Introduction
Interest is levied from the consumer if the consumer fails to make the payment for the bill raised before a specified due date. The consumer has to make the full payment before due date to avoid interest charges. The number of days after which the interest is applicable should be configurable at the ULB level.
Interest rate: Interest rate on a daily basis can be levied on
Entire bill amount
Balance pending when partial payments have been made
Data Table
Sr. No. | *Interest based on (Bill amount/Balance pending) | *Grace Period (days) | *Interest rate |
|---|---|---|---|
1 | Balance Pending | 15 | 5 |
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Note: Data given in the above table is a sample data.
Procedure
Data Definition
Sr. No. |
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Column Name | Data Type | Data Size | Mandatory | Description | |
|---|---|---|---|---|---|
1 | Grace period | Integer |
| Yes | After the bill is generated, certain days are provided to the citizen for making the payment |
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2 | Interest based on |
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NA |
| Yes | Interest can be levied on either bill amount or balance pending, if partial payments are made against the bill. | |
3 | Interest rate |
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Decimal |
| Yes | Time based Interest percentage |
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How to fill data
Download the data template attached to this page.
Get a good understanding of all the headers in the template sheet, their data type, size, and definitions by referring to the ‘Data Definition’ section of this document.
In case of any doubt, please reach out to the person who has shared this template with you to discuss and clear your doubts.
Get information about the type of interest calculation logic that is followed
Get information about the grace period
Get information about interest percentage and what is interest based on
Validation
Interest should only be applicable after the grace period is over
This data should be collected at ULB level
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Verify the data once again by going through the checklist and making sure that each and every point mentioned in the checklist is covered.
Checklist
The checklist is a set of activities to be performed one the data is filled into a template to ensure data type, size, and format of data is as per the expectation. These activities have been divided into 2 groups as given below.
Common Checklist
This checklist covers all the activities which are common across the entities.
Sr. No. | Checklist Parameter | Example |
|---|---|---|
1 | Make sure that each and every point in this reference list has been taken care of. |
Entity Specific Checklist
This checklist covers the activities which are specific to the entity.
Sr. No. | Checklist Parameter | Example |
|---|---|---|
1 | Interest based on logic needs to be clear. Whether it is based on bill amount or pending amount | Interest based on balance pending |
2 | Data should be collected at state level as it affects the calculation logic | Interest percentage = 10% (State level) |
Attachments
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