Gold Card Scheme for Exporters

    Salient features

  • Are you an Exporter earning net profit as also your account is classified as "Standard" continuously for a period of three consecutive years and there is no irregularity/ adverse feature in the conduct of your account?
  • Does the Risk Rating of your account falls between AB1 to AB4 (a rating assigned to all borrowal accounts based on the scoring under various parameters)?
  • Eligibility

  • A Gold Card under the Scheme may be issued to all eligible exporters including those in the small and medium sectors who satisfy the above laid down conditions.
  • In case of switch over accounts if the exporter/s is/are enjoying the status of "Gold Card" from the existing banker/s, they/he or she may be extended the same status by the bank.
  • In case of consortium advance, 'upgradation to 'Gold Card' status shall be considered in terms of consortium decision subject to adherence to Bank Policy Guidelines.
  • The scheme will not be applicable to those exporters who are blacklisted by ECGC or included in RBI's defaulter list/ caution list or making losses for the past 3 years or having overdue export bills over 10% of the previous Year's turnover.
  • The scheme will not be applicable to those exporters who are blacklisted by ECGC or included in RBI's defaulter list/ caution list or making losses for the past 3 years or having overdue export bills over 10% of the previous Year's turnover.
  • The application form for conversion to 'Gold Card' scheme is available with the Branches.
  • Fixation of Credit Limit

  • The sanction and renewal/enhancement of need based limit(s) under the scheme will be in terms of lending policy of the Bank, taking in the account the anticipated export turnover and track record of the concerned exporter (s)
  • It may be ensured that Packing Credit (Foreign Currency) requirement of the Gold card holder are met by giving them priority over non-export borrowers with regard to granting loan against FCNR (B) funds.
  • Bank will consider granting term loans in foreign currency in deserving cases out of its FCNR (B), RFC etc. funds. (Bank will not grant such loans from its overseas borrowings under the 25% window or overseas lines of credit).
  • The 'in-principle' limits will be sanctioned for a period of 3 years with a provision for automatic renewal subject to fulfillment of the terms and conditions of sanction.
  • A stand-by limit of 20% of the assessed limit may be additionally made available to facilitate urgent credit needs for executing sudden orders. In the case of exporters of seasonal commodities, the peak and off-peak levels may be appropriately specified. The stand-by limit, subject to documentary evidence justifying the need for additional requirements and on satisfaction of the concerned branch manager, can be extended to gold card customers. The requisite documentation formalities should also be completed prior to release of Stand-by limit.
  • In case of unanticipated export orders, norms for inventory may be relaxed, taking into account size and nature of the export order.
  • The exporter's record of performance will be reviewed annually with a view to pass on the benefit of better terms and conditions including rate of interest.
  • T Enhancement of limit(s) can be considered at the time of review of the account based on latest available audited financial statements and actual sales recorded by the borrowers' vis-à-vis projections/estimation accepted by the bank.
  • Time frame for disposal of proposals

    The maximum time frame for disposal of application including take over of accounts :
  • For disposal of fresh applications/ enhancement - 25 days
  • Renewal of limits - 15 days
  • Sanction of ad hoc limits - 07 days
  • Rate Of Interest

  • The applicable rate(s) of interest in case of 'Gold Card Export Customers' will be as per circularized guidelines.
  • Service Charges

  • 10% concession will be permitted on normal charges over IOI
  • 10% concession will be permitted on normal charges for issuing Inland L/C/B.G
  • 10% concession will be permitted on normal charges over Processing Fees.
  • Documentation/Mortgage charges will be realised as per actual expenses.
  • Premium regarding ECGC cover

    Premium on Pre Shipment credit (ECIP-WTPC) is realized from the exporters while Premium on Post Shipment credit (ECIB-WTPS) is borne by the Bank. The accounts of 'Gold Card Exporters' shall continue to remain covered under the export credit insurance obtained by the Bank from ECGC. However, Premium on Pre Shipment Credit for Gold Card Holders may be borne by the Bank on a case to case basis, subject to the following :

  • Credit Turnover with the Bank is proportionate to export business.
  • Ancillary/Supplementary business including salary account, cross selling of our Retail Products etc. are being offered by the customer to our Bank.
  • The account remains regular and export bills do not remain overdue for more than 30 days of due date as per FEDAI guidelines.
  • Conduct of the account is satisfactory in all respect.
  • There are no adverse reports in Inspection conducted internally and by the Regulators.
  • The exemption from payment of premium to ECGC on Pre Shipment Credit shall thus be given to very reputed companies/ clients. The authority for exempting the Gold Card Holder from payment of premium on Pre Shipment Credit (with the Bank bearing the same) shall rest with the General Manager (Credit)/Executive Director/Chairman and Managing Director.

    Tenure of the Gold Card Status

    The Gold Card Status to eligible exporters will be provided for a period of 3 years and will be automatically renewed for a further period of three years unless there are adverse features/irregularities in the account. In case of any misuse of the same or observance of any violation of the terms and conditions, the bank will have the right to cancel the 'Gold Card' status/withdraw the benefits