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

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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).

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.”