Previous Lesson: Finacle Training Lesson 16
Hello and welcome back!
Don't worry we are still
alive. We are busy and we were also on a holiday. That was a much needed break
after 2 years of wrestling with Finacle. We will continue with our lessons from
now. We hope all of you are fine and finacle is not giving much trouble at
office.
We heard some good news
and also some bad news about finacle. Good news is that HTV is working for BO
RD deposits as well. Well at least some time will be saved. The bad news is
that, recent fraudulent activities have compelled our authorities to impose
some restrictions at sub offices. They have give us a list of steps to be
followed to prevent frauds.
Click here to read the full details about steps to prevent frauds.
Click here to read the full details about steps to prevent frauds.
Some important points to
be noted are
1. All freezing and
unfreezing has to be done at HO only
2. All transfers are to
be done at HO only. SOs will collect all the required documents along with KYC
documents. Then they will forward them to HO for transfers.
3. All value dated
transactions whose back value date is more than 3 days will be thoroughly
checked by the auditors.
This will also ease some
burden on SOs. We hope these measures will give some good results. Share your
opinions by commenting.
Now lets get back to our
lessons. We have stopped after learning about how to close MIS/TD/SCSS
accounts. Now let's see how RD closure is done.
RD Account Closure:
There are several cases
in RD account closure. Though the closure itself is easy, the procedure is a
little different for some cases. The cases are as follows.
1. RD Account closure on
Maturity.
2. RD Account premature
closure.
3. RD account closure on
maturity with loan.
4. RD account premature
closure with loan.
5. RD account closure
when an SI exists.
Now let us see each case
one by one.
1. RD Account closure on Maturity.
This is pretty straight
forward. The menu for any RD closure is CRDCAAC. So, invoke the menu and you
will see a screen as shown in the figure below.
In the
above screen, choose function code as Z-Close. Then enter the a/c id and click
on Go. Other fields are not necessary. After Clicking on the Go button you will
get the screen as shown below.
1. In this screen before
doing anything, first click on the check box as shown in the above image.
2. After clicking the
check box, enter closure reason code as the case may be. For most of the
closures, the closure reason code will be NORMAL CLOSURE - NORML only. In case
of claims the closure reason code will be DTCLM - DEATH CLAIM. So choose the
appropriate closure reason code.
3. Then enter repayment
mode as CASH or TRANSFER as the case may be. If you are transferring the
closure proceeds to SB account of the customer, then enter the customer SB
account no in Repayment A/c ID. If you are making payment by RBI cheque then
enter the repayment account id as your SOL ID+0340 ( Office Repayment account
or postmaster account).
That's all click on
Submit button. After clicking the submit button you will get a screen as shown
below.
Finacle will show the
full maturity value as one entry and interest as one entry. So DO NOT ADD
interest again to the first entry shown in this screen.
That's it, verify the
account using CRDOAACV.
Note : If you want to
cancel the closure in any case, you can cancel the closure in CPA login only.
If you are cancelling the closure in Supervisor login, system is not allowing
to close the account and problem is not yet resolved.So keep this point in
mind.
2. RD Account premature closure.
Follow the same steps in
RD account closure on maturity. The procedure is same but there is one point
you should remember.
In the last step of
closure where the closure values are shown on screen, refund of default fee, if
any, is shown as a separate entry. This amount is not included in the closure
amount, so add this amount to the closure value.
Hope you got my point.
3. RD account closure on maturity with loan.
If a customer takes
withdrawal or what we generally call as RD loan, then before closing the RD
account customer must repay the loan amount with interest. Only after paying
the loan amount system will allow the closure of RD account.
Previously in
sanchaypost, system would have shown the net value after deducting the loan
amount and interest. But in Finacle loans are processed differently. We have to
open a new loan account for giving loan withdrawal to customer. So close the RD
account with loan, we have to close this loan account first. Hope you are
following what I'm trying to say.
Before we close the loan
account, we have to make the repayment of loan using the menu HPAYOFF.
Invoke the menu HPAYOFF
and you will get the screen as shown below.
1. Choose function as P-
Payoff Loan amt.
2. Enter A/c id ( RD loan
account number will be 11 digits {RD ac no+1 eg. 30189252731}
3. Select Transaction
Type as C/Cr - Cash Receipt if customer is paying off loan amount by cash, or
Select Transaction Type as T/CI - Transfer Customer Induced if customer is
paying off loan amount by SB cheque.
Its better not to accept
bank cheques for paying off loan amounts. Because interest will change after
10th of every month. So to avoid such confusions better not accept bank
cheques.
4. Click on GO.
After clicking on GO You
will get a new screen. In the screen you will see the pending loan amount and
interest.
Click on CREATE
TRANSACTION button. System will show loan amount along with interest amount.
Click on Submit.
5. Verify using the same
menu.
After doing the payoff
transaction we have to close the loan account. To close the loan account invoke
the menu CAACLA and follow the below steps.
1. Choose function as
close.
2. Enter RD loan account
id.
3. Click on GO
4. Click on SUBMIT.
That's it. Then verify
using the same menu.
This is how we close RD
loan accounts. Only after the closure of loan account, actual RD account can be
closed.
After closing the loan
account, you can follow the steps in RD Closure on maturity to continue closing
of RD account.
Most of the times
customers do not make loan amount payment, but the request us to deduct the
loan amount from closure proceeds itself. Finacle will not deduct loan amount
from actual RD account closure proceeds.
In this situation what we
have to do is, make the PAYOFF transaction by choosing transaction type as Cash
Receipt and close the loan account.
Later while closing the
actual RD account, make payment either by cash or by transferring closure
proceeds to SB account only. Don't give RBI cheque in this case. If you are
making payment by cash, deduct the loan amount along with interest and make
payment. If you are transferring closure proceeds to SB account of the
customer, then don't forget to collect withdrawal voucher for loan amount plus
interest from the customer beforehand. After transferring the closure proceeds
to SB account of the customer, make the withdrawal for loan amount from SB
account of the customer.
I hope you got my point.
4. RD account premature closure with loan.
Follow the same steps in
RD account closure on maturity in this case also. For premature closure of
account with loan, system will deduct the loan amount and shown the balance
amount on screen. Also remember if any RDF is due it should be added to the
closure amount.
In case of premature
closure of RD, loan withdrawal is treated as normal SB withdrawal and hence no
loan interest. Hope you got my point.
5. RD account closure when an SI exists.
If SI exists for RD
finacle will not allow closure of such accounts. What we have to do is first
delete the SI. To delete the SI follow the below steps.
1. Invoke the menu HSSIM
2. Choose the function as
Delete
3. Enter SI Srl No ( if
you don't know the SI no click on the searcher beside it and enter rd account
number and click on submit. You will get SI no. Note it down and click on it.
4. Click on GO
5. Click on Submit.
Verify using the same
menu.
In case if there are
multiple accounts of RD in single SI, then don't delete the SI. Modify the SI
and remove the RD account which you are closing.
After deleting or
modifying the SI as the case may be, just follow the closure steps in RD
closure on maturity and close the account.
So these are the various
cases in RD account closures.
Hope you have understood
the procedure in detail.
As always don't forget to
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Next Lesson: FinacleTraining Lesson 18