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Solvency certificate is a document that provides information about the financial stability of an individual/entity.
A solvency certificate is required by the government and commercial offices to be sure about the financial position of individuals/entities. A solvency certificate is required for the following reasons:
A solvency certificate supports the financial strength of the individual/entity.
Solvency Certificate – Sample Template
A solvency certificate is generally issued by the revenue department and banks on request. Banks usually issue this certificate to their customers based on the account transactions and property documents available to them.
A report from a chartered accountant attesting the financial status of the individual/entity also helps in obtaining the solvency certificate from banks. In most cases, the certificate obtained by the customers from their banks is used for submitting tender applications/contracts to government offices.
In order to gauge an individual/entity’s financial position a public sector bank will need the following documents from its customers:
However, the bank does not take any responsibility for any liability that may occur in the future based on this solvency certificate. Generally, the Bank Manager will have restricted powers to issue only a certain number/value of solvency certificates. If, issuing the certificate is over and above the discretionary powers of the bank manager, this request will be forwarded to higher officials for approval. A solvency certificate is issued only to renowned and reliable customers and banks will levy a charge for the same.