The Bank Guarantee Against FD is a crucial financial instrument in the Indian banking system, commonly used when businesses or individuals need to provide financial security to third parties without liquidating their fixed deposits. This document type is essential for various commercial transactions, including bid submissions, project tenders, and business contracts where performance security is required. The guarantee is issued by a bank in favor of a beneficiary, secured by a fixed deposit maintained by the guarantor with the issuing bank. The document must comply with the Reserve Bank of India's guidelines, the Banking Regulation Act, and other relevant Indian banking laws. It specifies the guarantee amount (typically a percentage of the fixed deposit value), validity period, conditions for invocation, and payment terms. This type of bank guarantee is preferred by many businesses as it offers a cost-effective way to provide financial security while earning interest on the underlying fixed deposit.
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1. Parties: Details of the Bank (issuer), the Fixed Deposit holder (guarantor), and the Beneficiary
2. Background: Context of the guarantee issuance, including the underlying transaction or obligation
3. Definitions: Key terms used in the guarantee document
4. Fixed Deposit Details: Specific information about the fixed deposit including account number, amount, tenure, and interest rate
5. Guarantee Amount: The amount of guarantee being provided against the fixed deposit
6. Term of Guarantee: Duration of the guarantee, including start date and expiry date
7. Bank's Obligations: Scope and extent of the bank's commitment under the guarantee
8. Conditions for Invocation: Circumstances and process under which the guarantee can be invoked
9. Payment Terms: Terms and conditions for payment upon invocation of the guarantee
10. Rights and Obligations: Rights and obligations of all parties involved
11. Governing Law and Jurisdiction: Applicable law and courts having jurisdiction
1. Counter Guarantee: Additional guarantee provisions when required by the beneficiary or regulatory requirements
2. Assignment Clause: Include when the guarantee needs to be transferable
3. Auto-Renewal Clause: When the guarantee needs to be automatically renewed upon expiry
4. Multiple Beneficiaries: Additional provisions when there are multiple beneficiaries of the guarantee
5. Partial Claims: Provisions for allowing partial claims under the guarantee
6. Foreign Currency Provisions: Include when the guarantee involves foreign currency
7. Step-in Rights: Include when beneficiary requires right to claim the fixed deposit directly
1. Schedule A - Fixed Deposit Certificate: Copy or details of the fixed deposit certificate including account number, amount, and maturity date
2. Schedule B - Guarantee Terms: Detailed terms and conditions of the guarantee including specific obligations and requirements
3. Schedule C - Invocation Format: Format of the demand letter to be submitted for invoking the guarantee
4. Appendix 1 - KYC Documents: Copies of required KYC documents of all parties
5. Appendix 2 - Board Resolution: Corporate authorization documents if any party is a company
6. Appendix 3 - Fee Schedule: Details of bank charges, commission, and other applicable fees
Relevant legal definitions
Applicable Law
Bank
Bank Guarantee
Beneficiary
Business Day
Claim
Contract
Default
Demand Notice
Expiry Date
Fixed Deposit
Fixed Deposit Account
Guarantee Amount
Guarantee Period
Guarantor
Interest Rate
Invocation
Issuing Branch
Lien
Maturity Date
Notice
Obligations
Original Fixed Deposit Receipt
Parties
Payment Date
Principal Amount
RBI
Security
Stamp Duty
Term
Underlying Transaction
Validity Period
Working Hours
Bank
Bank Guarantee
Beneficiary
Business Day
Claim
Contract
Default
Demand Notice
Expiry Date
Fixed Deposit
Fixed Deposit Account
Guarantee Amount
Guarantee Period
Guarantor
Interest Rate
Invocation
Issuing Branch
Lien
Maturity Date
Notice
Obligations
Original Fixed Deposit Receipt
Parties
Payment Date
Principal Amount
RBI
Security
Stamp Duty
Term
Underlying Transaction
Validity Period
Working Hours
Clauses
Guarantee Obligations
Fixed Deposit Details
Security Interest
Payment Terms
Invocation Rights
Representations and Warranties
Default Events
Force Majeure
Assignment and Transfer
Notices
Governing Law
Jurisdiction
Amendment and Modification
Severability
Indemnification
Confidentiality
Dispute Resolution
Counterparts
Costs and Expenses
Term and Termination
Renewal Conditions
Claims Process
Lien Rights
Interest Provisions
Stamp Duty
Authorization
Entire Agreement
Waiver
Fixed Deposit Details
Security Interest
Payment Terms
Invocation Rights
Representations and Warranties
Default Events
Force Majeure
Assignment and Transfer
Notices
Governing Law
Jurisdiction
Amendment and Modification
Severability
Indemnification
Confidentiality
Dispute Resolution
Counterparts
Costs and Expenses
Term and Termination
Renewal Conditions
Claims Process
Lien Rights
Interest Provisions
Stamp Duty
Authorization
Entire Agreement
Waiver
Relevant Industries
Banking
Financial Services
Construction
Real Estate
Infrastructure
Manufacturing
International Trade
Government Contracts
Retail
Education
Healthcare
Telecommunications
Relevant Teams
Legal
Finance
Compliance
Treasury
Risk Management
Corporate Banking
Credit Administration
Operations
Customer Service
Business Development
Procurement
Relevant Roles
Bank Manager
Credit Officer
Relationship Manager
Compliance Officer
Legal Counsel
Contract Manager
Treasury Manager
Chief Financial Officer
Finance Director
Risk Manager
Company Secretary
Business Development Manager
Project Manager
Procurement Manager
Financial Controller
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