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What are surety bonds? MintGenie explains

Surety bonds are guarantees of payment issued by insurers and do not require a huge amount of cash margin as a guarantee like bank guarantees.

In the Union Budget 2022-23, Finance Minister Nirmala Sitharaman rolled out a plan to use surety bonds as a substitute for bank guarantees.


The Centre pushed for this idea to increase liquidity in the infrastructure sector during the pandemic.


The Ministry for Road Transport & Highways urged the insurance regulator Insurance Regulatory and Development Authority (IRDAI) to develop a model product on ‘Surety Bonds’.


Surety bonds help in freeing up capital that gets stuck due to bank guarantees and make the process of executing road projects rapid.


The premium charged for insurance bond is likely to be lower, making the product far more affordable in comparison to bank guarantees.


Bajaj Allianz is launched the first surety bond on December 19.


Click here to know more about surety bonds.

Check here for more personal finance stories.


The Union Finance Minister paved way for the use of surety bonds as replacement for bank guarantee during the Budget 2022. We share more details on the new set of bonds in this piece.

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What are surety bonds? MintGenie explains

The Union Finance Minister paved way for the use of surety bonds as replacement for bank guarantee during the Budget 2022. We share more details on the new set of bonds in this piece.

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