Power consumers to get interest on security deposit

According to an order issued by UP Power Corporation Ltd (UPPCL) management on Monday, approximately three crore power consumers in Uttar Pradesh will receive interest on their security deposits for the year 2021-22.

Around three crore power consumers in Uttar Pradesh will get interest on their security deposit for the year 2021-22, according to an order issued by the UP Power Corporation Ltd (UPPCL) management here on Monday.

The amount will be adjusted in consumers’ bills to be issued between April and June. (FOR REPRESENTATION PURPOSE)

“The annual interest on security deposit will be paid at the rate of 4.25% for the year 2021-22,” said an order issued by UPPCL managing director Pankaj Kumar.

The amount will be adjusted in consumers’ bills to be issued between April and June.

Welcoming the order, UP Rajya Vidyut Upbhokta Parisahd chairman Avdhesh Kumar Verma said it was for the first time in 15 years that UPPCL had issued any order providing interest on consumers’ security deposit.

“The total security deposit with UPPCL is around ₹3,665 crore and it will have to pay ₹156 crore as interest on the same this year alone,” he pointed out.

He urged consumers to check whether they got the interest in correct proportion to the amount they paid as security deposit while taking electricity connection.

“For a domestic consumer, the security deposit is ₹300 per kw and he/she should get ₹12.75 per kw if the interest is paid at the rate of 4.25% annually,” Verma pointed out.