Q. What does a discrepancy fee clause in a Letter of Credit refer to?
Answer: A fee charged to the beneficiary for any discrepancies in presented documents
Notes: A discrepancy fee is charged to the beneficiary when documents presented under a Letter of Credit contain discrepancies but are still accepted by the bank.
Question Source: 📚This question is part of Banking Awareness - 2025-26 course in GKToday's Android Application. The Course comprises 2400+MCQs on Banking & General Financial Awareness with explanation for All Banking Exams of 2025-26 such as IBPS Bank PO, IBPS Bank Clerical, RRB PO and Clerical, SBI PO and SBI Clerical, IBPS Recruitments, RBI Grade B and RBI Banking Examinations. Download the app here.
📌 Question Number: 17 in Bank Guarantees and Letters of Credit in the above course in App.