Service bond breaking
I am working with a Public Sector Bank as a probationary officer since 01/04/2016. I am planning to resign in april, 2017. I was made to sign a bond for Rs 200000 for 2 years. The bond reads: "1. The Officer hereby agrees to serve the Bank under the rules and service conditions of the Bank for a minimum period of 2 years from irrespective of the place of posting or subsequent places of transfers which are under the sole discretion of the Bank. If he/she fails to serve the Bank for the said period for any reason the Officer and the Guarantor hereby jointly and severally agree to pay Rs.2,00,000/- (Rupees Two lakhs only) to the Bank by way of compensation and/or liquidated damages on demand by the Bank." "2. The Officer shall not without the express prior approval in writing of appropriate controlling authority in the Bank, apply for any job, accept any assignment or other employment for profit , until the Officer has fulfilled his/her obligation at clause No. 1 above. In case, the Officer violates this and/or resigns to accept any other/ fresh job the amount mentioned above shall be paid before getting relieved from the services of the Bank." "3. The Officer hereby agrees to obey and abide by all the rules, regulations, service conditions, conduct & discipline of the Bank as per the rules and regulations prescribed for the Officers in terms of SyndicateBank (Officers’) Service Regulations 1979 and SyndicateBank Officer Employees (Conduct) Regulation 1976 and SyndicateBank Officer employees (Discipline & Appeal) Regulation 1976. "4. The Officer and the Guarantor shall be personally liable to pay the amount to the Bank as stipulated in para No. 1 of the terms and conditions of the agreement and in case of the officers failure to make the said payment, he consents for appropriating sum that may be due to the officer by way of salary, allowance, Provident Fund, Gratuity or any other terminal benefits due to the officer and also without prejudice to Banks right to take any disciplinary action against the officer under the relevant Syndicate Bank Officers’ Service Regulations or any other applicable service conditions. 5. The Officer and the Guarantor hereby agree that this agreement will remain in full force till the completion of two years or till the Officer and the Guarantor are discharged of all the liabilities under this agreement
So kindly guide me. Is this service bond is legally valid?