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Bank Guarantee

What type of security do I need to offer to avail of BG?

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You can avail against 100% Fixed Deposit or against collateral subject to assessment of your previous year performance.

What are the types of Bank Guarantees?

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  • Performance Guarantee
  • Bid Bond/Earnest Money Deposit (EMD) Guarantee
  • Financial Guarantee
  • Advance Payment Guarantee
  • Foreign Bank Guarantee
  • Deferred Payment Guarantee

What is the difference between Bank Guarantee and Letter of Credit?

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Letters of Credit ensure that a transaction goes ahead, whereas a Bank Guarantee reduces any loss incurred if the transaction does not go to plan. Merchants involved in the exports and imports of goods will choose Letters of Credit to ensure delivery and payments. In contrast, Contractors bidding for infrastructure projects will prove their financial credibility through Bank Guarantees. Moreover, unlike Letter of Credit, Bank Guarantees protect both parties involved.

Can I apply for Bank Guarantee online?

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Yes, Bank Guarantee can be applied through our online application Trade online.

I am holding a Current Account. What documents are required for availing of BG?

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How much time does it take to issue BG?

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We issue BG within 3 hours* after submission of your compliant documents during business hours.

What is Bank Guarantee?

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A Bank Guarantee (BG) is a promise from a bank that the liabilities of a debtor will be met in the event that he/she fails to fulfill his/her contractual obligations. BGs are an important banking arrangement and play a vital role in promoting international and domestic trade.

Can I apply for Bank Guarantee online?

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Yes, Bank Guarantee can be applied through our online application Trade online.

How much time does it take to issue BG?

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We issue BG within 3 hours* after submission of your compliant documents during business hours.

I hold a Savings Account. Can I avail of BG?

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Yes, Savings Account customers can avail of BG for non-commercial purpose(like for college education/employment related). This type of BG request needs to be submitted at branch only.

I am not having Trade online facility. How do I enable it on CIB?

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You can apply for Trade Online through CIB only if you are a proprietorship firm. Otherwise, please contact your relationship manager for getting Trade Online access.

Is the Trade online facility enabled for customers availing of Corporate Internet Banking service?

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Trade Online access is not provided by default. If you can see Trade tab at left side of Corporate Internet Banking (CIB) screen, then Trade Online navigation is available. For applying Bank Guarantee through Trade Online, go to Trade > Trade Online > Import > BG Issuance Request.

Is the Trade online facility enabled for customers availing of Corporate Internet Banking service?

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How do I know whether I have registered for Trade Online? Trade Online access is not provided by default. If you can see Trade tab at left side of Corporate Internet Banking (CIB) screen, then Trade Online navigation is available. For applying Bank Guarantee through Trade Online, go to Trade > Trade Online > Import > BG Issuance Request.