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FINANCIAL

1.       DICGC insurance coverage:-

The DICGC insures principal and interest up to a maximum amount of Rs 5 lakhs. All commercial banks including branches of foreign banks functioning in India, local area banks and regional rural banks are insured by the DICGC.

For example: If an individual had an account with a principal amount of 4,95,000 plus accrued interest of 4,000, the total amount insured by the DICGC would be 4,99,000. If, however, the principal amount in that account was five lakhs, the accrued interest would not be insured, not because it was interest but because that was the amount over the insurance limit.

2.       LOCKER facilities:-

·        Safe Deposit Locker facility is one of the ancillary services provided by our Bank to customers.  

·        Lockers Branches are equipped with high security features and specially built strong rooms. 

·        Wide availability of lockers in various sizes and at various locations. 

·        Extended banking hours for accessing lockers. 

·        The nomination facility is available to anyone hiring a locker. 

 

3.      Bank Guarantee

·        We issue Bank Guarantee u/s 126 of the Indian Contract Act’ 1873.

·        Usually financial guarantee in lieu of earnest money or security money for principal debtor’s participation in tenders, claim of excise, custom duty etc. is issued.

·        Usually Bank issues Bank Guarantee for a maximum period of 12 months. However, in exceptional cases Bank Guarantee is issued for a period beyond 12 months depending upon the past records of the applicant.

·        a) Upto Rs. 5.00 crore – commission is realized @ 2.75% p.a. + Rs. 250.00 as handling charge.

b) Portion above Rs. 5.00 crore commission is realized @ 2.50 % p.a. + Rs. 250.00 as handling charge (minimum guarantee Commission - Rs. 400.00).

c) For Bank Guarantee with 100% cash margin commission is 25% of the applicable charge.

·        For Guarantee less than one year minimum commission for one year is taken.

·        If the Guarantee is tendered for cancellation before the date of expiry, an amount computed at half the original rate for the unexpired period (less than 3 months grace period) is refunded.

·        No commission is refundable if Guarantee is released after fulfillment of its conditions in a period shorter than that covered by guarantee.

 

 

 

 

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Contact

06652 232285
chairman@ukgb.in