Customers earn interest on EFL security deposits
October 14, 2021 4:10 pm
Energy Fiji Limited has started paying interest on security deposits held in customers’ accounts as of the last quarter of 2019.
EFL in an email to customers has confirmed the Fijian Competition and Consumer Commission gave approval for the interest payments in August this year.
The utility states four remittances have been done for every quarter since 2019 for all customers electricity account.
The interest amount is determined using the Commercial Banks Lending and deposit rates approved by the RBF.
EFL adds the payments are in accordance with Section 20 subsection three of the Electricity Act.
Under the Income Tax Act, EFL deducts a 10% withholding tax before the payments are deposited in customers’ electricity accounts.
It has so far made payments up to the third quarter of 2020.