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Last Updated: 24 Apr 2024

Banker's Guarantee

You must place a Banker’s Guarantee when applying for deferment of your Tuition Grant 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

  1. Submit a bond deferment request on the TG&S portal.
  2. 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.
  3. Once you have received the email, download and complete this template.
  4. Submit the completed template to one of the participating financial institutions.
    • If you are under 21 years old, you can set up a joint account with someone who is above 21 years old.
    • 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.

How to claim back

If you have returned from overseas employment
  1. Complete the TG Enquiry Form.
  2. We will email you the details and request for your:
  • Proof of return to Singapore (for example, stamp on passport, boarding pass).
  • Proof of employment in Singapore.
  • Signed Letter of Undertaking.
  • Certification letter from your employer regarding the completion of your overseas posting.
Hardcopy Banker’s Guarantees

A Banker's Guarantee release letter will be issued to you when you report to MOE with the required information and documents. Please bring this letter to the bank to claim back your Banker's Guarantee funds.

Electronic Banker’s Guarantees

MOE will inform the bank to release your Banker’s Guarantee funds, and the bank will follow up with you.

If you did not complete your further studies
  1. Complete the TG Enquiry Form.
  2. We will email you the details and request for your:
  • Proof of return to Singapore (for example, stamp on passport, boarding pass).
  • Proof of employment in Singapore.
  • Signed Letter of Undertaking.
  • Course termination or withdrawal letter.
Hardcopy Banker’s Guarantees

A Banker's Guarantee release letter will be issued to you when you report to MOE with the required information and documents. Please bring this letter to the bank to claim back your Banker's Guarantee funds.

Electronic Banker’s Guarantees

MOE will inform the bank to release your Banker’s Guarantee funds, and the bank will follow up with you.

If you have completed your further studies
  1. Complete the TG Enquiry Form.
  2. We will email you the details and request for your:
  • Proof of return to Singapore (for example, stamp on passport, boarding pass).
  • Proof of employment in Singapore.
  • Signed Letter of Undertaking.
  • Full transcript and proof of completion.
Hardcopy Banker’s Guarantees

A Banker's Guarantee release letter will be issued to you when you report to MOE with the required information and documents. Please bring this letter to the bank to claim back your Banker's Guarantee funds.

Electronic Banker’s Guarantees

MOE will inform the bank to release your Banker’s Guarantee funds, and the bank will follow up with you.

If you have completed National Service in your home country
  1. Complete the TG Enquiry Form.
  2. We will email you the details and request for your:
  • Proof of return to Singapore (for example, stamp on passport, boarding pass).
  • Signed Letter of Undertaking.
  • NS completion letter.
Hardcopy Banker’s Guarantees

A Banker's Guarantee release letter will be issued to you when you report to MOE with the required information and documents. Please bring this letter to the bank to claim back your Banker's Guarantee funds.

Electronic Banker’s Guarantees

MOE will inform the bank to release your Banker’s Guarantee funds, and the bank will follow up with you.