We can discount bills drawn on Indian companies, companies around the world on the strength of letter of credits issued by our bank’s branch in India and other countries and first class banks in India and other countries on a competitive basis.
Special Arrangement Scheme
After shipping the goods, you are obviously in need of funds to carry out further supplies. We understand this and have made Special Arrangement for you to carry on smoothly!
Under this scheme, the documents submitted by the beneficiaries to us are discounted as per LC terms against Usance LCs, if the LC provides for payment of usance interest by the opener and can be overdrawn to the extent of such interest.
Though the tenor of the bill of exchange will be usance, the beneficiary gets paid 100% of the invoice value immediately less our charges if documents are submitted as per LC terms. The interest is recovered from the applicant i.e. importer on the due date of the bill. We offer fine rates for discounting and the charges levied are very competitive.
Special Offer Scheme
Under this scheme, the documents submitted by the beneficiary to us are negotiated/discounted as per LC terms and 100% of the invoice value is released immediately to the beneficiary less our charges. But the interest in this case is borne by the beneficiary from the date of negotiation/discounting till the date of maturity/actual receipt of funds from the LC issuing Bank. The rate of interest charged from the beneficiaries is generally prime rate of interest for the currency in which the bill is designated. But a concessional rate can always be considered if the exporter assures a sizable volume of business to us.
We add confirmation on letters of credits issued by first class Indian banks and branches of our banks subject to the satisfactory report on the bank and the opener.
With the impressive growth in Indian economy a large number of infrastructure projects are being undertaken. Normally such projects require bank guarantees from first class banks and the Korean companies can obtain this facility from our branch. We issue bid bond, performance bonds, advance payment guarantees, refundment bonds etc.
Issue of letters of credits
Corporates who are importing from India and other countries can open their letters of credits from our bank after getting a credit line sanctioned by our bank. The LC can be issued to a number of branches of our bank in India and many parts of the world.
Overdrafts for Corporates
Corporate Customers can avail overdraft facility in KRW/USD not only against time deposits kept at the local branches of SBI in South Korea but also against repatriable deposits kept in any branch of SBI any where in the world. In addition, for deserving cases the bank may consider OD facilities against mortgages. Bank may also consider OD facilities against Export Bills in deserving cases depending on the merits of the case. These facilities are primarily aimed at augmenting the working capital sources of corporates.