Hello Amiti Kapoor,
Welcome to CodeRanch!
Firstly, find some current employees of the company and talk with them. See if you really like the type of work they do. For me, if each ticked involves dealing with interesting code, fixing bad code, writing new code - in short learning something, then its a good opportunity. But if you are doing repetitive kind of work, then you should
think about it (of course, its my viewpoint - you'll have to see it for yourself - what do you like and so on).
Secondly, read the bond carefully. If they are asking you for a bond, then it is very much fair to ask them all terms and condition before
you sign the joining letter. There are various ways of breaking
the bond - some companies simply don't allow you to leave during that period. If you abscond during that period, then company can take a legal action against you. So, this is an illegal way.
However, some companies either take some deposit from employees (which is refundable once you complete the tenure mentioned as 'bond'), or mention that such-and-such amount will be recovered from you if you leave during bond period. So, in this case, if you are willing to pay that amount and leave the company, it is absolutely legal, and company will also give you the experience letter.
I hope this helps.