JPS Paid Interest on Deposits in First Quarter – Deposits to be brought in line with average month’s use


April 8, 2021

JPS is pleased to inform that it has paid the annual interest on customer deposits, in the just concluded first quarter of 2021. This was reflected as a deduction on January bills. The payout was at the Bank of Jamaica Treasury Bill rate, which at the time of disbursement was 1.909%. All customers who open a JPS account pay an initial deposit for the service.

While it is likely that many customers may have forgotten that they paid a deposit upon taking out the service, the company has always abided by the practice of paying interest, as far back as the late 1960s. Interest is paid either in the first quarter or last quarter of the year.

Deposits Being Brought in Line with Average Monthly Usage

The Company is also at this time, bringing customer deposits in line with the average monthly bill of $6,000 for residential customers. The deposit for Rate 20 (small commercial customers) will be set at a minimum of $10,000. This will only apply to: new accounts being opened as of April 15, 2021; delinquent accounts; and accounts which are disconnected two times or more in the last 12 months. Persons are therefore encouraged to avoid disconnection, and the associated deposit upgrade, which is designed to help cover outstanding debts they may accrue.

JPS is also pleased to introduce a deposit refund, giving good paying residential customers, (demonstrated by paying the last 24 months’ bills on time and in full), the option to apply for the refund of their deposit. The Company is also reminding customers that prepaid service, for which no deposit is required, is available to all residential and small commercial customers, and represents an excellent energy management tool.

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