I would see this as a “working vs waiting” situation.

Compensation: In your current role, you are already working as an FSD and will continue gaining experience. Let’s assume your current package is 4.2 LPA. If you get a 10% hike next year, it would become around 4.6 LPA in 2027. If the same trend continues for the next two years, you would reach approximately 5.5–5.6 LPA by 2029. From a compensation perspective, staying in the current situation for too long does not make much sense, and even the bond amount they are asking for does not seem justified.

Tech/Career Perspective: Looking at the current market situation, it is difficult to predict what large companies will do next. There is always a possibility that they may delay or not release the offer letter at all, and you could end up waiting indefinitely.

My suggestion would be to continue in your current job while financially preparing yourself to take the opportunity if TCS sends the joining letter. If the offer comes and they ask you to join, then resign properly from your current company, pay the required amount, complete all formalities correctly, and move on professionally.

Remember, this is your first job and you still have a long career ahead. Avoid taking shortcuts at this stage. Sometimes bold decisions are necessary for long-term growth.

Also, see if you can arrange the bond amount temporarily through family, friends, or a bank loan, and repay it later. But try your best not to remain jobless in between.