
Bank in India, and we welcome you to join us in building a world-class bank in India, which is guided by
ethics, powered by technology, and is a force for social good.
We value your choice to join IDFC FIRST Bank. As mutually agreed, we are pleased to extend this
“Letter of Appointment” to you as Associate Relationship Manager-HL within Rural Banking at IDFC
FIRST Bank.
At IDFC FIRST Bank, we’re revolutionizing banking and are committed to fulfilling our promises to our
employees as outlined in our Employee Value Proposition, built on 5 key pillars –
Organization Purpose & We are building a world-class bank: For us, ethics are always
Values above business, we place Digital first, we are here for the long run,
and we want to be a force for social good
Growth Embark on an exciting growth journey with us that will fulfill your
personal and professional aspirations.
Cutting Edge Technology Work on next-gen technology to build market-leading, digital-first
banking solutions. Be disruptive to create a lasting impact.
Culture Be a part of the winning team. Experience a dynamic work culture
that empowers you to innovate and create customer delight.
Quality of Leadership Work with and learn from highly accomplished and
transformational leaders. Be inspired. Inspire. Together, we can
pave the way for a brighter future in banking.
Our brand promise is #AlwaysYouFirst, emphasizing our commitment to our customers. This guiding
theme unites the entire organization, centering our efforts on delivering outstanding service, exceeding
expectations, and prioritizing the needs of our customers. We aspire to collaboratively create the world’
s most customer-friendly bank together with your partnership.
We are committed to fostering an exceptional workplace that respects and appreciates people from
diverse backgrounds, empowering all employees to reach their fullest potential. We believe that
together, IDFC FIRST Bank and you will form a great team.
Sincerely,
For IDFC FIRST Bank Limited
signer1
Signed by Vishal Bhargava
Date: 2025.11.14 [Link]
Vishal Bhargava
Head-Talent Acquisition
Terms and conditions governing your employment
Your employment is set to commence on Dec 10th, 2025 ("Date of Joining"). As part of your annual
compensation, you shall receive an Annual Total Remuneration (ATR) of INR 300000/- (Rupees Three
Lakh Only), as annexed. The position is currently based at 21176 - Ludhiana-MBL-Sunder Nagar
Variable Pay
At the bank's discretion, you may be eligible for annual performance pay or incentives as determined
for the business. This is based on the individual, department and the overall Bank's performance
including your conduct and will be prorated for the actual time of your active employment during the
financial year. The variable pay is subject to conditions as the Bank may determine from time to time.
Conditions Precedent
Your employment is contingent upon successfully completing the personal and professional
background verification in accordance with the Bank’s standards. Additionally, it is subject to
verification of information and particulars submitted (electronically or physically), including but not
limited to Authorization / Undertaking / Declaration Forms, if any.
You are requested to complete the joining formalities within the specified timelines, on our authorized
online portal and provide the necessary documentation as required by the Bank. We trust that all the
information provided by you is truthful, complete, and correct.
Kindly confirm your acceptance to this Letter of Appointment within 5 working days of receipt of this
letter, post which the Letter of Appointment stands revoked, as per the discretion of the Bank, and all
the terms and conditions hereunder shall be null and void, and neither party shall have any obligation
in relation thereto.
We trust you will abide by the terms of this Letter of Appointment, along with the terms and conditions
as annexed, as may be amended from time to time by the Bank, and the following guidelines, in letter
and spirit.
• Code of Conduct
• Prohibition of Insider Trading for the Bank
Please treat your employment terms including compensation details, with the strictest confidence.
This Letter of Appointment shall take effect from your actual date of joining IDFC FIRST Bank, which,
for all official and legal purposes, will be as recorded in the Bank's employee records.
Sincerely,
For IDFC FIRST Bank Limited
signer1
Signed by Vishal Bhargava
Date: 2025.11.14 [Link]
Vishal Bhargava
Head-Talent Acquisition
I, SUNNY SHARMA son/daughter of Dharmendra Sharma do hereby accept the terms and
conditions described in this letter and also confirm /certify the following:
• I hereby affirm that I have read, understood, and am in full compliance with the terms and
conditions outlined in my Letter of Appointment, as well as the various policies of the Bank,
which may be amended from time to time. This includes, but is not limited to, the Bank’s
Code of Conduct and the Guidelines on Prohibition of Insider Trading, which I commit to
uphold both in letter and in spirit.
• I further acknowledge and accept that, during the course of my employment, I may be
posted or transferred to any office, branch, project, division, department, unit, subsidiary, or
sister concern of the Bank—whether existing or to be established—at any location, as
deemed necessary by the Bank, without the requirement of any justification.
• I acknowledge my responsibility in adhering to the Code of Conduct and ensuring my
actions consistently reflect its principles and the requirements of applicable laws and
regulations.
Date of Joining the Bank: Dec 10th, 2025
Email ID: sunny.sharma775@[Link]
Signature: signer2
Signed by Sunny
Sharma
Date: 2025.11.14
[Link]
Reason: Signing
Location: Giaspura,
Ludhiana, Punjab,
India
Date:
Annexure I: Salary Structure
Name SUNNY SHARMA
Designation Associate Relationship Manager-HL
Band C
Grade C1
Business Unit Retail Banking
Location 21176 - Ludhiana-MBL-Sunder Nagar
Date of Joining Dec 10th, 2025
Compensation Details
Components Per Annum (INR) Per Month (INR)
Basic 75,000 6,250
Work Allowance 75,000 6,250
HRA 37,500 3,125
Conveyance Allowance 12,000 1,000
Broadband Allowance 12,000 1,000
Position Allowance 20,500 1,708
Annual Guaranteed Remuneration (AGR) 2,32,000 19,333
Statutory Bonus 46,400 3,867
Employer’s PF Contribution 21,600 1,800
Annual Total Remuneration (ATR) 3,00,000 25,000
Benefits
Gratuity** 3,607 -
Group Mediclaim, Term Life Insurance and -
Accident Insurance (Refer below in Annexure 25,424
II, Insurance Benefits for details)***
* As per the EPFO notification dated February 28, 2019 and basis the new PF rules, your PF will be as mentioned herein
**Gratuity will be applicable as per the defined statute. No upper cap on gratuity at IDFC FIRST Bank
***Please note that the premium amount specified in the salary annexure is a notional figure based on the group of individuals
covered under the policy.
Monthly Net take Home (INR)
Monthly Guaranteed Remuneration + Statutory Bonus 23,200
Employee’s contribution to Provident Fund 1,800
Professional Tax 200
Net take home before tax (INR) 21,200
Notes:
a. Position allowance can be used for allocation under various components of the Bank's Flexible Benefit Plan which
includes HRA, Meal Card, Professional Development Expenses, Communication Expenses, LTA, Bank's Owned Car/
Reimbursement & National Pension Scheme. Tax benefits will be based on your investment declaration and as per
income tax regulations. The Unallocated amount will be paid monthly as a taxable salary.
b. Statutory dues/taxes shall be deducted from the salary and/or any components in form of salary, on month-on-month
basis, as per applicable income tax laws.
c. In the event of your resignation or separation (whichever is earlier) within a year of the date of your joining the Bank,
any notice pay reimbursement, joining bonus, guaranteed bonus, related relocation expenses provided by the bank and
/ or any amounts, if paid, at the time of joining will become payable by you to the Bank.
Annexure II: Summary of Key Benefits…contd
Comprehensive Insurance cover with you at each step of the way
Type of Insurance Cover Benefit Description
Insurance
Group INR 2,50,000/- • Employee & maximum 5 dependents (Spouse, 2
Mediclaim - children & 2 dependent parents/parent-in-laws) are
Hospitalization covered under the floater cover.
Coverage • Employees may top-up their insurance cover, over
policy their eligibility base cover, up to INR 20,00,000 by
paying an additional premium which are at corporate
negotiated rates.
• Employees can also opt for a voluntary parental co-
pay waiver plan at an additional premium.
Group Term INR 30,00,000/- Group Term Life Insurance Policy coverage is for
Life Insurance employees only. Sum Assured is Four times last
Policy drawn Annual Total Remuneration or INR 30,00,000
(whichever is higher)
Group INR 12,00,000/- Group Accident Insurance Policy coverage is only for
Accident the employee for temporary, partial, permanent
Insurance disabilities in case of any unfortunate accidents. Sum
Policy Assured limits is 4 times of last drawn Annual Total
Remuneration at the time of accident.
Note: The insurance benefits are guided by the Bank’s policy on Employees’ benefits.
Annexure II: Summary of Key Benefits…contd
Credit Card Benefit (Exclusive Credit Card for employees)
Our employees receive a lifetime free IDFC FIRST Bank Family Credit Card. This card offers many
Industry first features and exclusive benefits – one of the lowest and dynamic Interest rates starting from
9% p.a., uncapped and unlimited 10X reward points which can be redeemed anytime and anywhere for
purchases and catalogue products, complimentary access to airport and train lounges, interest-free
cash withdrawals for up to 48 days, Installment pay, roadside assistance and personal accident
insurance and personalization features like Image Cards. It is important to note that the entitlement,
usage, and benefits of the credit card(s) are subject to the credit card policy and other applicable
policies of the Bank. These policies may be amended from time to time, and it is the responsibility of the
cardholder to stay informed about any changes.
Additional 0.5% interest on Savings Account, Fixed Deposit and Recurring Deposit
Our Employees enjoy 0.5% additional interest on Savings Account, Fixed Deposit and Recurring
Deposit.
Annexure III: TERMS & CONDITIONS FOR EMPLOYMENT
1. Postings and Transfers
1. To this document "the Bank" or "the Company" shall mean IDFC FIRST Bank Limited and
all its subsidiaries, associate, or group companies
2. Your joining location will be the same as mentioned in your Letter of Appointment.
However, during your employment, you may be posted or transferred to any offices,
branches, projects, divisions, departments, units, subsidiaries, or sister concerns of the
Bank, existing or to be set up at any other location, in the interest of the Bank without
assigning any reasons, thereof.
3. The present designation and terms of services, including your emoluments, are subject to
change from time to time depending upon your work assignment, performance, and
policies of the Bank.
4. If you have a remote working role, you are responsible to comply with the Bank's policies
and guidelines on remote work, as may be laid down or amended from time to time.
2. Leave and Absence
1. You shall be eligible for holidays and leave as per the Bank's leave policy/guidelines, as
determined from time to time.
2. You will be entitled to Earned Leave in a financial year running from April to March. You
will be eligible for earned leaves on a pro-rata basis if you join the Bank during the
indicated financial year. You may be required to avail of mandatory leaves in every
financial year, which shall be part of your Earned Leaves entitlement.
3. While counting the number of days of leave, intervening days of the weekend and Bank
Holidays will not be counted, provided you have not exhausted your entitled leave balance.
4. You should obtain prior approval before proceeding on leave. Failure to do so may invite
disciplinary action or such other action as deemed appropriate.
3. Annual Total Remuneration
1. Your Annual Total Remuneration (“ATR”) has been specified in the annexure of your Offer/
Letter of Appointment. Your compensation will be paid to you monthly by the end of the
month.
2. The Bank provides you with the option to select certain reimbursements within your Annual
Total Remuneration, subject to the Bank's guidelines. To exercise this choice, you must
provide the Bank with your selection at the time of joining and at the beginning of each
financial year, in the prescribed manner. The current method is to upload the details of
your reimbursement choices on the Bank's Payroll Portal.
3. All amounts payable to you by the Bank (including the joining bonus, relocation expenses
or notice period pay agreed to be reimbursed to you by the Bank in relation to your earlier
employment) will be subject to and paid to you after deduction of income tax (or any other
applicable taxes) at source (TDS).
4. Please note that your compensation and benefit details, are to be always kept confidential
by you.
5. Your performance will be subject to periodic review, based on which you will be
considered for revision of compensation/grade, in accordance with the Bank's policies and
practices from time to time.
6. The Bank will cover you under the group medical insurance policy from your joining date,
provided you have completed all formalities and documentation.
7. In addition to the above, you will be covered under the Group Term Life Insurance and
Personal Accident Insurance, which is in addition to your ATR.
8. Your Annual Total Remuneration increase and prospects in the Bank shall entirely depend
on the individual, business unit and the Bank's performance.
4. Performance Bonus/Incentive Payments
1. The Bank reserves its sole discretion to award you a variable pay, or incentive based on your
performance, professional conduct, the performance of your team, and the Bank's
performance. The amount and intervals of payment will be subject to conditions established
by the Bank's policy and determined at the Bank's discretion from time to time.
2. An employee will not be entitled to any variable payout/bonus/or compensation, including
cash, shares, or any other form, on resignation/dismissal/job abandonment/cessation
/separation/termination by the Bank or for misconduct or breach of any code of conduct or
policies of the Bank.
3. The exercise of discretion to pay a bonus or variable pay or incentives in one financial year
shall not bind the Bank or act as a precedent for the exercise of discretion in any other
financial year.
5. Malus / Claw back
1. Malus provision, inter-alia, enables prevention of vesting of all or part of deferred component
of variable pay including cash and share linked components and Claw back enables the
Bank to recover previously paid or vested remuneration in cash or share linked
compensation, etc.
2. The Bank reserves the right to implement a malus/claw back mechanism to address the
Bank's and/or the relevant line of business's subdued or negative financial performance in
any year, as well as other instances of misbehavior, material failures in risk management and
non-compliance with statutory and regulatory requirements.
6. Statutory Payments / Deductions
1. All statutory payments / deductions will be as per the applicable laws and may change from
time to time based on changes in the laws of the land.
7. Tax
1. You will be fully liable for the payment of Income Tax (or any other applicable taxes) on your
total remuneration including bonuses/variable pay to the Income Tax/concerned authorities
including other statutory dues/taxes and this will be your personal responsibility. The Bank
shall deduct any statutory dues/taxes from amounts paid to you, as per applicable laws.
2. All requirements under Indian tax laws, including tax compliance and filing of tax returns,
assessment etc. of your personal income, shall be fulfilled by you in your personal capacity.
8. Medical Fitness and Verification of Particulars
1. Your appointment is subject to you being medically fit and continuing to remain fit thereafter.
In case you subsequently develop any illness, which restricts you from performing your
official duties or in any way puts your other colleagues at risk, you are required to inform HR
about the same; failure to inform the Bank/HR about such illness at the time of appointment
and subsequently after developing, the same may be considered as a misconduct and Bank
reserves its right to terminate/conclude your employment.
2. Your employment is also subject to clearing the Personal and Professional Background
Verification as per norms of the Bank, including your antecedents and documents submitted.
9. Deductions from Annual Total Remuneration/Annual Guaranteed Remuneration
1. The Bank may deduct and collect any overpayment made or any amounts payable by you to
the Bank from your Annual Total Remuneration, Annual Guaranteed Remuneration (AGR),
Full and Final Settlement, or Bank Account at any point during your employment or after
cessation of employment. This includes, but is not limited to, any excess leave, past-due
loans, advances, credit card bills, moving costs, joining bonus, relocation expenses and the
expense of repairing any damage or loss you may have caused to the Bank's property or
equipment.
2. You agree that, at any time during your employment, or after cessation of employment the
Bank may recover any shortfall /loss on account of any negligence or any act or omission
committed or facilitated by you, while executing your duties and responsibilities.
10. Performance of duties
1. The Bank expects you to perform your duties in accordance with the Bank’s norms, policies,
and directions. In case, at any time during your employment for any reason(s) you are unable
to perform your assigned duties to the Bank's satisfaction, the Bank reserves the right to
terminate or conclude your employment.
11. Normal Retirement Age
1. You will automatically retire from the employment of the Bank on attaining the retirement age
of 58 years or as decided by the Bank, unless separated or concluded earlier or extended
further as per the discretion of the Bank. By virtue of this clause, you shall not claim any right
of employment with the Bank till the prescribed retirement age, as your employment is
subject to the terms and conditions laid down by the Bank, and as may be amended from
time to time.
2. Your date of birth, as mentioned in the Aadhaar Card, or other such acceptable statutory
documents as submitted by you at the time of joining, shall be deemed to be conclusive proof
of your date of birth.
12. Confidentiality
1. You agree not to use or disclose to anyone any confidential information that comes to your
attention during your employment that relates to the business of the Bank or the affairs of
any of its customers, suppliers, or other parties with whom they have dealings, either while
you are employed or at any time after your resignation or cessation from services.
2. If you are a supervisor, then in your capacity as the leader of your team, you would be in
possession of highly sensitive and confidential information regarding and not limited to
employee’s compensation, rating, performance, promotions, career aspirations or any other
sensitive information. You are required to keep the aforementioned information confidential
and refrain from using it in any way.
3. You are requested to maintain complete confidentiality of all information of any nature,
including information about the affairs of any individual who interacts with Bank’s constituent
or any of its subsidiaries or group companies, and information about their business, including
any documents, books, or records, that you have access to by virtue of your employment in
the Bank. In addition, you shall not directly or indirectly disclose or cause the disclosure of
any such information to any person unless required to do so by any regulatory,
administrative, or judicial authority to such authority.
4. In performing your duties, you may from time to time receive or obtain or get access to
information/data/documents including reports, correspondences, from the Bank or related or
associated with the Bank, its subsidiary or affiliates or otherwise and have access to
information relating to their clients or business information, transactions, business plans,
photographs of the data/information, systems, personnel, or other information of a
confidential nature (this will be termed as "the Information").
5. In consideration of the Bank making the Information/ data/ documents available, you
undertake and agree that you will:
1. Always keep the Information/data/documents confidential and not divulge or
communicate to any person, other than those approved in writing by the Bank, any of
the Information/data/documents which you may (whether before or after the date of
your appointment) receive or obtain.
2. Avoid usage of Information/data/documents for any purpose other than in connection
with your services to the Bank.
3. Any privileged or confidential information symbolizing any of the Information disclosed
to you in the course of your employment with the Bank remains the exclusive property
of the Bank and whenever requested by the Bank and/or in any event upon the
termination of your employment, you are requested to promptly deliver to the Bank all
the Information and documents (whether original or copies or in hard copy or electronic
form).
13. Other Media, Internet, Blogs, social media & External Persons
1. Employees are not authorized to share any information about the Bank on any social media
or other platform. This includes but is not limited to information about any internal activity,
awards, achievements, certificates, colleagues, projects, or initiatives. Violation of the same
will be a breach of confidentiality and invite disciplinary action. Any behavior on the social
media that could potentially bring disrepute to the Bank may invite suitable punitive
/disciplinary action including but not limited to termination/cessation of your employment at
the discretion of the Bank and claiming damages.
2. Concerns and grievances, if any, need to be raised and redressed through the channels
available or by reaching out to your HR Business Partner as per the defined Escalation
Matrix of the Bank. Raising your grievances and internal organization matters on social
media, in the public domain or with external individuals or in violation of the defined
escalations matrix of the Bank, will be considered a breach of conduct and may lead to the
termination/or cessation of your employment at the discretion of the Bank.
14. Data Protection
1. The Bank may be required to process, transfer, and store your personal and sensitive data in
any of the other locations used by the Bank/any of the locations as specified by the Bank.
2. By agreeing to adhere to the policies of the Bank and/or by signing/accepting your Letter of
Appointment, you acknowledge and agree that the Bank is permitted to hold/use/process
/transfer/share your personal/sensitive information or details as part of our personnel and
other business records and that the Bank may use such information in the course of its
business, including but not limited to your employment purposes, all administrative and
human resource related matters, administration of pay rolls, administrating your insurances,
investigations, identification, facilitating compliance with any law, order and regulations which
may be applicable, etc.
3. You agree that the Bank may disclose such information to third parties if such disclosure is,
in the Bank's view, required for the proper conduct of our business or that of any associated
companies, management of your employment and for the matters contained herein. This
clause applies to information held, used, or disclosed in any medium.
4. You are required to update Bank about any change in personal and relevant details including
change in marital status within seven (7) working days from date of any change. Personal
and relevant details include, however is not limited to permanent and current address,
personal email id and phone number. If you have failed to update your personal details, any
communication sent to your last recorded address/email id shall be deemed to have been
served on you.
15. Compliance
1. In your role at the Bank, you are responsible to abide by and ensure all aspects of
compliances, in letter and spirit, staying true to the law of the land and policies and
processes of the Bank, as may be amended.
2. You are aware that there are laws against trading in securities using material non-public
information or unpublished price sensitive information and you agree to comply with such
laws.
3. During the continuance of your employment with the Bank, you are responsible to comply
with the Bank’s policies, practices, and procedures.
16. Restrictive Covenant
1. You are committed not to hire anyone or engage in any sort of discussion related to hiring or
solicitation with an employee of the Bank or any of its subsidiaries for a minimum period of
one year from your last working date in the Bank. This is applicable even during your period
of employment, whether approached by the employee or officers of the Bank, or by you or by
any other intermediary or by any other means whatsoever. This Covenant further specifically
requires that employees or officers of the Bank or any of its subsidiaries should not be
solicited or encouraged to leave the Bank or any of its subsidiaries to join the organization,
which you may join in any capacity or any of its subsidiaries, joint ventures, affiliates, or
associates, for a period of one year from the date of separation from the Bank.
2. You agree that during your period of employment with the Bank and for a period of one year
from termination or expiration of your employment with the Bank, you shall not solicit or
entice, by any means whatsoever, any client of the Bank. Your agreement "not to solicit"
includes that you will not, initiate any contact or communication of any kind whatsoever, for
the purposes of inviting, encouraging, or requesting any deal/ mandate/ account/ person:
1. To transfer from the Bank to you or to your new employer or to any other person or
entity
2. To enter a new deal/mandate with you or your new employer or with any other person
or entity.
3. To otherwise discontinue its patronage and business relationship with the Bank.
3. You agree that for a period of six (6) months from expiration of your employment with the
Bank, you shall not work at a capacity of Executive or Non-Executive member of the board or
any management position of any supplier, vendor, service provider or partner of the Bank.
17. Work Assignment
1. If you, during your engagement with the Bank, create any ideas, methods, inventions,
discoveries, designs, or other works (“the Works”), either while providing your services or in
relation to the Bank's business, you must disclose full details of such Works to the Bank.
Regardless of whether you disclose the Works or not, all Works created during your
engagement with the Bank will be exclusively owned by the Bank. You hereby assign the
ownership, right, title, interest, and copyrights of such Works, including any derivative works,
to the Bank. You must promptly provide a complete written disclosure of the Works,
identifying any new or different features or concepts. Additionally, you grant the Bank an
irrevocable, non-exclusive, worldwide, perpetual, paid-up license for these Works, whether
they currently exist or are created in the future.
2. The license scope is to make, have made, use, have used, sell, license or transfer items of
such Works and to practice and have practiced methods pertaining to such Works. You are
specifically made aware that you will not be liable to any compensation for such acts of
yours, and that any rewards which the Bank may choose to bestow will not be deemed to
confer any rights towards that invention, discovery or improvement in system or method, for
you. You shall promptly upon intimation by the Bank, sign and execute such documents,
declarations, including deed of assignment as may be required by the Bank from time to time.
3. You hereby assign to the Bank all rights, titles and interests in any work (whether now
existing or brought into being in the future) which is or may become a copyright work
anywhere in the world and shall consider yourself as a trustee for the Bank in relation to all
other Works and shall in either case at the request and expense of the Bank do all things
necessary to vest all rights, titles and interests in any work in the Bank or its nominee(s)
absolutely as legal and beneficial owner and to secure patent(s) or other appropriate form of
protection thereof;
4. You are requested not to (except as provided in this Letter of Appointment or as may be
necessary in the course of your duties for the Bank) disclose or use of any Works without the
Bank's prior consent in writing. The rights and obligations in this clause shall survive
termination of your employment for any reason.
18. Resignation and Notice Period
1. The employment may be terminated by either the bank or by an employee by giving the other
prior written notice of 60 days for employees in roles in band C,D & E and 90 days for
employees in roles in Band F & above (“the Notice Period”). You hereby acknowledge and
agree that the Bank has an absolute right to amend and modify the Notice Period at any
point of time. The Bank at its sole discretion, may decide to waive off the Notice Period or
part thereof, in such case, the Bank will not be liable to make any payment of salary in lieu of
the waived off notice period.
2. To the extent the Bank does not waive all or part of the Notice Period/Notice Pay,
1. the employee shall remain employed through the Notice Period (or portion thereof),
2. payment in lieu of any unserved notice period will be recovered from the employee.
Recovery of notice pay will attract GST/applicable taxes. GST/applicable taxes once
deducted will not be reversed under any circumstances.
3. In case of your resigning from the employment of the Bank within 12(twelve) months or being
terminated by the Bank in terms of Clause 19, you shall be liable to repay to the Bank and
the Bank shall have a right to recover from you the amount(s) paid by the Bank to you or any
others towards your joining bonus, notice period pay in relation to your previous employment,
relocation expenses and all other amounts related to your joining the Bank.
4. In case the last working day falls on a weekly off or a holiday, the previous working day shall
be considered as the Last Working Day (LWD).
5. Notice Pay in lieu of Notice Period is defined as ATR excluding the retirals and any other
benefits.
6. During the Notice Period, any leaves availed may extend the Notice Period by that many
days, however, the Bank reserves the right to amend/modify this at its sole discretion.
Notwithstanding anything foregoing, in case you have been subjected to gardening/garden
leave by the Bank, you will not be entitled for any leaves and leaves encashment thereof for
the period of gardening/garden leave. The Bank reserves its right to apply/sanction
gardening leave to employees in grade agnostic Band ‘NA’ and above and any of its
employee as deemed appropriate. You are required to familiarize yourself with the Bank
Policy/guidelines on Garden Leave, as may be amended from time to time. The Garden
Leave for employees in grade agnostic Band 'NA' and/or those who were covered under the
Garden Leave policy in the past under the erstwhile broadband ‘Role’ is three months, for
CXO, WTD it is six months and any other employee or class of employees- as may be
decided from time to time.
7. In the event of your resignation, if you fail to serve your required or accepted Notice Period
and stop attending work, the Bank will consider your absence as unauthorized and may take
disciplinary action against you including initiation of absconding process at the discretion of
the Bank.
8. It is expected that an employee will not absent him / herself without prior approvals, while
serving the Notice Period.
9. The Bank at its sole discretion may take appropriate action even post separation from the
services of the Bank, if an employee is suspected of participating in fraud, deceit, theft, or
any other unethical or unprofessional act.
10. You will be covered by the employment rules and regulations, including but not limited to
code of conduct, discipline, and administrative orders and any such other rules or orders of
the Bank that may come in force from time to time. In case of staff accountability or any
pending disciplinary proceedings the Bank shall have absolute discretion to reject or refuse
to accept your resignation. Bank reserves the right to suspend you while it investigates the
charges of misconduct or for any other reason as deemed fit by the Bank.
11. In case at any point during your employment a criminal case is filed against you in your
individual capacity, the Bank may, in its sole discretion, ask you to proceed on leave or
suspend your employment until the case is resolved and you are proven not guilty (not in the
course of or arising out of employment). You may be compensated during this period in
accordance with the applicable laws.
12. You agree that, during your separation, obtaining ‘No Dues Clearance’ from all the relevant
stakeholders of the Bank will be your responsibility, and you acknowledge that No Dues
Clearance is essential for the Bank to enable processing of your Full and Final Settlement.
19. Termination of Employment: The employment agreement i.e., this Letter of Appointment
may get terminated or concluded:
1. In case of any unauthorized absence for more than 5 consecutive days.
2. In case you have committed misconduct without being exhaustive and without prejudice to
the general meaning of the term ‘misconduct’ in the case of reasonable suspicion of
misconduct, any kind of fraud, dishonesty, disloyalty, non-performance, sexual harassment,
in case of serious breach of Code of Conduct or any other bank policies, disobey the Bank’s
lawful and reasonable instructions/requirements, habitually neglect your duties, non-
disclosure of criminal case records, forgery or falsification of documents, or any such act of
breach of yours that brings disrepute to the Bank, commission of an act involving moral
turpitude, any act of indiscipline or inefficiency, any act of bankruptcy or otherwise commit
any material breach of your employment terms; and in such cases, you will be entitled only
for service certificate /letter or such other certificate, as per the discretion of the Bank and the
Bank shall not be obligated to consider any of your claim/demand or request for issuance of
relieving certificate.
3. By the Bank, with or without any reason thereof by giving a notice of 60 days for employees
in roles in band C,D & E and 90 days for employees in roles in Band F & above or payment
in lieu of notice.
4. In case of conviction in any criminal case by any courts of law.
5. Committing any breach of any terms of this Letter of Appointment, either directly or indirectly.
6. In the event your employment is terminated by reason of an eventuality caused by (your)
death, your designated nominee(s) beneficiaries will receive further compensation as
deemed fit by the Bank. However, in cases, where the nominee details are not provided, the
spouse of the employee is considered as the sole nominee for married employees, and
parents, as the sole nominee for unmarried employees. Any further settlement from the Bank
would be drawn in the nominee's name.
7. The Bank has the right to terminate your services for any reasons other than mentioned
herein by giving notice in writing or payment of Annual Total Remuneration (excluding retirals
and other non-cash benefits) in lieu of notice.
20. Non-Conflict of Interest and No External Employment
1. During your employment with the Bank, you shall not undertake any other full time or part
time work /position or assignment with or without remuneration or involve yourself in any
activity/event/incident that may adversely affect your professional image as an employee of
the Bank.
21. Receipt of Payments and Benefits from Third Parties
1. The Bank always follows the highest standards of ethics, in all transactions / or dealings. It is
expected that neither you or any member of your family, nor any Bank or business entity in
which you or they have any interest, are entitled to receive, or obtain directly or indirectly any
payment, discount, rebate, commission, or any form of benefits from any third party in
respect of any business transacted (whether or not) by you or on behalf of the Bank. Any
such event / or incident shall be construed as conflict of interest, which shall lead to
disciplinary action, including but not limited to termination of the employment.
22. Code of Conduct and Expected Employee conduct
1. You are bound by the Bank's Code of Conduct. The Bank may implement the disciplinary
procedure if you fail to comply with the Code of Conduct and in case of gross misconduct,
dismissal and/ or cessation of employment may be initiated at the discretion of the Bank.
2. You are expected to be well groomed and follow the dress code as stated in the policy and/or
communicated to you from time to time.
23. Staff Dealing Rules
1. You must comply with the Bank’s Code of Conduct for Prevention of Insider Trading for the
Bank and should familiarize yourself with them by reading the policy and any relevant
guidelines.
24. Intellectual Property Rights
1. For the purposes of this clause, "IPR" means intellectual property rights of all kinds including
patents, inventions, trademarks (and associated goodwill), designs, design right, copyright
(including copyright in computer software), confidential information and know-how, database
rights, applications for any of the foregoing, and all other intellectual and industrial property
and rights of a similar or corresponding nature in any part of the world.
2. To the extent that ownership of IPR does not vest in the Bank by operation of law, you agree
that all IPR generated by you during your employment will be owned by the Bank in
perpetuity. You will co-operate fully, and do all acts required (at the Bank's expense), to
assign IPR with full title guarantee worldwide to the Bank in perpetuity and royalty free. You
agree to appoint the Bank to act as your attorney for the purposes of securing grant and
ownership of the IPR. You also agree to do nothing, during or after your employment, to
affect the validity of any IPR; in particular, you agree not to make any non-confidential
disclosure of any detail of the IPR outside of the Bank before protection for the IPR has been
sought or such disclosure has otherwise been authorized. You also agree to waive all moral
rights to all work, where the Bank owns or will own the copyright or design right to it.
3. Nothing in this document and your employment contract shall oblige the Bank to seek patent
or other protection for any IPR generated during your employment. The Bank may delegate
its rights and/or obligations under this clause to a group company or other nominee. Rights
and obligations in this clause shall survive termination of your employment for any reason.
25. Information, Assets and Systems
1. When you join the Bank, you may have access to phones, e-mail, internet and other
equipment and systems. These form part of our IT and communication systems, and you will
be required to use them in accordance with the Bank’s policies relating to them. You should
refer to the Code of Conduct for further information on these policies. You will be responsible
for the safe keeping and return in good condition and order of all the properties of the Bank,
which may be in your use, custody, care, or charge. For the loss of any property of the Bank
in your possession, the Bank will have a right to assess on its own basis and recover the
damages of all such materials from you and to take such other action as it deems proper in
the event of your failure to account for such material or property to its satisfaction.
2. Information Security Compliance: All employees are expected to be aware of their
responsibility relating to the protection of information and information assets of the Bank.
Accordingly, you are required to familiarize yourself with the Information Security Policies
and Procedures of the Bank and abide by it in spirit and practice.
26. Indemnity
1. You shall indemnify, keep indemnified and hold harmless the Bank against any loss,
damage, expense, costs, fines, charges, proceeding which the Bank might suffer due to or
arising out of any wrongful acts, wrongful gains, fraud, mala fide acts, misconduct, gross
negligence and /or gross dereliction of duties on your part. Such indemnity shall not prejudice
the right of the Bank to terminate your services on such count or the right of the Bank to seek
other remedies which the Bank may have to make good the Loss or damages caused.
27. Force Majeure
1. Notwithstanding anything contained herein, if the regular operations of the Bank are
suspended resulting from general economic conditions or other general market effects or
Acts of God or governmental or regulatory restrictions other cause of similar or different
nature beyond the control of the Bank, the Bank may suspend the performance of services
by you and the payment of compensation herewith. During the continuation of such
suspension of operations, the Bank may, by written notice, terminate the employment
agreement or change the terms and conditions of your employment with no further liability
whatsoever.
28. Change in Terms & Conditions
1. The terms and conditions of the Letter of Appointment including Terms and Conditions of
Employment are subject to revision and change by the Bank, with or without notice. The
revised terms and conditions shall be applicable to all employees effective from the date of
revision or change or from the date of communication from the Bank, as the case may be.
29. Warranty
1. You represent and warrant that you are not subject to any agreement, arrangement, contract,
understanding, court order or otherwise, which in any way directly or indirectly restricts or
prohibits you from fully performing the duties of your employment, or any of them, in
accordance with the terms and conditions of this letter.
30. Governing Law
1. The interpretation and enforcement of this contract/Letter of Appointment shall be governed
by and construed in all respects in accordance with the law of India and the parties submit to
the exclusive jurisdiction of the courts of Mumbai, only.