CHENNAI: The Tamil Nadu Electricity Regulatory Commission ordered Tangedco on Wednesday to pay 5.7% interest per year on the security deposit collected from the consumers for the fiscal year 2022-23.
In its order, the regulatory commission stated as per Regulation 5(i) of the Tamil Nadu Electricity Supply Code, the rate of interest on security deposit should be determined on the basis of the commission’s direction.
“The interest on the Meter Caution Deposit should be 5.7% as per the Commission’s Order on Non-Tariff Related Miscellaneous Charges. The credit, including interest, available in the accounts of the consumers as of March 31, 2023, must be intimated to the consumers by June 30, 2023, and they must submit a detailed report to the regulatory commission on or before July 31, without fail,” the order added.
According to an official source, the power utility has more than 3 crore customers across the state. A consumer has to pay Rs 300 as security deposit for single phase and Rs 900 for three phase to get connection.