Question

interest on security deposit from electricity consumers
1. is not payable
2.is payable as bank rate or more as prescribed
3.is payable only at bank rate
4.may be paid at a rate lower than the bank rate​

Answer 1

The correct answer is OPTION 2. is payable as bank rate or more as prescribed

• As a condition of service, the power board requires a security deposit.
• Monthly billing refers to customers who are billed once a month.
• The Security Deposit is the equivalent of two months' worth of electric bills.
• After the energy is created, the electricity bills are paid.
• Customers pay a security deposit on their bills to prevent the power board from losing money.
• A late fee will be imposed if a customer does not pay their power bill after receiving notification and warnings.
• Their security deposit will be deducted from their account, which will be equal to their monthly power payment.