Bank Guarantees are issued by Banks on behalf of the clients against execution of supply order, performance and security bid.
|Eligibility||Any individual / firm / contract agencies holding valid business licence.|
|Validity||Maximum of 12 months. However, it may be extended on request at bank’s discretion.|
|Margin||Margin Money is insisted based on the risk associated with BG upto the extent of 10%, which may be parked in TDR @ 2% p.a. (Minimum 46 days)|
|Security||Govt. / Personal guarantee(s), mortgage / hypothecation of fixed / other properties.|
|Commission||@ Nu.2% p.a. (minimum Nu.500/-) on actual number of days plus Margin Money upto 25% only may be parked in TDR @ interest rate of 2% p.a. with loan facility. Margin Money above 25% can be parked in Current Deposit Account without interest.
|Nu.100/- per guarantee.|
For further information, please contact our nearest branch or the Credit Department at Head Office, Phuentsholing.
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