The Chattisgarh State Power Distribution Company limited (CSPDCl) is offering 9 per cent interest on the security deposit collected from each consumer. The interest on the security deposit is credited into the account of the consumer, said company’s Executive Director (O&M) HR Narware. Narware said that the security deposit is being taken from the consumers as per the provisions of the Electricity Act. The security deposit is equal to the two months bills of the consumer. It is kept in the company’s account as deposit.
The company offers 9 per cent interest rate on the deposit which is equal to the interest offered by banks on fixed deposits and double the interest offered in savings account, said Narware In case a consumer fails to deposit the bill and faces disconnection, the bill amount is adjusted from the security deposit. The security deposit is calculated from the average annual electricity consumption of a consumer and the amount is equal to 60 days electricity bill of the consumer.
The company has also offered to deposit the security deposit in installments for convenience of the consumers. Narware said that the security deposit is increased according to the increased electricity consumption by the consumer and only additional amount is taken in proportion to the increased electricity consumption.
He clarified that advance security deposit is charged by all power companies of the country with objective to recover the amount from consumers in case of disconnection to avoid financial loss.
