FAQs : Security Deposit Related
- Why security deposit is required?
- How is the security deposit required calculated?
- Step 1: Calculation of Average Monthly Bill
- Step 2: Calculation of required security deposit
- Step 3: Additional Security Deposit required / payable
- Does Torrent Power credit any interest against security deposit amount?
Security deposit is required basis the Gujarat Electricity Regulatory Commission (GERC) (Security Deposit) Regulations 2005 and the amendments therein.
As per GERC norms, consumers shall at all times maintain with Torrent Power an amount equivalent to Consumption Charges of three months where bi-monthly billing cycle is applicable or to such charges of two months in the case of monthly billing cycle, as the case may be, as security against any default in payment towards the electricity supplied / to be supplied to him during the period, the agreement for supply of energy is in force: Provided that as and when the bi-monthly cycle is replaced with monthly billing cycle, the licensee shall refund the excess amount if any, over the two months charges estimated at prevailing tariff rate by adjustment against the existing dues or those becoming due immediately thereafter.
Calculation of Security deposit Required:
Average Monthly Bill (A) = Total billed amount in the previous financial year / 365 or the number of days the services has been energized.
SD required as per tariff category =
LT services: Average monthly bill (A) X 3 times
SEP services: Average monthly bill (A) X 2 times
LTMD Services: Average monthly bill (A) x 2 times
HT services: Average monthly Bill (A) x 1.5 times
Additional Security Deposit required / payable = Security Deposit required – Security Deposit held (available against service)
Yes. Torrent Power provides security deposit interest every year and the same is adjusted in energy bill of May or Jun month as per the Gujarat Electricity Regulatory Commission Norms.