SECI Invites Banks For Auto-Flexi Deposit Current Account Services

The Solar Energy Corporation of India Limited (SECI), a Navratna Government of India enterprise under the Ministry of New and Renewable Energy, has invited Expressions of Interest (EOI) from scheduled commercial banks for opening and operating current accounts with an auto-flexi deposit facility. The move is aimed at strengthening SECI’s banking operations and improving the management of its surplus funds through flexible deposit mechanisms.

As per the official EOI document issued on May 7, 2026, SECI has laid down strict eligibility conditions for participating banks. Only scheduled commercial banks operating in India with a minimum net worth of more than Rs. 1,00,000 crore as on December 31, 2025, will be eligible to participate in the process. In addition, the interested banks must have a functional branch in New Delhi to support the operation and management of SECI’s accounts.

The corporation has specifically sought banking partners that can provide an auto-sweep or flexi-deposit facility linked to the current accounts. Under this arrangement, any amount exceeding Rs. 1,00,000 in the account will automatically be transferred into a one-year flexi deposit. SECI has emphasized the need for operational flexibility, stating that premature withdrawal penalties should not be imposed in case of partial or complete redemption of the deposits before maturity.

Another major condition highlighted in the EOI is that the banking services should be provided on a no-cost basis. SECI has clearly stated that no charges related to account maintenance, operational handling, or advisory services should be levied by the selected bank. This reflects the corporation’s focus on cost-effective financial management while ensuring efficient banking support.

Apart from deposit-related services, the selected bank will also be required to provide digital banking facilities along with regular reconciliation and reporting support. SECI further noted that the quotation of interest rates for the flexi deposits will be sought at a later stage of the process. Banks are also expected to comply with relevant Reserve Bank of India guidelines and circulars related to working capital and associated financial implications.

Interested banks must submit their proposals in sealed envelopes along with supporting documents proving their net worth eligibility. The submissions are required to reach SECI’s registered office located at NBCC Office Block, East Kidwai Nagar, New Delhi, on or before May 18, 2026. SECI has designated Mr. Mohit Singhal, Deputy Manager, and Mr. Akash Sharma, Senior Accounts Officer, as contact persons for any clarification related to the EOI process. The corporation has also reserved the right to accept or reject any proposal without assigning any reason.