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Banker's Guarantee
You must place a Banker’s Guarantee when applying for deferment of your Service Obligation bond. Learn how it is calculated, the steps to apply and how to claim it back.
A Banker’s Guarantee is an irrevocable undertaking by a bank to pay a sum of money when the beneficiary, that is the Ministry of Education (MOE), demands it.
The Banker's Guarantee serves as a guarantee that you will serve your bond obligation. It will be claimed by MOE if you do not return to Singapore to serve your bond after your deferment ends.
The amount for the Banker’s Guarantee is calculated based on the estimated liquidated damages.
From 2 October 2023, MOE will only accept Banker’s Guarantees delivered electronically to MOE as part of the eGuarantee@Gov initiative.
How to apply
- Submit a bond deferment request on the TG&S portal.
- After you have submitted the request, you will receive an email with instructions on applying for an electronic Banker’s Guarantee within 7 working days.
- Once you have received the email, download and complete this template.
- Submit the completed template to one of the participating financial institutions.
- Ensure that the key information such as the Effective Date, Expiry Date, and Guaranteed Sum, is accurate.
- You may be liable to pay additional charges if you need to amend your application.
If your application is successful
- You will receive a notification from the financial institution.
- Your deferment status on the TG&S portal will be updated to "Approved" within 7 working days from the time you receive the notification.