RD Issues
(i) RD Premature Closure when requested within 3 years
Counter PA
should be careful while closing RD account. System will THROW EXCEPTION
if the RD account is closed within the lock in period and if exception
is accepted, it will allow premature closure. Therefore, Counter PA
should not accept the EXCEPTION and should not proceed further. If
EXCEPTION is accepted, Counter PA will be responsible for closure.
(ii) Death Closure of RD products
During closure
of RD once the customer dies, the user will have to update Date of death
in CIF after marking as "Deceased" and then invoke the menu CRDCAAC and
select death closure as ‘Yes’ and then select whether PSS closure is
applicable or not. Date of death will automatically be taken from CIF.
(iii) Is it possible to waive the default fee for defaulted RD accounts in Finacle?
Solution: No. Finacle will automatically calculate the default fee. It is not possible to waive the default fee.
(iv) Can RD accounts be extended?
Solution:
Extension is automatic in Finacle on the day of maturity. On the day of
maturity, during EOD, eligible RD accounts where 60 months intallments
are deposited will be extended for a further period of 60 months. If
any account is missed, it can also be extended manually using PRDCM menu
(v) Can the maturity date deferred
Solution:
Customer has the liberty to have maximum of 4 defaults on the day of
maturity. Maturity date can be deferred equivalent to the number of
defaults using the menu PMDDRD(Maturity Date Deferment for Recurring
Deposit). During the deferred period, defaults deposits can be paid
without default fee.
(vi) In case if there are cases of default and rebate in account, cheque should be prepared for what amount.
Solution: In
case if the monthly deposit is Rs.1000/- and there is a default of
Rs.10/- (one month default) and the customer is to pay for 7 monthly
deposits to get rebate of Rs.100/-. Total cheque amount should be
Total 7 months deposit – 7 x 1000 – Rs.7000
Default - Rs.10
Rebate - Rs.100
Total cheque amount - 7000+10-100=6910
(vii) Is it mandatory to open RD Loan account separately for taking half withdrawal
For Half
Withdrawal, RD Loan accounts needs to be opened in Finacle.
Corresponding RD account will be collateral for this RD Loan account. RD
Loan account number will be the same RD account number but suffixed by
“1”. If RD Loan Principal is outstanding during migration, RD Loan
account will be created automatically.
(viii)
Whether RD Loan account number will be created during migration if RD
PRINCIPAL IF FULLY PAID and Interest is pending or partially paid
No. RD Loan
account will not be created if the RD Loan Principal is fully paid. For
RD Loan interest, LIEN will be marked for the corresponding RD account.
Before closure, LIEN amount should be collected and LIEN to be removed
by invoking the menu HALM.
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(ix) Can the RD account be closed without closing the RD Loan Account?
No. RD accounts cannot be closed without closing the Loan account as this RD is marked as COLLATERAL for the RD Loan accounts.
(x) Can the RD account be transferred without transferring the RD Loan account?
solution -RD Account can be transferred only when loan account is closed.
(xi) What is the Procedure of RD account closure when RD Loan was taken?
Premature Closure
Invoke the RD
Closure menu CRDCAAC from Operator Login. System will automatically
deduct the RD Loan amount and interest will be calculated on SB Rate of
interest as per rule. Loan interest will not be calculated. RD Loan
account balance will become 0 but will not be closed. Loan account with
Zero balance should be remained as it is and not closed. No need to
invoke HLAUPAY or HPAYOFF for repaying the Loan amount.
On Maturity
RD Loan amount
should be adjusted before closing the RD account. Invoke the menu
HPAYOFF (Loan Pay Off Process) to pay the pending principal along with
interest. Interest will be calculated at the prescribed rate. Total
amount displayed to be collected from the customer. In case of transfer,
select the repayment account of customer or office account from where
the loan amount is adjusted. Supervisor need to verify the same. Invoke
the menu HCAAC to close the RD Loan account and verify the same. Invoke
the menu CRDAAC to close the RD Account.
(xii) Can the loan amount be less than 50% of sanctioned amount?
While opening
Loan Account invoking menu CAOLARD, 50% of RD balance will be
sanctioned. But the operator has the option to modify (reduce) the
sanction amount but the amount should be in multiples of Rs.5/- but
sanctioned amount cannot be increased. LARDD menu to be invoked to
disburse the loan amount.
(xiii) Is it mandatory that RD Loan amount to be accompanied with RD monthly deposit?
No. As per
existing rule, RD Loan cannot be made without depositing the monthly
deposits. But, in CBS Post Offices, since RD Loan is separate account in
Finacle, system will allow you to pay only the RD Loan amount without
paying the monthly deposits.
(xiv) Will system allow Loan / Half withdrawal in extended period?
Yes. As per
rule, only one Half withdrawal ie Loan is allowed in the entire life
term of RD account ie 60 months if the account satisfies the eligibility
conditions.
(xv) Why Default fee is displayed even after paying the current month deposit?
This is common
complaint made by Post Offices. In Finacle there is no concept of “PAID
FOR THE MONTH OF” like in Sanchay Post. From account open date to
current month, number of months will be calculated and if the number of
months paid is less than the number of months to be paid, then system
will consider it as DEFAULT. In case if there are gaps in between ie
intermittent gaps in sanchay post ie for eg - 3 intermittent defaults,
Finacle will push all the deposits and last three months will be shown
as default even though the current month deposit has been made.
Therefore, ask the customer to pay first for the defaulted month.
(xvi) How Default fee is calculated in Finacle?
In Finacle
Default fee will be calculated as per the new Default Fee structure as
per recently modified rate ie 5 paisa for every 5 rupees and Re.1/- for
Rs.100/- deposit instead of Rs.2/-
(xvii) Can the current month deposit be paid without paying the defaulted instalment or without paying the default fee?
No. Current
month deposit cannot be paid without paying the defaulted instalment.
Default fee also cannot be waived. Only in case of Maturity deferred
cases, defaulted instalments can be paid without default fee in the
deferred period.
(xviii) Error “A time stamp error occurred” during RD account closure?
This is
happening due to Verification pending for some modification made in the
respective account. Verify the account by invoking the menu CRDACM by
supervisor and then proceed for closure.
(xix) Error “Parent record does not exist for the record 0000123456” during bulk posting by invoking the menu HAGTXP.
This happening due to following reason:-
When single cheque is given for multiple RD accounts,
(a) cheque number will be available in first record under the field “CHEQUE NO. FOR RD INSTALMENT” in HAGTXP menu.
(b) For all other accounts linked to this cheque, the cheque number will be available in the field “CHEQUE Remarks”
(c)
Ready for Posting flag should not be removed for the record which has
“Cheque No. for RD instalment” (a) If this record is removed, balance
records will fail with above error.
Solution
The above error
occurs when the balance is not zero for the loan account. This means
that payoff has not been done for the account. Please complete the
payoff process and then close the loan account
This error will be thrown in offices migrated in the middle of the month. (ie on or after 2nd)
In case of Loan Disbursement or Loan Repayment, the value date will be automatically changed to 01st of the month as interest is calculated from the 1st of the month for loans. As Cash account of that office will not be available as on 1st (since
the office has migrated in the middle of the month) this error is
thrown in Supervisor while verification. This error will be thrown only
in the month of migration and from 2nd month cash mode can be used for repayment or disbursement.
Workaround to overcome this error
“In case of
Loan disbursement – Instead of Cash (even if it is below Rs.20,000)
select Transfer and show RD Loan Disbursement office account (Account
number ending with 323) and pay by cheque or cash from this office
account. ( CTM menu is to be used for this )
In case of Loan
repayment – Instead of repaying through cash accept loan repayment
through Transfer. Transfer can be from RD Loan Repayment office Account
(Account number ending with 323) or SB account of customer (if
available) (CTM Menu to be used for this).
(xxii) Why RD SI executing after EOD of 15th?
While
configuring standing instructions of SB to RD, option should be selected
as (B) i.e. After change of Date. Otherwise, SI execution will happen
after EOD of 15th.
(xxiii) How to execute RD Trial Closure:-
For invoking
Trial Closure of RD account, user has to invoke CRDAAC menu. Select,
trial closure and go to HPR to see amount to be paid after closure.
Customer should
be told about the amount of interest and if he agrees, fill up amount
in SB7A and get the signatures of customer on receipt portion. After
that, actual closure should be invoked.
In case, SB7A
is received from BO alongwith Passbook for sanction, amount of principle
and interest should be entered on the Warrant of Payment Side under
signatures of APM/SPM and a remark on the top of the SB7A should be
written as "Sanction Valid till last working day of the month only".
Other procedure as laid down in BO Procedure document should be followed
(xxv) Issue Reported : When the user tried to invoke HAGTXP menu in Modify mode, an error is displayed as“Invalid Agent Type and Scheme Code Combination”.
Solution : SAS
type of Agents do not have access to post RD bulk posting. The Agent
Type for that particular Agent ID needs to be modified as either PRS or
MPB in HDSAMM menu. Post this modification, user will be able to do
posting in HAGTXP menu. Appropriate Agent ID need to be modified as the commission structure differs for both.
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