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21 June 2014, 13:02   Report Abuse

Amar

Mgr



[ Scorecard : 28]


My client company has applied for Bank Guarantee to be issued in favour of Housing Society(for Redevelopment purpose) of 1 Crore for 2 years which will keep on decreasing as the society redeveopment works proceeds.

Eg., Bank Guarantee will decrease by 25 lacs after 6 months work and by further 25 lacs after 6 months and so on.

 

The bank manager has told they will be collecting their service charges in adavnce on entire 1 crore for period of 2 years. But the amount of Bank Guarantee as mentioned above will keep on decreasing as the works complete. My query is whether the Bank is correct in charging us on entire 1 crore instead of charging on proportioante basis 
 



21 June 2014, 13:12  

Inderjeet

Founder at Business and Investment Plan



[ Scorecard : 965]


As per your information your bank guarantee will be keep in decreasing trend and bank manager told you or your client that they will collect service charge in advance on entire 1 crore for period of 2 years. If bank refunds service charge for not availed bank guarantee otherwise bank is not charging you correct service charges.


31 July 2014, 11:16  

Braidy Caines

emloyee



[ Scorecard : 22]


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