Understand Bank Guarantee Process Before Joining Satyam

I am writing this for those of my Satyamite Colleagues who have not understood the bank guarantee process.

WHAT THE GUARANTEE IS:
If you are going to join Satyam Computer service as a fresher,then you will have to show a bank guarantee of Rs.2 Lakhs for first two years of joining.If you leave satyam before the mandatory period(2 years) then your money is handed over to satyam.

HOW TO GET A BANK GUARANTEE:
This bank guarantee is available from SBI.Humaun Nagar branch,Hyderabad.
To avail the bank guarantee of two lakhs you can do--->

1)Fixed deposit of Rs. 2 Lakhs in SBI for 2 years
OR
2)Take a loan of Rs 2 Lakhs from SBI

(Bank guarantee charges Rs.2500)

IF OPTED FOR FIXED DEPOSIT

If you have rs 2 Lakhs in your hands. then you can go for this option.
Just collect a bank draft in favor of, SBI, Humaun Nagar Branch, Hyderabad of rs. 2,02,500/- Rs.2500 extra for bank guarantee charge] & submit it in the destination bank.you will get a Sealed Envelope from that bank official.You will have to submit that envelope to Satyam while reporting.


AFTER 2 YEARS YOU WILL GET:- Rs 2 lahks+intrest ~ Rs.2,36,000

IF OPTED FOR A LOAN

If you don't have that money( Rs. 2lakhs),then you have to go for this option.Just find a person whose income is more/equal to 2 lakhs/annum and agree to sign as guarantor.
Then just do the following:-

STEP 1:-

Go to nearby SBI Branch with all the documents along with the guarantor.

Click "READ FULL POST" below to access the full post

DOCUMENTS NEEDED:-
1.Bank guarantee format (just get a soft copy and get the print out)
2.Identification and address proof of self and the guarantor(xerox with original)
a)you and guarantor have to show VOTER ID CARD or PASSPORT or PAN CARD or DRIVING LISCENCE .....as identification proof.
b)you and guarantor have to show VOTER ID CARD or PASSPORT or PAN CARD or DRIVING LISCENCE or TELEPHONE BILL or ELECTRICITY BILL...as address proof.
3.latest salary certificate and form 16 of guarantor....as income proof of guarantor
4.passport size photograph of both you and guarantor.
5.Demand draft of Rs.2500/-

STEP2:-

The local SBI bank official will verify the documents and attest with bank seal,his signature.........etc on the form 1(page 4) and will hand over the entire document to you

STEP 3:-

Submit the documents in the destination branch, SBI ,Humaun Nagar Branch,Hyderabad.
there the bank official will give you the sealed envelope

STEP 4 :-
Submit the sealed envelope to Satyam at the time of reporting.

now your bank guarantee formality is done


EMI(Every Month Installment) SCHEME FOR LOAN

There are a number of EMI schemes.The most popular schemes are:

(1)You can chose to pay Rs. 5,460/- P.M.
In such case you will get back Rs. 1,20,000/- at the end of 2 years.

(2)You can choose to pay RS. 2,500/- P.M. for 24 months at the end of 2 years you will get back Rs. 36,000/-

(3)You can also opt for payment of RS. 1250/- but at the end of 2 years you will not get any thing.

Note:-Dear friends, I have written this on the basis on what have understood after reading the main bank format. You can verify yourself if you have any doubt. I hope my effort will be fruitfull