E-Paper
Consumers make Rs 35-crore advancepayments to PSPCL to earn 12% interest
Of this amount, Rs 31 crore has been deposited by half-a- dozen cash-rich industrial houses
PATIALA
Amid reduced interest rate on saving accounts and fixed deposits in banks, consumers have deposited over Rs 35 crore to the Punjab State Power Corporation Ltd (PSPCL) in a week as advance payment of estimated electricity bills, upon which the PSPCL will give them 12% interest per annum.
Of this amount, Rs 31 crore has been deposited by half-a- dozen cash-rich industrial houses
The banks recently reduced the interest rates on fixed deposits (around 6% pa) and on savings accounts (around 3.5%).
The PSPCL recently launched a scheme offering its consumers 1% monthly interest if they make advance payment towards their estimated electricity bills up to March 2021 through digital modes. Thus, consumers will earn 12% interest per annum, almost double the rate of interest on fixed deposits.
A PSPCL spokesman said the corporation has received a “resonating response” from consumers as the corporation has received advance payment of Rs 35 crore.
Among the major contributors are M/s Oasis Enterprises (Rs 10 crore), M/s Stelco Industries Pvt. Ltd. (Rs 7 crore), M/s Veekay Concast (Rs 5 crore), M/s Arishudan Industries Ltd (Rs 4 crore) M/s Vardhman Adarash Ispat Pvt. Ltd. (Rs 3 crore) and M/s Waryam Steels (Rs 2 crore).
PSPCL chairman-cum-managing director (CMD) Baldev Singh Sran said the corporation is grateful to its consumers who have come forward to deposit advance payments. “This will provide much-needed liquidity to PSPCL in this crisis of scarce financial resources and also help consumers to earn handsome returns on their deposit.”
Sran appealed to other consumers to help PSPCL sustain through these difficult times by availing this “golden opportunity to earn extra money by making advance payments.”
