Types of Bank Guarantee
There are several types of guarantees issued by the bank depending on the needs of the customers.
The common ones are listed below:
- Tender / Bid Guarantee;
- Performance / Contract Guarantee;
- Guarantee for advance payment;
- Guarantee in Lieu of Security Deposits / Supply Guarantee;
- Guarantee for exemption of Custom Duties;
- Guarantee of Maintaining Ledger Account;
- Guarantee for Honouring of Cheques;
- Custom Bond.