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NEFT : NEFT is an Information Technology enabled remittance service through which the customers of our Bank will be able to transfer funds from their account with Utkal Grameen Bank to an account with any other Commercial Bank or RRB in India, which have implemented the NEFT System. Similarly, they will also be able to receive funds into an account with any Branch of Utkal Grameen Bank, from an account with any other Bank, which have the NEFT system in place.

• There is no minimum or maximum amount that can be remitted by NEFT.
• The rate of commission to be charged are as follows :
  For Outward NEFT remittances :
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Other Services

Bank Guarantee

• We issue Bank Guarantee u/s 126 of the Indian Contract Act’ 1873.
• Usually financial guarantee in lieu of earnest money or security money for principal debtor’s participation in tenders, claim of excise, custom duty etc. is issued.
• Usually Bank issues Bank Guarantee for a maximum period of 12 months. However, in exceptional cases Bank Guarantee is issued for a period beyond 12 months depending upon the past records of the applicant.
• a) Upto Rs. 5.00 crore – commission is realized @ 2.75% p.a. + Rs. 250.00 as handling charge b) Portion above Rs. 5.00 crore commission is realized @ 2.50 % p.a. + Rs. 250.00 as handling charge (minimum guarantee Commission - Rs. 400.00) c) For Bank Guarantee with 100% cash margin commission is 25% of the applicable charge.
• For Guarantee less than one year minimum commission for one year is taken.
• If the Guarantee is tendered for cancellation before the date of expiry, an amount computed at half the original rate for the unexpired period (less than 3 months grace period) is refunded.
• No commission is refundable if Guarantee is released after fulfillment of its conditions in a period shorter than that covered by guarantee.