ADVANCE PAYMENT OF Rs. 35 CRORES DEPOSITED – ESTEEMED CONSUMERS OF PSPCL COME FORWARD TO HELP AS WELL AS EARN LUCRATIVE RETURNS BY ADVANCE PAYMENT OF ELECTRICITY BILLS

ADVANCE PAYMENT OF Rs. 35 CRORES DEPOSITED – ESTEEMED CONSUMERS OF PSPCL COME FORWARD TO HELP AS WELL AS EARN LUCRATIVE RETURNS BY ADVANCE PAYMENT OF ELECTRICITY BILLS

PUNJAB STATE POWER CORPORATION LTD 
PUBLIC RELATIONS DEPTT. 
PRESS NOTE, Patiala April 16,2020
In recent days, the banks have reduced the interest rates on Fixed Deposits (about 6% p.a.) as well as on Savings Accounts (about 3.5%). In order to mobilise funds during Corona Pandemic and to help the consumers earn a better rate of return, PSPCL has recently launched a scheme to offers its consumers of all categories to make advance payment towards their estimated electricity bills upto March 2021 to the extent they can through digital modes and earn interest @1% per month on advance payment as per Clause 31.8 of Supply Code, 2014.  Thus consumers will earn interest almost at 12% per annum i.e. double the rate of interest on fixed deposit.
This offer has received a resonating response from consumers of all categories as PSPCL has received advance payment of Rs. 35 Crores in less than a week. Prominent among them, M/s. Oasis Enterprises (Rs. 10 crores), M/s. STELCO Industries Pvt. Ltd. (Rs. 7 Crores), M/s. Veekay Concast (Rs. 5 crores), M/s. Arishudan Ind. Ltd (Rs. 4 Crores) M/s. Vardhman Adarash Ispat Pvt. Ltd. (Rs. 3 crores), M/s. Waryam Steels (Rs. 2 crores) are major contributors. This drive is not confined  only to LS consumers, rather Medium Supply & Small Power Industrial consumers, Commercial Consumers and more than 70 Domestic Consumers have also availed this opportunity to deposit lakh of Rupees as advance payment of bills.
CMD PSPCL Er.Baldev singh Sran  said that the corporation is indebted and grateful to its esteemed consumers who have come forward to deposit advance bills of Rs. 35 Crore at the call of PSPCL. This shall provide much needed liquidity to PSPCL in the hour of crisis of scarce financial resources and also help consumers to earn handsome returns on their deposit.
It is a win-win situation as in case of delay to pay power generators,  PSPCL has to pay  12% per annum as a late payment surcharge which can now be paid to consumers who would get almost double the interest being offered for fixed deposits.
Er. Sran appealed to other consumers of all categories  to help PSPCL sustain these difficult times and to avail this golden opportunity to earn extra interest. Make advance payment at PSPCL bill portal i.e. https://billpayment.pspcl.in/
Issued by PRO/PSPCL, Pstiala
Press note no 19,April 16,2020
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