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Simplified documentation and express processing of Bank Guarantees 

  • Large-scale business transactions

  • Meeting tender/bid conditions

  • Securing performance and payment

  • Assuring strong commitment

  • Both domestic and global contracts

About Bank Guarantees

Safety and Security features of Bank Guarantees issued by ICICI Bank

Bank Guarantees issued by ICICI Bank are printed on serially numbered security paper.

Bank Guarantees issued by the Bank are advised to the Beneficiaries through the Structured Financial Messaging System (SFMS) by 760COV message type, wherever a trade-active IFSC of the Beneficiary’s bank is provided.

Bank Guarantees issued by the Bank which are e-stamped and e-signed can be accessed through the National e-Governance Services Ltd. (NeSL) portal by the Beneficiary.

Beneficiaries are advised to get the Bank Guarantees verified for authenticity by writing to bgconfirmation@icicibank.com or to ICICI Bank Limited, Trade Finance Operations Group, ICICI Bank Towers, Survey No.115/27, Tower 3, South Wing, 6th Floor, Plot No. 12, Nanakramguda, Serilingampally, Hyderabad – 500032, Telangana.

Performance Guarantee 

The bank compensates for any delay or failure in performance or operation by the applicant.

Advance Payment Guarantee 

An advance is paid to the seller, and the guarantee ensures a refund if the seller fails to deliver as agreed.

Financial Guarantee 

A bank undertakes to meet the financial obligations of a company if it defaults.

Foreign Bank Guarantee  

Issued on behalf of a borrower for the benefit of a foreign beneficiary.

Deferred Payment Guarantee  

Offered to exporters for deferred payments, especially in capital goods or machinery purchases, where the buyer’s bank guarantees payment.

Bid Bond Guarantee

Ensures that a bidder can and will undertake a project if selected.

FAQs

What is a Bank Guarantee? 

Bank Guarantee is an undertaking by a bank assuring the beneficiary that the bank will pay a specified amount if the applicant fails to fulfil the financial or performance obligations stated in the guarantee. The liability to pay lies with the bank, not the applicant, as the bank acts as the guarantor. 
It is a vital banking instrument that helps facilitate both domestic and international trade by providing assurance to parties involved in a transaction.

Is it possible to apply for a BG online? 

Yes, customers can apply for a Bank Guarantee through ICICI Bank’s Trade Online platform.

Can I apply for a BG if I have a savings account with the bank? 

Yes, customers can avail a Bank Guarantee against 100% Fixed Deposit linked to their savings account by visiting an ICICI Bank branch.

Who requires a Bank Guarantee?

  • Contractors working with Government bodies/Public Sector Companies
  • Suppliers and manufacturers of goods and equipment
  • Importers & Exporters for Customs Duty and as per underlying contract obligations
  • Medical colleges (for student admission)
  • Judiciary (for legal matters)
  • Others, as per the requirement

Benefits of ICICI Bank Express BG Against Savings Account

  • Apply against a Fixed Deposit from your savings account
  • Single-visit fulfilment
  • Simplified documentation
  • Competitive pricing 
  • Accepted by Government institutions and bodies
  • Earn attractive interest on your Fixed Deposit