VARANASI: IIT (BHU) issued a notice on Tuesday, November 3, 2026, inviting scheduled public sector banks and eligible private sector banks to quote interest rates for investment of its surplus funds. The exercise concerns the institute in the BHU campus and gives participating bank branches until 4 pm IST on Wednesday, November 11, to submit their sealed quotations.
For local branch managers, there is a second date to keep: authorised bank officials must attend the institute at noon IST on Thursday, November 12. The notice identifies the Committee Room of the Resource and Alumni Office as the venue and requires representatives to bring their original seal to reconfirm rates and validity.
Branches considering an offer should arrange the required regional, zonal or treasury approval before submitting it. The registrar's notice makes physical attendance compulsory for the reconfirmation meeting and says a quotation will not be processed further if the bank has no representative there.
Who can submit an offer
The four-page invitation covers scheduled public sector banks and scheduled private sector banks meeting additional financial conditions. For private banks, the notice requires inclusion in the Reserve Bank of India's scheduled private sector bank list. It also specifies minimum net worth of Rs 1.50 lakh crore, calculated as capital plus reserves and surplus from the consolidated audited balance sheet as of March 31, 2024.
The other private-bank thresholds use the same reference date: capital adequacy of at least 16 percent and gross non-performing assets of no more than 4 percent. Supporting proof must be certified by an official of at least zonal manager rank and submitted with the quotation. These are the institute's stated eligibility tests for this invitation.
The registrar's November 3 invitation and forms are available through the institute's official news listing. The document seeks rates for several deposit periods, ranging from seven days to longer-term placements. It does not state a total amount of surplus funds to be invested or announce that a particular bank has been selected.
How branches should prepare the quotation
Rates must be entered in the enclosed proforma. Any special rate or variation should be shown prominently. The notice requires rates to remain valid for at least seven days from the submission deadline, with validity clearly written in the rate chart. A quotation without that information may not be considered.
The sealed envelope must be marked RATE OF INTEREST. The sealed portion needs the stamp and cross-signature of the bank's competent authority. A photocopy of the invitation, signed by the bank's authorised signatory to accept its conditions, must accompany the quotation. The notice warns that omission of this signed acceptance may prevent consideration.
The forms ask for the bank and branch name, address, IFSC code, transfer account details and a contact person. They provide separate amount bands: below Rs 3 crore, Rs 3 crore to below Rs 10 crore, and Rs 10 crore or more. Branches should use those bands when completing the rate tables.
The first form includes short deposit periods and a one-to-three-year column. The second provides longer periods: three years and one day to five years, five years and one day to seven years, and seven years and one day to 10 years. These columns allow banks to offer rates across different durations without implying that all those placements will be made.
What the deposit conditions require
Rates are to be quoted annually, with quarterly compounding for tenures exceeding one quarter. Fixed deposit documents, statements, reports and advices must be system generated and carry the competent authority's seal and signature. The institute says handwritten versions will not be accepted.
If a deposit matures on a non-working day, including a Saturday, Sunday or holiday, the bank must provide interest for that holiday period at the original investment rate. The notice also requires execution of the deposit immediately when the institute's money is credited. A delay after credit must carry interest at the original fixed deposit rate.
The notice requires revalidation by branch managers or authorised officials and supplies the November 12 meeting arrangements. Its declarations warn that denial or reduction of quoted rates may attract penalties, including exclusion from future investment cycles for a specified period under institute rules.
Related campus decisions
Readers following institutional administration can also read the earlier reports on IIT (BHU)'s spending approval rules, its postgraduate grievance panel and the equal opportunity cell. The bank invitation is a separate process with its own eligibility, forms and attendance requirements.
