National Skills Development Fund to invest surplus in term deposits for better returns
Skill Development Fund (NSDF) will soon invest its surplus funds in term deposits to get better returns on the corpus used for imparting skills training in the country.
The fund has invited expressions of interest from public sector banks to invest around Rs 900 crore in fixed deposits for a period of one year, the ministry of skills development and entrepreneurship said in a notification.
The plan is to prepare a panel of banks for investment of surplus funds in fixed deposits.
As per the notification, the highest bidder (H1) be offered 60% of the funds earmarked for being kept as fixed deposit (FDs). The second highest bidder (H2) will also be given chance to match rate offered by H1 and if agreed, remaining 40% funds will be offered to be kept as FDs with H2.
However, if the rate is not matched by H2, then 100% will be offered to H1, the ministry said.
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