Encashment of bank guarentee
sandeep
(Querist) 23 March 2014
This query is : Resolved
hi,
I have been working in a company for past 2.5 years.at the time of joining i have given bank guarantee for 2lacs for 2.5 years from sbh on fixed deposit. In the next month it is expiring.my doubt is after bank guarantee expired,how to claim my fixed deposit from bank?
do i need to take original bank guarantee letter from the company?
i have beneficiary copy of bank guarantee, is it not enough?
ajay sethi
(Expert) 23 March 2014
take your original bank guarantee back from the company on its expiry .
Kuummaar AS
(Expert) 23 March 2014
Unless some condition is imposed by the Bank, your fixed deposit is free after guarantee expires and you can claim the amount by discharging the original FDR.
Guest
(Expert) 23 March 2014
One the bank guarantee expires, you can claim back your FDR, as the bank guarantee becomes valueless after the date of expiry. However, make sure, your company does not submit its claim to the bank for encashment of bank guarantree within the guaranee period.
Rajendra K Goyal
(Expert) 23 March 2014
You can claim your FDR from Bank on expiry of the claim period mentioned on the Bank Guarantee if no claim has been lodged.
Though not necessary, but take the expired original BG from the Company.
sandeep
(Querist) 30 March 2014
Is it beneficiary copy not enough?
Company accidentally burnt that paper in fire accident.what i have to do now?
sorry for telling it now...
sandeep
(Querist) 31 March 2014
Is it beneficiary copy not enough?
Company accidentally burnt that paper in fire accident.what i have to do now?
sorry for telling it now...
Advocate. Arunagiri
(Expert) 31 March 2014
Once the bank guarantee period is expired, you have every right to take back your deposit, if the company had not claimed it.
You need not produce any copy or original of the bank guarantee.
