Opening L

Opening L/Cs
1. Import Letters of Credit: Our customers can approach any branch of Bank Saderat Iran, and subject to the kind of their requirement and in order to conduct their deals and purchasing, open a letter of credit.
2. Export Letters of Credit: Negotiating and advising the document is for the customers who are exporting their goods to other countries, through their bank..
3. Received documents: Our branches will accept the import L/C documents with the condition of receipt.
4. Inward bill of collection: This bank will accept the I.B.C.received from other banks, against payment or acceptance.
5. Outward bill of collection: This bank will accept the outward bills of collection to the other banks.
SIGHT LETTERS OF CREDIT
A letter of credit is opened on behalf of a customer whereby the beneficiary is entitled to receipt of Funds upon presentation of documents to the bank in accordance with the terms & conditions of the LC.
USANCE LETTERS OF CREDIT
A letter of credit whereby the beneficiary allows the importer (buyer) to pay after a specified period of time. The bank accepts a bill of exchange which is its liability to pay to the beneficiary on behalf of the importer at maturity. This acceptance is provided only when all the documents presented by the beneficiary are in accordance with the terms & conditions of LC.
DEFERRED PAYMENT LC
Deferred payment LC is similar to usance LC but there is no bill of exchange involved.
EXPORT BILLS NEGOTIATED UNDER LETTERS OF CREDIT
The giving of value to the exporter upon submitting of documents in accordance with the terms of the relevant letter of credit.