Process of PPF Account Closure in DOP Finacle

There is no need to make the balance as zero before closure in PPF accounts.

PPF Closure (without loan)

a)     Counter PA has to invoke HCAAC menu for closure.

b)    Interest for current financial year will be calculated and posted in the PPF account.

c)     System generated transaction ID will be created.

d)    Supervisor has to verify the account closure using HCAAC menu.

e)     In some cases, when the supervisor tries to verify the account closure, if the Tran ID (generated in step 3) is in Entered state, then the error message ‘Pending verification exists for the account’ will be displayed.

f)     Tran ID if not noted down in step 3, it has to be obtained from HFTI menu by selecting the transaction status ‘Entered’  (Tran ID generated against the PFF account number will be shown).

g)    In Counter PA login, in HTM – Modify option, this Tran ID is to be posted.

h)     In Supervisor login, in HTM, this Tran ID is to be verified.

i)      After verification of the transaction, in HCAAC menu, the closure has to be verified.

PPF Closure (with loan)

a)     Counter PA has to invoke loan repayment using CPDTM menu.

b)    Supervisor has to verify the transaction in CPDTM menu.

c)     CLPR menu (PROCESS) has to be invoked by Supervisor for processing loan account.

d)    Then, HACINT is to be invoked by CEPT team (at present). On invoking this, the interest for loan account is calculated and posted in PPF loan account.

e)     The loan interest has to be paid through CPDTM menu again, if the PPF account is not a matured account.

f)     The loan interest has to be recovered through CPWTM menu, if the PPF account is a matured account.

g)    Closure of loan account has to be invoked using HCAAC by counter PA.

h)     Closure has to be verified by Supervisor using HCAAC menu.

i)      For closing PPF account, the procedure for closure of PPF account without loan has to be followed.