ICICI Smart Assistant
Letter of Credit FAQs
Yes. In case you do not have credit limits with ICICI Bank, open a Fixed deposit equivalent to amount of Letter of Credit and avail Letter of Credit against it.
Yes. We do issue a letter of credit.
We do not participate in the transactions of our clients as a party to the transaction other than a provider of certain financing. Therefore, we do not participate in the profits of our client's transactions. Our fees are the same regardless of the profit margin in the transaction.
Yes. We offer both revocable & irrevocable LC as per our customer's request.
Either we require Fixed deposit as a collateral for opening of Letter of Credit or a collateral depending on the strenght of your finances. The final decision by our company to enter into a transaction is made according to a set of criteria.
The letter of credit charge depends on a number of factors. Our Relationship Manager can provide you with an updated Tariff schedule.
We can open letters of credit of almost any size. We consider the complexity of the transaction; the goods that are being traded; parties to the transactions and where they take place.
We can open letters of credit for any type of goods provided they fall into our ethical and legal criteria.
Once the letter of credit is opened your fee cannot be refunded. We recommend to all of our clients that they need to assure themselves of their suppliers' ability to perform before opening any banking instruments to them.
