The Solar Energy Corporation of India (SECI) has invited quotations for investment of ₹3 billion (~$36.07 million) in fixed deposits from scheduled commercial public sector banks.

Banks must send their latest competitive rates of interest with validity up to January 05, 2024.

SECI specified that deposits must be accepted only in branches located in Delhi.

In the event of multiple quotations, SECI will consider the one with the highest interest rate.

Bidding banks must have a minimum net worth of ₹10 billion (~$120.2 million) as of March 31, 2023, and should operate a branch in Delhi.

They are required to disclose their card rates for fixed deposits, paid-up capital as per the latest annual report, adherence to Reserve Bank of India guidelines, and net worth.

SECI retains the right to determine the quantum and period of fixed deposits. No penalty charges will be borne by SECI in case of pre-maturity, and the rates quoted should be unconditional, explicitly stating the absence of penalty charges for pre-maturity.

There is no minimum time frame for investment, and investments can be made in parts.

SECI recently paid solar and wind power producers ₹9.07 billion (~$108.9 million) for the energy purchased in November 2023. The disbursement reflected a decline of 9% from October but increased by 15% on a year-over-year basis.

In December, SECI invited bids from scheduled commercial banks or financial institutions for a term loan of ₹10 billion (~$120.24 million) to develop a 300 MW solar power project in the Ramagiri village of Sri Satya Sai District in Andhra Pradesh.

Earlier, SECI invited quotations for a short-term working capital credit facility of up to ₹6 billion (~$72.3 million) to help it make monthly payments to solar, wind, and hybrid energy projects.

In March last year, SECI requested quotations for a short-term working capital credit facility of up to ₹5 billion (~$60.2 million).