Beneficiary – Those who wants to obtain Letter of Credit from the Bank.
Sanctioning Limit – One can avail Letter of Credit facility after fulfilling necessary
formalities and documents.
Criteria to avail Letter of Credit –
The person who wants to avail Letter of Credit facility should be member /
shareholder of the bank and he must have Current / Saving Account with any of the
Bank’s Branch.
If anyone who is not shareholder of the Bank and wants to avail the Letter of Credit
facility, he has to become shareholder by depositing Rs. 1000/- plus 100 entry fees
and GST towards membership.
If member availing Letter of Credit facility and collateral security deposited 30%
amount of Letter of Credit in Fixed Deposit with the Bank, the commission rate of
the Bank is 2% of the Letter of Credit amount and the same proposal is required two
guarantors and lien 70% Mort. for the remaining amount. If member availing Letter
of Credit facility, deposited 100% amount of Letter of Credit in Fixed Deposit with
the Bank, the commission rate of the Bank is 1% of the Letter of Credit amount and
the 2 guarantors are not required for the said proposal.
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