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.
