Bank guarantee replacement · NHAI, CPWD, Railways, GeM accepted

Surety bonds for Indian contractors — replace bank guarantees, free working capital.

Place an insurance surety bond instead of a bid, performance, mobilisation or retention bank guarantee. Zero FD lien, no CC limit blocked. Accepted by 290+ govt obligees including NHAI, CPWD, Railways, GeM.

Get a quote → See how it works
ENQUIRIES SOURCED
₹89–120 cr
SECTORS COVERED
7
BASED IN
Haryana
FOUNDED
2022
ENQUIRIES SOURCED
₹120cr
FY26 pipeline · not yet closed
BONDS PROCESSED
Across 7 sectors
and growing every week
INDICATIVE RATE
0.95%
p.a. · typical, varies by grade
INSURERS WE PLACE ACROSS
14
across India's surety insurers
SECTORS COVERED
7
Roads · Metro · Power · +4
BASED IN
Haryana
India · since 2022
— SECTION 01 — WORKFLOW

Watch a bond move through the platform.

Scroll. Each stage advances. An illustrative walkthrough of how a bond moves through Rakshati — stage by stage, with target turnaround at each step. Every real transition is logged to an audit trail.

01 / 06

Onboarding & KYC

PAN, GST, board resolution, and authorised signatory uploaded. Verified against MCA, GSTN, and PAN APIs in seconds. The platform pre-fills 80% of the underwriting file from public sources.

Elapsed
4h
SLA
8h
Status
On time
Illustrative · how a bond moves Day 1 of 6
— SECTION 02 — COVERAGE

Seven sectors, every state.

Every infrastructure sector that posts an Indian surety bond — from a small municipal water project to a metro package. We're sector-agnostic across these seven.

— SECTION 03 — PANEL

15 insurers. One file.

We place across India's IRDAI-registered general insurers active in surety. One standardised file goes to each, so they compete on rate. Drop a logo onto any tile to add the insurer's mark.

— SECTION 04 — WHICH SIDE

Two sides of the trade, one platform.

Marketplaces work only when both sides win. We get paid on bind, by the insurer — never by you.

For Contractors

Bond capacity, by Friday.

One KYC file. One financial pack. One scorecard. All 15 insurers see the same file simultaneously — and they bid against each other.

  • One file used across the entire panel
  • Indicative rates inside one quick form
  • An underwriting RM you can WhatsApp
  • Audit trail you can hand to your CFO
  • You pay nothing — insurer pays us on bind
For Contractors →
For Insurers

A clean book of pre-screened RFQs.

Every RFQ in a standardised file: KYC verified, financials parsed, scorecard run, project risk noted. Quote when it fits, decline when it doesn't.

  • Pre-screened RFQs · standardised file
  • API or portal — your team picks the lane
  • SLA dashboards visible to management
  • Capacity utilisation tracking · portfolio level
  • Quarterly scorecard you can use internally
For Insurers →
— SECTION 05 — HOW WE HELP

Three ways we help.

Illustrative of how Rakshati works — routing one file across the panel, switching a bank guarantee to surety, and building a first-time file from scratch. Examples, not claims of completed transactions.

— SECTION 06 — BOND TYPES

Every bond. One platform.

Every category of surety bond accepted by Indian government obligees — bid, performance, mobilisation, retention, security deposit, customs, court. Plus comparison and BG-replacement guides.

Bid security

Bid Bond

Cashless EMD for Indian tenders. Accepted by NHAI, CPWD, Railways, GeM.

Read the guide → Performance security

Performance Bond

Replace your PBG (5–10% of contract). Keep your bank lines free.

Read the guide → Mobilisation advance

Advance Payment Bond

NHAI-accepted (Circular 3.1.41/2025). Step-down formula explained.

Read the guide → Retention money

Retention Money Bond

Release the 5–10% retention the obligee holds against each RA bill.

Read the guide → Security deposit

Security Deposit Bond

Replace the SD deducted from each running bill. Performance cover stays.

Read the guide → Indian Customs

Customs Bond

EPCG, advance authorisation, warehouse, project import, re-export.

Read the guide → Civil & commercial

Court Bond

Appeal, attachment, injunction, probate. Civil & commercial proceedings.

Read the guide → BG replacement

Replace Any BG

How to replace every bank guarantee on your tender — bond by bond.

Read the guide →
Bank guarantee vs surety bond — full comparison → Surety bonds by obligee (NHAI, CPWD, Railways…) → The 15 IRDAI insurers on our panel →
— SECTION 07 — FAQs

Surety bonds — the questions contractors actually ask.

Eight answers covering cost, acceptance, timelines, documents and the bank-guarantee comparison. Each pillar page (bid, performance, advance, retention) has its own deeper FAQ.

What is a surety bond and how is it different from a bank guarantee?
An insurance surety bond is a three-party contract where an insurance company guarantees a contractor's obligation to a project owner (the obligee). It serves the same legal purpose as a bank guarantee — securing performance, advance recovery, or bid commitment — but it sits off your balance sheet. No FD lien, no CC/OD limit consumed, no collateral for standard cases.
Are surety bonds accepted by NHAI, CPWD and other Indian government bodies?
Yes. NHAI (Policy Circular 3.1.41/2025), MoRTH, CPWD, Indian Railways, GeM, central PSUs and most state PWDs explicitly accept insurance surety bonds in place of bank guarantees for bid security, performance security, mobilisation advance and retention. Acceptance is confirmed in the tender document on a per-tender basis.
How much does a surety bond cost compared to a bank guarantee?
Surety bond premium is typically 0.50%–1.20% of bond value per year. A bank guarantee usually costs 1.00%–1.50% per year in commission, plus 5%–25% of BG value blocked as FD margin, plus the opportunity cost on that blocked working capital. Net economic cost of a surety bond is usually 60–70% lower than a bank guarantee. See the full comparison on the BG replacement page.
How fast can I get a surety bond issued?
Indicative quote in 4 hours. Underwriting decision in 24–48 hours. Bond document e-stamped and delivered in 2–5 working days, depending on case complexity and insurer turnaround.
Do I need collateral or a fixed deposit for a surety bond?
For most standard cases — bid, performance, mobilisation advance within your sanctioned limit — no collateral and no FD is required. Larger or higher-risk bonds may require a counter-indemnity or partial security at the insurer's discretion. Each case is graded on financial strength and track record.
What types of bank guarantees can a surety bond replace?
All of them. Bid bond (EMD), performance bond (PBG), mobilisation advance bond, retention money bond, security deposit bond, customs bond and court bond can all be issued as insurance surety bonds in India. Full bond-by-bond breakdown on the replacement page.
Which insurers issue surety bonds in India?
15 insurers offer surety bonds in India — Bajaj Allianz, ICICI Lombard, HDFC ERGO, Tata AIG, SBI General, Go Digit, New India Assurance, United India, Liberty General, IFFCO Tokio, Universal Sompo, Magma HDI, Cholamandalam MS, Reliance General and Kotak General. Rakshati routes your file across the panel so they compete on rate — instead of you chasing one insurer at a time.
What documents are required to apply for a surety bond?
Company KYC (PAN, GST, MOA/AOA or partnership deed), last 2 years' audited financials, current year provisional, last 3 years' work-order list, GST returns, the relevant tender document, and the obligee's bond format. The Rakshati platform pre-fills 80% of the underwriting file from public sources — MCA, GSTN, PAN — so the lift on your end is small.
— PLACE A BOND —

Your next bond,
sourced across the panel.

Tell us about your next tender. Within four working hours, your dedicated underwriting RM comes back with an indicative rate range, panel availability, and the documents we'll need. Submitting the form provisions your contractor workspace — no separate signup.