Frequently Asked Questions

How to register?

You can register at BankAuctions.IN here.

How do I bid ?

After successful registration, you can login to our website select your desired e-auction, submit the completed documentation and the EMD and request access to bid on the auction. Once the receipt of EMD has been verified you will be cleared to bid.

What is the Eligibility criteria?

As per respective e-auction notice.

How many auctions can I bid on?

There is no limit to the number of auctions you can bid. So long an auction is active you can submit the tender and  bid as many as you like.

What are the bid increments ?

Any new bid must be greater than the current high bid. The minimum additional amount you’re required to add on the previous bid is called the bid increment.

Can I cancel my bid ?

After you place a bid on the auction item page, you cannot cancel the bid. So before you bid, be very careful whether you are willing to bid or you have the sufficient fund to purchase the item in case you win the bid.

What is a reserve price?

The reserve price is the lowest price the seller is willing to accept for the auction item. The first bid cannot be below the reserve price.

How do I know that my bid was accepted?

During the bidding process, you will see the highest bid on the Bid page. If your bid is the highest, the page will show you the highest bid. (This doesn’tmean that you’ve won the auction, only that your bid is currently the highest bid. To win, the auction must close without any higher bids.)

You can check for new bids using the refresh bids button or you can see the new bids and the bid information by using the refresh bids information button.

I’ve been outbid! What should I do ?

Once you find that a bid has appeared which is higher than the bid you made, you have to re-bid.

How do I ask the seller a question ?

You can email the seller or contact them at the given contact numbers.

I won the auction. What do I do next ?

You will be informed by email when you win an auction.

What if I receive something materially different from the auction description ?

It is the duty of the buyer to physically inspect and verify the property prior to the auction start.