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Solar Energy Corporation of India Seeks Bank Bids to Invest Rs4.5 Billion in Term and Fixed Deposits

The Solar Energy Corporation of India (SECI) has invited quotations from scheduled commercial banks for the investment of Rs 4.5 billion (approximately $49.6 million) in term and fixed deposits. The deadline for submission of bids is February 23, 2026.

The proposed deposits will be placed in bank branches located within the Delhi-NCR region. While quotations may be received from multiple banks, preference will be given to the institution offering the highest interest rate. The quoted rates must remain valid until February 23, 2026.

Banks are required to submit interest rate quotes for two categories: investments of up to Rs 1.5 billion (around $16.53 million) for a 45-day tenure, and up to Rs 3 billion (approximately $33.07 million) for a 365-day tenure. SECI will retain the discretion to determine the final amount and duration of each fixed deposit. Investments may also be made in tranches, and there is no prescribed minimum lock-in period.

Eligibility criteria specify that public sector banks must have a minimum net worth of Rs 50 billion as of December 31, 2025, while private sector banks must have a net worth of at least Rs 150 billion as of the same date. Participating banks must maintain at least one branch in the Delhi-NCR region.

Additionally, both public and private sector banks must report net non-performing assets (NPA) below 2 percent and gross NPA below 5 percent. Bidders are required to furnish details of paid-up capital, capital adequacy, net worth, and NPA levels based on their financial results for the third quarter of FY2026.

SECI has clarified that in the event of premature withdrawal, it will not bear any penalty charges. Banks are expected to quote rates without attaching conditional clauses.