1. (My Home)Why do I need to pay a deposit when I open an electricity account?
  2. (My Home)How is the amount of deposit determined?
  3. (My Home)Why is the assessment of the amount of deposit based on 60 days of electricity charges?
  4. (My Home)Will your company pay interest on my deposit? How is the interest rate determined?
  5. (My Home)Will the customers who join Autopay be exempted from requests for additional deposit?
  6. (My Home)When will my deposit be refunded?
  7. (My Business)Why do I need to pay a deposit when I open an electricity account?
  8. (My Business)How is the deposit amount determined?
  9. (My Business)Why is the assessment of the amount of deposit based on 60 days of electricity charges?
  10. (My Business)Will your company pay interest on my deposit? How is the interest rate determined?
  11. (My Business)When will my deposit be refunded?

1. (My Home)Why do I need to pay a deposit when I open an electricity account?

Since customers are billed after using electricity for a period of time, a deposit is therefore required as security for the account. When an account is terminated, the deposit will be used to offset any amount outstanding. As stated in our Supply Rules, the amount of deposit will not exceed the highest 60-day electricity charge for an account.

2. (My Home)How is the amount of deposit determined?

We normally request a deposit for an account equal to 60 days electricity charge. For new customers, as we do not have actual electricity usage records yet, the amount of deposit is initially assessed based on the area of the premises ($500 for Public Housing Estates). However, we will from time to time review the amount of deposit with reference to the actual electricity usage.

3. (My Home)Why is the assessment of the amount of deposit based on 60 days of electricity charges?

Residential customers are billed bi-monthly after using electricity for 60 days. Should electricity supply be disconnected as a result of overdue bills, customers would have used electricity for a further period of more than 30 days since billing (because of the time allowed for payment and follow-up), cumulating in a total credit period of more than 90 days. A deposit calculated on the basis of the charges for 60 days may be only just sufficient to cover the billed electricity charges.

4. (My Home)Will your company pay interest on my deposit? How is the interest rate determined?

The company will pay interest on cash deposits. The interest rate is based on HSBC's Savings Rate for savings accounts with balances of $10,000 - $149,999. Interest is paid annually and credited to the first bill after 30th June each year. Interest will also be credited to the final bill when an account is terminated.

5. (My Home)Will the customers who join Autopay be exempted from requests for additional deposit?

Residential customers who join Autopay are exempted from paying additional deposit because we aim to provide our customers with an economical option and a convenient means to make timely payment. However, if there are late payment records after a customer has joined Autopay, the deposit will still be subject to review.

6. (My Home)When will my deposit be refunded?

We will refund you the remaining amount of deposit after deducting any outstanding electricity charges. If there is no outstanding electricity charge on the final bill, the full amount of deposit will be refunded to the registered customer.

7. (My Business)Why do I need to pay a deposit when I open an electricity account?

CLP bill's in arrears and based on actual consumption. We request a deposit in order to provide security for the electricity supplied in the first and last month of service. When an account is terminated, the deposit is used to offset any outstanding charges. As explained in our Supply Rules, the amount of deposit will not exceed the highest 60-day electricity charge for an account.

8. (My Business)How is the deposit amount determined?

A deposit request is usually equal to 60 days worth of electricity charge. Since there are no records for new customers, the amount is initially assessed based on the loading and the business type. However, we will from time to time review the amount of deposit with reference to the actual electricity usage.

9. (My Business)Why is the assessment of the amount of deposit based on 60 days of electricity charges?

Business customers are billed monthly after using electricity for 30 days. Should the electricity supply be disconnected as a result of overdue bills, an extra 30 days or more of supply may have been used, taking the total amount to more than 60 days. Accordingly, a deposit calculated on the basis of the charges for 60 days may be only just sufficient to cover the billed electricity charges.

10. (My Business)Will your company pay interest on my deposit? How is the interest rate determined?

The company will pay interest on cash deposits. The interest rate is based on HSBC's Savings Rate for savings accounts with balances of $10,000 - $149,999. Interest is paid annually and credited to the first bill after 30th June each year. Interest will also be credited to the final bill when an account is terminated.

11. (My Business)When will my deposit be refunded?

We will refund you the remaining amount of deposit after deducting any outstanding electricity charges. If there is no outstanding electricity charge on the final bill, the full amount of deposit will be refunded to the registered customer.

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