Advance payment plan nets Rs 18crore for CESC

Christened CRES - for convenience, returns and security - the scheme has been accepted by a particular group of consumers comprising senior citizens, professionals and non-resident citizens.

Bhaskar Roy Chowdhury, executive director (finance), said the scheme received good response as it offered win-win situations for both company and consumer.

"A consumer stands to earn 11.5 per cent on his outstanding amount. The rate is comparable with the highest paying assured income schemes. In addition, the consumer can avoid the hassle of standing in queue. The company gains from advanced payment as the interest outgo is nearly two per cent less than comparable instruments including over drafts," he said.

Dilip Sen, executive director, said considering the target group of the scheme, the mobilisation so far was good.

"Out of 20 lakh subscribers, CESC has 75,000 customers having monthly consumption of 300 units. Of this, 11,000 customers applied for the scheme which speaks for its acceptance," he pointed out.

The rate of renewal was also very high, he added. The minimal advance for the open-ended scheme is Rs 5,000.

The maximum of 60 times of the previous monthly bill or Rs 5000, which ever is higher, can be accepted as advance payment. Tata Consultancy Service has been appointed as service provider of the scheme.