To enable customers to secure contracts and/or fulfill obligations, SBI Mauritius stands as surety by issuing several types of Bank Guarantees (BG) such as

• In lieu of security deposit/EMD for participating in tender.
• Mobilisation advance or advance money before commencement of the project by the contractor and for money to be received in various stages like plant layout, design/drawings in project finance.
• In respect of raw material supplies or for advances by the buyers
• In respect of due performance of specific contracts by the borrowers and for obtaining full payment of the bills
• Performance guarantee for warranty period on completion of contract which would enable the supplier to realise the proceeds without waiting for warranty period to be over
• To allow units to draw funds from time to time from the concerned indenters against part execution of contracts, etc
• Customs Bond, and other guarantees subject to vetting by our Legal Adviser .

The Bank guarantee will be issued at the specific request of the customer and as per format provided by the customer subject to acceptability of the same to us. The BG will be issued against pre approved credit limit or 100% cash collateral.

The guarantees will be issued for a specific amount and expiry date and the claim period should be clearly defined. All our Bank guarantees will be governed by Mauritian law and jurisdiction of the Mauritian Court. Our Bank Guarantees are not transferrable and should not be assigned to third parties. We can arrange for issuance of guarantee in favour of your overseas beneficiary through overseas branches of SBI/correspondents