In less than a week, Punjab State Power Corporation Limited’s (PSPCL) offer for its consumers to pay in advance and earn interest has received resonating response as the State power utility has received an advance payment of Rs 35 crores till date.
Notably, the banks have reduced the interest rates on fixed deposits (about six percent per annum) as well as on savings accounts (about 3.5 percent) in recent days.
Thus, to mobilize funds during corona pandemic and to help the consumers earn a better rate of return, the PSPCL has recently launched a scheme to offer its consumers of all categories to make advance payment towards their estimated electricity bills up to March 2021 through digital modes and earn interest at the rate of one percent per month on advance payment as per Clause 31.8 of Supply Code, 2014.
With this, the consumers will earn interest almost at 12 percent per annum, that is double the rate of interest on fixed deposit.
“This offer has received a resonating response from consumers of all categories. Oasis Enterprises (Rs 10 crores), STELCO Industries Private Limited (Rs 7 crores), Veekay Concast (Rs 5 crores), Arishudan Industries Limited (Rs 4 crores), Vardhman Adarash Ispat Private Limited (Rs 3 crores), Waryam Steels (Rs 2 crores) are major contributors,” said PSPCL chairman cum managing director Baldev Singh Sran.
Sran said that this drive is not confined only to LS consumers, rather Medium Supply and Small Power Industrial consumers, Commercial Consumers and more than 70 Domestic Consumers have also availed this opportunity to deposit lakh of rupees as advance payment of bills.
“The corporation is indebted and grateful to its esteemed consumers who have come forward to deposit advance bills of Rs 35 crore at the call of PSPCL. This shall provide much needed liquidity to PSPCL in the hour of crisis of scarce financial resources and also help consumers to earn handsome returns on their deposit,” he said.
Sran said that it was a win-win situation as in case of delay to pay power generators, PSPCL has to pay 12 percent per annum as a late payment surcharge which can now be paid to consumers who would get almost double the interest being offered for fixed deposits.
At the same time, Sran appealed to other consumers of all categories to help PSPCL sustain these difficult times and to avail this golden opportunity to earn extra interest. Make advance payment at PSPCL bill portal — https://billpayment.pspcl.in/, he added.
