Water Interest Rates

Owned by Aditya K
Last updated: Aug 04, 2020 by Anjoo Narayan
2 min read

Introduction

Interest is levied from the consumer in case the consumer fails to make the payment of the bill before the specified due date. The consumer has to make the full payment before the due date to avoid interest charges. The number of days after which the interest is applicable is configurable at the ULB level. Interest Rates are calculated essentially on a daily percentage basis.

The interest rate on a daily basis can be levied on -

  1. Entire bill amount

  2. Balance pending when partial payments have been made

Data Table

Sr. No.

*Interest based on (Bill amount/Balance pending)

*Grace Period (days)

*Interest rate (%)

Sr. No.

*Interest based on (Bill amount/Balance pending)

*Grace Period (days)

*Interest rate (%)

 1

Bill Amount

15

5

Note: The table above contains sample interest rate data.

Procedure

Data Definition

Sr. No.

Column Name

Data Type

Data Size

Mandatory

Description

Sr. No.

Column Name

Data Type

Data Size

Mandatory

Description

1

Grace period

Integer

2

Yes

After the bill is generated, certain days are provided to the citizen for making the payment

2

Interest based on

Text

64

Yes

Interest can be levied on either bill amount or balance pending if partial payments are made against the bill.

3

Interest rate

Decimal

(3,2)

Yes

Time-based Interest percentage

Steps to fill data

  1. Download the data template attached to this page.

  2. Refer to the ‘Data Definition’ section of this document to learn more about the template sheet, data type, size, and definitions.

  3. Please reach out to the person who has shared this template with you to discuss and clear your doubts.

  4. Enter the Grace Period.

  5. Select the relevant Interest based On parameter.

  6. Enter the Interest Rate.

  7. 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 contains a set of activities to be performed once the data is filled into a template to ensure data entry requirements are met. 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

Sr. No.

Checklist Parameter

Example

1

Make sure that each and every point in this reference list has been taken care of.

Checklist

Entity Specific Checklist

Separate Entity Specific Checklist is not required for this module data.

Attachments

  1. Configuration data template - Interest rate

2. Sample configuration data - Interest rate