International Banking

GOLD CARD SCHEME FOR EXPORTERS

Based on the scheme announced in EXIM policy 03-04, a Gold Card Scheme was worked out by RBI in consultation with select Banks and exporters. Accordingly the Bank has formulated a Gold Card Scheme for exporters. It envisages certain additional benefits based on record of performance of the exporters.

FEATURES OF THE SCHEME

1. ELIGIBILITY
For credit worthy exporters with good track record and with Credit Rating of SBIn3 and above.
Account classified as standard continuously for last 3 years.
Exporters under small and medium sector also eligible
Exporters in ECGC caution list / RBI’s willful defaulters’ list / making losses for the past 3 years are not eligible.

2. Fixation of Credit Limit

Sanctioned for 3 years with automatic renewal.
Collateral security to be adequate and acceptable to the Bank against sanctioned limit.
PCFC requirement for Gold Card Holder will be provided priority over non-export borrowers with regard to loan against FCNR(B) funds etc.
Time limit
Fresh application
 3 weeks
Renewal
 2 weeks
Ad hoc
 1 week

3. Rate of Interest
The interest rate for general exporters

S.No.

Category of Export Credit

Rates w.e.f. 01.07.2008 (Circular PLN/06/2008-09 dt.01.07.08)

Revised rates w.e.f. 16.08.2008

 

 

 

 

1.

 

   i)

Pre-Shipment credit

 

a) Up to 180 days

 

 

 

b) Beyond 180 days       and up to 270 days

 

 

 

 

 

3.25% below BPLR (13.75%)i.e.10.50% p.a.

 

1.50% below BPLR (13.75%) i.e.12.25% p.a.

 

 

3.25% below BPLR (14.25%)i.e.11.00% p.a.

 

1.50% below BPLR (14.25%) i.e.12.75% p.a.

   ii)

Against incentives receivable from Govt. covered by ECGC Guarantees (Up to 90 days)

3.25% below BPLR (13.75%) i.e.10.50% p.a.

 

3.25% below BPLR (14.25%) i.e.11.00% p.a.

 

 

 

 

 

2.

   

    i)

 

 

 

   ii)

Post-Shipment credit

 

Demand Bills (for transit period as specified by FEDAI)

 

 

Usance Bills (for total period comprising usance period of export bills, transit period as specified by FEDAI and grace period wherever applicable)

 

a) Up to 90 days

 

 

 

b) Beyond 90 days and up to 6 months from the date of shipment

 

 

3.25% below BPLR (13.75%) i.e.10.50% p.a.

 

 

 

 

 

 

 

 

 

 

 

3.25% below BPLR (13.75%) i.e.10.50% p.a.

 

1.50% below BPLR (13.75%) i.e.12.25% p.a.

(for period beyond 90 days)

 

 

3.25% below BPLR (14.25%) i.e.11.00% p.a.

 

 

 

 

 

 

 

 

 

 

 

3.25% below BPLR (14.25%) i.e.11.00% p.a.

 

1.50% below BPLR (14.25%) i.e.12.75% p.a.

(for period beyond 90 days)

    iii)

Against incentives receivable from Govt. covered by ECGC Guarantee (up to 90 days)

3.25% below BPLR (13.75%) i.e.10.50% p.a.

 

3.25% below BPLR (14.25%) i.e.11.00% p.a.

 


Category of Export Credit

Rates w.e.f. 01.07.2008 (Circular PLN/06/2008-09 dt.01.07.08)

Revised rates w.e.f. 16.08.2008

     iv)

Against un-drawn balances (up to 90 days)

3.25% below BPLR (13.75%) i.e. 10.50%p.a.

 

3.25% below BPLR (14.25%) i.e.11.00% p.a.

 

      v)

Against retention money (for supplies portion only) payable within one year from the date of shipment (up to 90 days)

3.25% below BPLR (13.75%) i.e. 10.50%p.a.

 

3.25% below BPLR (14.25%) i.e.11.00% p.a.

 

 

 

 

 

3.

Deferred credit

Deferred credit for period beyond 180 days

No change

No change

4.

 

 

      

         i)

 

Export Credit Not Otherwise Specified (ECNOS)

 

Pre-Shipment Credit

 

 

 

 

 

No change

 

 

 

 

No change

        ii)

Post-Shipment

 

a) Demand Bills               -

 

 

 

 

 

 

                                               

 

-

 

 

 

 

 

 

 

 

 

b) Usance Bills

 

 

 

For the overdue period up to 6 months from the date of shipment:  BPLR (13.75%) + 1.10 %

i.e. 14.85%p.a.

 

For overdue period beyond 6 months from the date of shipment:  BPLR (13.75%) + 2.10 %

 i.e. 15.85%p.a.

 

 

BPLR (13.75%)

 + 2.10 % of the overdue period after the due date i.e.15.85%

 

 

 

 

For the overdue period up to 6 months from the date of

 shipment:  BPLR (14.25%) + 1.10 %

i.e. 15.35%p.a.

 

For overdue period beyond 6 months from the date of

shipment:

 BPLR (14.25%) + 2.10 %

 i.e. 16.35%p.a.

 

 

BPLR (14.25%)

 + 2.10 % of the overdue period after the due date

 i.e. 16.35%

 

The Interest Rates for Exporters Under “Gold Card Scheme for Exporters” :

Category of Export Credit

Rates w.e.f. 01.07.2008 (Circular PLN/06/2008-09 dt.01.07.08)

Revised rates w.e.f. 01.07.2008

(Circular IB/13/2008-09

dt. 08.07.2008)

Revised rates w.e.f. 16.08.2008

1

 

 

 

Export Credit (in Rupee)

 

 

 

I. Pre-shipment Credit

 

 

 

a) Upto 180 days

3.75% below BPLR (13.75%)i.e. 10.00%

3.50% below

BPLR (13.75%)

 i.e. 10.25%

3.50% below

BPLR (14.25%)

 i.e. 10.75%

b) Beyond 180 days and upto 270 days

3.25% below BPLR (13.75%)i.e. 10.50%

2.25% below

BPLR (13.75%)

i.e. 11.50%

2.25% below

BPLR (14.25%)

i.e. 12.00%

II. Post – Shipment Credit

 

 

 

a) On demand billsfor transit period (as specified by FEDAI)

3.75% below BPLR (13.75%)i.e. 10.00%

3.50% below

 BPLR (13.75%)

 i.e. 10.25%

3.50% below

 BPLR (14.25%)

 i.e. 10.75%

b) Usance Bills

 

 

 

i) Upto 90 days

3.75% below BPLR (13.75%)i.e. 10.00%

3.50% below

BPLR (13.75%)

i.e. 10.25%

3.50% below

BPLR (14.25%)

i.e. 10.75%

ii) Beyond 90 days and upto 6 months from date of shipment

3.50% below BPLR (13.75%)i.e. 10.25%

3.50% below

 BPLR (13.75%)

i.e. 10.25%

3.50% below

 BPLR (14.25%)

i.e. 10.75%

4. Service charges: 50% of service charges for all export transactions waived.

5. Issued for a period of three years and automatically renewable for a further period of three years unless there are adverse features / irregularities in the account.

6. A stand by limit of up to 20 percent of the assessed limit may be additionally made available to facilitate urgent credit needs for executing sudden orders.

7. Additional Facilities
CEO/Promoter of the exporting company/Firm eligible for International Debit Card and SBI credit card free cost.