( IV ) Letters of Credit Services ( Import )
Letters of Credit (L.Cs) are issued for the Bank's customers by taking deposit for 100% of L.C amount. MICB is issuing L.Cs to the following countries -
Australia, Austria, Bangladesh, Belgium, China, Denmark, Finland, Germany, Hong Kong, Indonesia, India, Italy, Israel, Ireland, Japan, South Korea, Luxemburg, Macau, Malaysia, the Nether Lands, Philippine, Pakistan, Qatar, Srilanka, Singapore, Sweden, Switzerland, Taiwan, Thailand, Tunisia, Ukarine, UAE, Vietnam, Dubai, France, Hungary, Russia, Slovakia, Spain, United Kingdom, USA.
- L.C Issuing Commission - 0.25% per (3) months or part there of (minimum USD 50, Maximum USD 1,500)
- L.C Amendment Commission - 0.25% per (3) months or part there of (minimum USD 50)
- L.C Cancellation Charges - USD 30
Required Documents for the opening of Letter of Credit
- Application Letter and L.C Application Form prescribed by the Bank
- Import License (Original & Copy) (if Licence is required)
- Copy of Pro-forma Invoice / Copy of Certificate of Exporter Importer Registration/ Copy of Certificate of Incorporation (if non-licence is required)
- Copy of Bank Passbook and N.R.C (for importing of reconditioned Motor Vehicle)
( V ) Payment and settlement for Import Bills
Import Bill Department checks the bill documents under Letter of Credit and Collection basis received from the sellers' correspondent banks and release to the importers concerned. Then payments are effected to the seller’s bank via SWIFT.
Bank Changes for Import Bill
- Bill handling Commission (under L.C) - USD 50 per bill
- Bill under Collection (DP,DA) basis - 0.5% on bill amount (minimum USD 50)
( VI ) Shipping Guarantee / Big Bond Guarantee / Performance Guarantee
MICB provides bank guarantee issuing services such as Shipping Guarantee, Bid Bond Guarantee, Performance Guarantee in local and foreign currencies. Foreign guarantees issued by the foreign correspondent banks are also advised to the local customers.
Bank Changes for Bank Guarantee Services
- Shipping Guarantee issuing commission - 0.25% per (3) months or part there of (minimum USD 50)
- Guarantee Issuing commission - 0.25% per (3) months or part there of (minimum USD 50)
- Guarantee Amendment Commission - 0.25% per (3) months or part there of (minimum USD 50)
- Guarantee Advising Commission - USD 50
- Guarantee Amendment Advising Commission - USD 30