Bank Guarantee

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Bank Guarantee/Performance Guarantee

Bank Guarantee is an instrument issued by the Bank in which the Bank agrees to stand guarantee against the non-performance of some action/performance of a party. The quantum of guarantee is called the ‘guarantee amount’. The guarantee is issued upon receipt of a request from ‘applicant’ for some purpose/transaction in favour of a ‘Beneficiary’. The ‘issuing bank’ will pay the guarantee amount to the ‘beneficiary’ of the guarantee upon receipt of the ‘claim’ from the beneficiary. This results in ‘invocation’ of the Guarantee. Bank issues the entire range of Bank Guarantees, namely,

  • Bid Bond Guarantee
  • Advance payment Guarantee
  • Guaranty for warranty obligation
  • Payment Guarantee/Loan Guarantee
  • Performance Guarantee
  • Deferred payment Guarantee
  • Shipping Guarantee
  • Trade Credit Guarantee
  • Standby LC

Bank issues Guarantee favouring beneficiaries abroad either directly or through our correspondent banks across the continents. Similarly, Bank also issues guarantees favouring resident beneficiaries on behalf of our overseas branches / correspondents

*Conditions apply: Loans are at the sole discretion of Finance Companies and are subject to guidelines of the Reserve Bank of India. SSFS may engage the services of marketing agents for the purpose of sourcing loan assets in certain locations.

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