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Q.

What is mean by bank solvency certificate

About: Bank solvency certificate

12 Jun '09 10:59 am
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Answers (10)

1.

Apart from abroad education it is usually required for execution of work order/supply of material in public sector. Some times Solvency certificate is demanded by the tender issuing authority in order to assess the creditability of the firm. It is issued by the Bank. It is very obvious that no bank will certify you as solvent other than your banker .There are two conditions, bank will issue a solvency certificate either to the amount of balance you have in your account or you have executed fixed deposit or any other collateral security. Bank will never issue a certificate of solvency up to the amount you desire for. It is chargeable. The charges vary bank to bank. It may be 0.5% per lac. It will be debited from your account immediately.
Answered by joyesh chakraborty, 13 Jun '09 10:37 am

 
  
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2.

Bank solvency certificate is issued by Banks at the requests of parties. If a contractor undertakes some contract work say worth Rs.5 lacs, then the Govt. giving the contract work requires the contractor to produce a solvency certificate from a Bank for Rs.5 lacs. To issue the certificate the contractor has to deposit Rs.5 lacs for a required period. It is nothing but a guarantee by the Bank that it will pay the sum in case the contractor fails to complete the work in a satisfactory manner.
Answered by ramamoorthy ramamoorthy, 13 Jun '09 08:16 am

 
  
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3.

A solvency certificate is a statment of your bank stating that you are solvent
Answered by Ramdas Pai, 12 Jun '09 02:43 pm

 
  
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4.

It is certificate issued by banks for your credit worthiness. It actually represent your ability for the said amount for business or commitments at that moment. If you have pan number then credit information buro can be contacted for your rating. like LIG, mig,hni etc but it is a paid service available.
Answered by harikishor, 12 Jun '09 01:49 pm

 
  
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5.

A solvency certificate is a statment of your bank about you (client) stating that you are solvent upto (for) the amount of 100000.......... Rs. This is very much required for education abroad .Please remember that this certificate is different from a bank balance certificate and is useful only for attaching with your University Application and WILL NOT USEFUL FOR YOUR VISA INTERVIEW
Answered by PARTHA PATHAK, 12 Jun '09 11:07 am

 
  
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6.

It shows your worth
Answered by PERIL, 13 Jun '09 05:50 pm

 
  
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7.

It is personle cerficate for your cvredibility
Answered by Dinesh C S, 13 Jun '09 07:33 am

 
  
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8.

Certificate showing your worth by bank.
Answered by ram kishore rathi, 15 Jun '09 01:21 pm

 
  
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9.

This is certificate from the bank stating that your worth is this much ....Bank may charge for this certificate and debits the amount as soon as the certificate is issued...!!
Answered by vikas, 15 Jun '09 12:44 am

 
  
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10.

Letter of hypothication
the same way your bank solvency means your eliguble maximum capacity to invest
Answered by satnam bali, 14 Jun '09 02:54 pm

 
  
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