PSPCL consumers deposit advance payment of `35 cr

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.