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Showing posts with label Part Withdrawal. Show all posts

February 16, 2016 1 , ,

In case of Joint MIS Account where one of the joint holder dies and the investment in the account(s) is more than the MIS investment limit fixed for single holder. 

 This process involves two steps :
  1. Withdrawal of Excess amount from MIS Account.
  2. Conversion of MIS Joint Account to Single at account level.

Process of Withdrawal of Excess Amount from MIS Account :
  • The user needs to withdraw the excess amount by invoking the menu HCAACTD. 
  • Once HCAACTD is invoked the user needs to enter the date of death of the holder in closure value date and excess amount to be withdrawn in the withdrawn amount field.
  • Once the user goes into the closure details page of the menu HCAACTD, Collect penal flag has to be chosen as ‘No’ and in closure exceptions tab, closure reason code has to be selected as ‘DTCLM’. 
  • E.g. Date of closure when legal heir asks for removal of name of joint holder due to death = 10-10-2013. Date of death - 7-7-2013. So in the closure value date, the user will enter date as 7-7-2013.

Conversion of MIS Joint Account to Single :
  • If the deceased share holder is not the main holder of the account then in the menu CMISAM, the deceased share holder has to be marked as deleted.
  • If the deceased share holder is main holder of the account, then user needs to invoke menu HCCA and change the CIf id of the main holder to that of remaining holder, who would be the main holder in the account. 
  • E.g. CIF A, B and C are joint holder. CIF A dies and remaining holder want to make CIF B as main holder. Then the user will invoke menu HCCA and change the CIF id from CIF A to CIF B. (In Finacle, First Holder is the main Holder)

January 11, 2016 , ,
Important Points :
  • Partial amount could be withdrawn from an account after the completion of fifth Financial years, the balance at the credit at the end of the 4th year immediately preceding the year in which the 50% of the amount can be withdrawn
  • The withdrawal amount should not exceed 50% of the balance that stood to his credit at the end of the fourth year immediately preceding the year of withdrawal or at the end of the preceding year, whichever is lower.
  • However, in the case of extended deposit, the withdrawal amount should not exceed 60% of the balance at the beginning of the extended period.
  • Outstanding balance of loan – against the PPF – will be deducted from the withdrawal amount.
  • Only one withdrawal is allowed in a year.

Ø  Invoke Menu CPWTM for part withdrawal of PPF account

   Now provide all the details as mentioned below :

1.   Function Code : Add
2.   Tran Type : 
    (i) C/NP-Cash Normal Payment [for Cash Payment]  OR
    (ii) T/CI-Customer Transfer [for Cheque payment or Transfer to POSB Account]
3.   Type : N-Normal Withdrawal
4.   Click Go


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