Change the Name of Guardian for SSA Account - Clarification on SB Order No 03/2016
Change the Name of Guardian for SSA Account - Clarification on SB Order No 03/2016
Articles by "SSA"
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Premature Closure of SSA Account in Post Office
Sukanya Samridhdhi Account - SSA Account Closing procedure in Post Office before maturity / Death of Account holder
SSA Account can be closed before maturity by the competent authority only in the following circumstance 
Premature closure of account .-
(1) In the event of death of the account holder, the account shall be closed immediately on production of death certificate issued by the competent authority, and the balance at the credit of the account shall be paid along with interest till the month preceding the month of premature closure of the account , to the guardian of the account holder.
(2) Where the Central Government is satisfied that operation or continuation of the account is causing undue hardship to the account holder, it may, by order, for reasons to be recorded in writing, allow pre-mature closure of the account only in cases of extreme compassionate grounds such as medical support in life threatening diseases, death, etc.
Parent or Guardian is unable to continue the account in the event of death of account holder
Important Instruction for Opening of Account and Subsequent Deposit by Other Bank Cheque in Finacle - Outward Clearing New Procedure
This is regarding streamlining the transactions in office accounts 0382 (For opening of account and subsequent deposit by other Bank Cheque) and 0017 (CLEARING DR. A/C. OUTWARD CLEARING). This streamlining process is to resolve the below issues
1. 0017 office account is used both for outward clearing (by system) and subsequent deposits including RD agent transactions .
2. Several offices are not following cheque clearing process properly and debits for new account are made without proper credits resulting in huge debits in office account (0382).
New Procedure to be followed :
1. Cheques for New account Opening and Subsequent deposits should be lodged in office account 0382 ONLY (For opening of account and subsequent deposit by other Bank Cheque); from 01/01/2019 onwards. Cheque lodging will be allowed only in 0382.
2. Office account 0017 will be accessed by SYSTEM only for cheque clearing operations wef 01/01/2019
3. Balances in office account 0382 should always be 0 or in credit. Validations are to be deployed for not allowing DEBITS in office account 0382 if the balance of the account is in DEBIT. As part of this activity, debit balances in this office account (0382) will be nullified to zero after 15/01/2019. Henceforth, debit from this office account cannot be done if sufficient balance is not available. Suitable instructions to be issued to POs for following cheque clearing process correctly to ensure that necessary credits are available in 0382 office accounts before debiting. Further, circles should ensure that reconciliation in 0382 office account is completed and debit balances are tallied against necessary cheque clearance and the same is accounted in daily account. This exercise should be completed by all circles. Discrepancies if any to be reported immediately.
4. Credits into 0382 will be only through cheque clearing and transfer could not be done from other office accounts. It is observed that some POs are debiting from other office accounts for crediting into 0382. Necessary validations are built to restrict credit from other office accounts and debit in this office account without credits.
5. As interim procedure, offices can continue to debit 0017 for a period of one week (till 07/01/2019), during which all cheques lodged in 0017 prior to above configuration changes will get cleared and credited into customer accounts.
6. Amount credited through clearing in office account 0382 upto 15/01/2019 should be utilised latest by 15/01/2019 itself, for account opening/subsequent deposits. Once the balance is made zero in the offices where 0382 is in debit balance, further debiting will not be allowed.
Configuration change along with deployment of patch :
0017 office account will be restricted for debit: Only 0382 will be allowed as debit account in all the account opening menus and CRDP / CPDTM; 0017 office account cannot be debited from 08/01/2019.
Configuration change related to HAGTXP: This will be done for handling debit transactions through agent portal to 0382 office account instead of 0017 office account. [proposed to be done from 08/01/2019]. The cheques cleared in 0382 during the preceding week have to be kept pending for processing till 07/01/2019. Hence all the agent cheques which got cleared from 01/01/2019 to 07/01/2019 need to be kept pending for processing till 07/01/2019. Only from 08/01/2019, Cheque bulk list where credits are available in 0382 can be processed.
0382 office account can be used for account opening and subsequent deposits (except Agent bulk) from 01/01/2019 to 07/01/2019. Agent bulk list where cheques got cleared for the above period to be kept pending till 07/01/2019.
Exception handling: Any cheques lodged in 0017 upto 31/12/2018 and cleared after 07/01/2019, will be handled separately by allowing transfer between 0017 & 0382 for the specific SOLs . This will be done after receipt of mail from concerned circle CPCs. This process is only for clearing backlog cheques if any.
Following will be the status of accounts, on successful completion of the above configuration / operational changes:
0017 will be used for clearing operations only; this office account at SOs (non-clearing offices) will not be getting any transactions.
0382 will be either in credit or zero balance.
The balance amount transferred from 0017 to 0382 office account, will have supporting transactions in 0382 ledger which can be audited separately to check whether cheques for these amounts were cleared manually instead of processing through zone operations. A report will be provided to circles with details of office account and amount of debit cleared for reconciliation. Circles can use this report for reconciliation to ensure that debits have been accounted in their daily account/summary.
The debit transactions in 0017 other than clearing transactions, can be audited by circles separately to check whether cheques for these amounts were cleared manually instead of processing through zone operations.
Any clarification on the above may be referred to helpdesk.cbs@indiapost.gov.in
SB Orders Compilation in Category Wise [Department of Posts]
Post Office Saving Bank Orders Compilation - India Post
Full compilation of SB orders category wise.
Done by Shri. N. Prasanna, Villupuram HPO
Sukanya Samridhi Account vs Fixed Deposit vs Public Provident Fund: All you need to know
Fixed deposit, PFF and Sukanya Samriddhi scheme are all debt investment instruments. If you are planning to invest for your child's education, here is a comparison between Sukanya Samriddhi Scheme, PPF and FD.
Over the last decade, the cost of living has shot up significantly. Education especially has become way costlier than how it used to be about 10 years ago. A few years back parents' savings were enough to fund their child's education but now parents need advance planning, savings and investment to make sure that have enough money for their child to receive the best education possible.
For years, parents have relied on fixed deposits (FD) to raise money for their children's education but there are other investment instruments available like the Sukanya Samriddhi Yojana and PPF. Fixed deposit, PFF and Sukanya Samriddhi scheme are all debt investment instruments, which means that they are risk-free.
If you are planning to invest for your child's future, here is a comparison between Sukanya Samriddhi Scheme, PPF and FD.
Sukanya Samriddhi Scheme: Sukanya Samriddhi Yojana (SSY), is a small savings scheme, launched by the Government of India in January 2015 for girl children. This government-backed scheme helps parents of girl children build a corpus for the future education and marriage of their daughter.
Interest rate: Interest rate offered in Sukanya Samriddhi account is decided by the government and is notified from time to time by the Finance Ministry in every quarter. Currently, 8.5 per cent interest rate is provided on these accounts for the December quarter.
Lock-in period: It has a long lock-in period of 21 years from the date of opening the account.
Tax Benefits: It offer EEE tax benefit which means that the contribution, the interest earned and the maturity proceeds are exempted from tax under Section 80C of the Income Tax Act.
Eligibility: It is only for girls below 10 years of age. Only one account can be opened in the name of one girl child. Parents can open maximum two Sukanya Samriddhi accounts.
Contribution: A minimum deposit of Rs 1,000 is required to be made every year in Sukanya Samriddhi Account while one can deposit a maximum of Rs 1.5 lakh every year into this account.
Withdrawal: Premature withdrawal can be made once the girl child attains the age of 18 years. Up to 50 per cent of the balance standing at the end of the preceding financial year can be withdrawn.
Public Provident Fund: PPF is a long-term fixed investment scheme. It is one of the safest instruments that can be used by individuals or salaried employees who are looking at long-term options for tax-free earnings.
Interest rate: The interest rate on PPF is compounded on an annual basis. Currently, PPF is offering 8% rate of return.
Lock-in period: It has a long lock-in period of 15 years from the date of opening the account.
Tax Benefits: It offer EEE tax benefit which means that the contribution, the interest earned and the maturity proceeds are exempted from tax under Section 80C of the Income Tax Act
Eligibility: One PPF account per person can be opened. Parents/ legal guardians can open a PPF account for minors. The child can choose whether he/she wants to continue the PPF account after the 15-year maturity period. He/she can either close the account or can be extended it by ‘n’ number of times for a block of five years each.
Contribution: When a PPF account is opened for the minor it should be noted that the contribution in both PPF accounts combined does not exceed Rs 1.5 lakh in a financial year.
Withdrawal: While partial withdrawal is allowed from the 7th year, the withdrawal rules for extended PPF accounts allow individuals to withdraw money once in a financial year.
Fixed Deposit: Fixed deposit is one of the safest investment instrument. FDs provide guaranteed returns as the interest rate is fixed for the entire term. FDs are safer but they provide low liquidity. FDs account holders can earn an interest of 7% to 8.5% depending upon their lender. Fixed deposit returns are fully taxable which means that your returns will be eroded by inflation as well as tax.
PPF Vs Sukanya Samriddhi Scheme Vs fixed deposit
Fixed deposit: For short-term goals like your child's primary school education or middle-school education, fixed deposits might be an ideal choice because they offer guaranteed returns and the interest rate is fixed for an entire term. FD returns are completely taxable which do not make them the best investment instrument for long-term financial goals.
Sukanya Samriddhi Scheme: The scheme is limited only to girl children and has a lock-in period 21 years. The long lock-in period makes it a suitable investment instrument if you are planning to save up for your daughter's wedding. For higher education purpose it might not be the most ideal instrument. The returns do not take inflation into account. Another drawback is that if someone starts investing when their child is 9-years-old, they may not be able to amass enough wealth to meet the financial goals since they can withdraw only 50% of the savings when the girl turns 18.
PPF: When it comes to long-term financial goals, PPF is the ideal investment instrument. It has a lock-in period of 15 years which is enough time to amass a wealth in order to fund your child's higher education. PPF also allows partial withdrawal option after completion of six years which makes it an even better option. It offer EEE tax benefits which means that the contribution, interest earned and maturity proceeds are all exempted from tax.
SSA Yearly lumpsum investment [Model Chart]
Click below link to download SSA Model chart for lumpsum investment of 12000/- at beginning of each financial year
Funding in SSA account opened through RICT device
Funding in SSA account opened through RICT device
After opening the account in CPPFAO menu by putting RICT Unique ID and BO code in respective field and verify, goto CPDTM menu.
Add> Bank Transfer> Normal Contribution > GO
Account No (Cr): New Account no.
Amount: write amount
RICT Unique No: Put the Ref no here
Account No (Dr): write SOL+BO FSI code+N ...then click on searcher ...you can see this account no in the account field.. click SUBMIT...
After opening the account in CPPFAO menu by putting RICT Unique ID and BO code in respective field and verify, goto CPDTM menu.
Add> Bank Transfer> Normal Contribution > GO
Account No (Cr): New Account no.
Amount: write amount
RICT Unique No: Put the Ref no here
Account No (Dr): write SOL+BO FSI code+N ...then click on searcher ...you can see this account no in the account field.. click SUBMIT...
Account number with BO Will appear below... click on that...now click on SUBMIT on the transaction page.
Funding will be done.
Funding will be done.
Clarification on opening of Sukanya Samridhi Account (SSA)
Clarification on Opening of SSA account
Ministry of Finance F.No.1/3/2018-NS dated 06.08.2018
RICT LOT and SSA LOT ver. 2.0 Released.
Download from below links
SSA LOThttps://goo.gl/BUikmJ
RICT LOT
https://goo.gl/RYVw9v
Changes from Ver. 1.9 to 2.0
1) Fixed error showing in Default fee calculation on HO/SO transactions.2) Fixed some minor bugs.
If any clarification mail to hisrikanta@gmail.com
-
Srikatna S.
SSA Claim Closure procedure in DOP Finacle
- Sol Change to HO using HACXFER and Verify.
- Unfreeze the SSA account using HAFSM and verify.
- Run HACACCR to Check the CYI.
- If the Account is standing at SO again SOL Change to be made to SO using HACXFER and verify.
- Before invoking the closure menu we have to make the customer status to Deceased and enter the date of death at CIF level using the menu CMRC and verify.
- Invoke menu HCAAC to close the account. Then enter the below details
Enter the field account ID __________
Select the Transaction Type as "Transfer"
Enter the Transaction A/c ID. "Postmaster A/c id" (SOLID+0340) because payment of claim closure should be through cheque only.
- Then click on Closure tab then the system will show below screen and in the closure reason column select the reason code as "DTCLM" (This is mandatory for claim closures as the system will calculate the interest based on the closure reason code)
Verify the same using HCAAC.
Note:-
1. After successful closure of account using the claim closure then make the CIF as Suspended by using the menu CMRC so that no one will open the accounts using the Deceased CIF.
2. Some of the users are changing the CIF status to Suspended CIF before closure of account which results in the error while closing the account hence make sure close the account and then change the CIF to suspended state.
Sukanya Samriddhi Account - Deduction of Default fee - Rs.50 - Important Instructions from DMCC,Chennai
Dear Sir/Madam
I am directed by competent authority to convey the following
This is regarding the deduction of Rs.50/- while accepting deposit in SSA account even for those accounts where last year deposits are available.
This issue is not related to PPF/SSA batch job execution for 729 SOLs sent yesterday. This batch job relates to custom related tables updation during EOY execution.
Please find below the reason and solution shared by Infosys for Rs,50/- default fee in SSA account.
Reason :
CPDTM and CPWTM menus were enabled for SSA accounts on 27th June 2016.
This behavior is observed for the Accounts, where Deposit is done (only)between 01-APR-2016 and 27-JUN-2016. This is due to the fact that fy_year_start and fy_year_end for thease accounts were not changed to 2016 and 2017 due to the transactions happened in this period through CTM/HTM.
Solution
Patch is expected to be deployed on 05/04/2017.
Workaround Till Solution is deployed:
Please recredit the 50 rupees from Fee account (SOLID+SSA04 PENAL FEE – SSA) to concerned SSA account through CPDTM menu.
Please note that default fee of Rs.50/- alone need to be recredited from above account only for affected accounts with above said reason.
Thanks and Regards
Gopinath S
Inspector Posts
DMCC
Chennai 600 002
Posting of PPF/SSA Intersol deposits by PM at HO conifgured in DOP Finacle
Implementation of 25,000 intersol limit
- Cheques accepted for subsequent deposits in Sub Office PPF / SSA accounts are lodged at HO in 0017 account of HO and posting is carried out at HOs after clearance, to facilitate posting, as per SB order 5 of 2016 intersol limit has been configured as 1.5lakhs on 07/01/2017 as a temporary solution.
- Now Patch is deployed for implementing intersol limits from today.
- POs are instructed to follow the below procedure for posting high value PPF/SSA deposits.
- Postmaster role users at HO are given access to CPDTM/CPWTM menus (for PPF/SSA accounts) for posting the subsequent deposits through cheques of sub offices.
- The high value deposits for PPF/SSA will be done by Postmaster instead of PA handling Cheque clearance.
- Sol's may be advised to handle the PPF/SSA transfer transactions (in respect of clearing for amounts greater than Rs.25000) from PM role id using CPDTM/CPWTM
Important instruction: verification before End of Year interest calculation
Request you to please advise Post Offices to verify all the accounts which have been modified but verification is pending since interest posting for such accounts will fail resulting in complaints and tickets being raised for non-posting of interest.
Unverified accounts can be listed by respective offices using the HAFI menu; Following are the fields to be entered in HAFI for finding out unverified transactions:
Procedure to view the unverified accounts
Invoke the menu HAFI and enter the following details as mentioned belowEnter the SOL ID ____________Enter the Table Short Name as "GAM"In the Ref NO files "give two balnk spaces"Enter the General Ledger Subhead code as _________Enter the function code as "M"Select the Authorized option as "Not authorized"
- Following are the General Ledger Subhead codes
SB - 30001
PPF - 33001
NSS87 -30021
NSS92 -30022
RD -30010
TD 1 YR - 30011
TD 2YR - 30012
TD 3YR - 30013
TD 5YR - 30014
TD EXCEPTION - 30015
MIS - 30016
MIS EXCEPTION - 30017
SCSS DEFENCE - 30018
SCSS VRS - 30019
SCSS GENERAL - 30020.
After entering all the details then click on Go then the system will show the list of unverified accounts as shown in the below figure.If any verification is pending in DOP Finalce application then the system will not calculate the interest for such unverifiedaccounts.So kindly verify immediately.Accounts thus identified have to verified to ensure interest is calculated and posted in them .
Please make sure no pending accounts are left unattended. SOLs are repsonsible, if the interest for the accounts are not posted due to pending account verification.
10 Pivotal Valid Points covered for Account Closure
Dear All,
Almost half of the tickets relating to account closure, is reported across circles. However it will comprehensible, by following 10 key notes pointed out by us, before heading for actual closure of all schemes:-
1) Whenever an account closure has to be made, always use trial closure for making a successful attempt prior to a proper closure.
2) The closure has to be initiated only in below mentioned menus. Also while initiating closure, feed either the Repayment A/c(0340) or S.B A/c of the Depositor other than Cash.
CRDCAAC menu for RD A/c Closure.
HCAAC menu for SB & PPF A/c Closure.
HCAACTD menu for MIS/TD/SCSS A/c Closure.
CSCCAAC menu for KVP/NSC A/c Closure.
CNSBCV menu for KVP/NSC Bulk Closure.
3) Sometimes the closure would've been attempted by the user, however the user may not verify the same resulting to various issues at a later date. Most of all, without even cancelling this account closure either the same day or at least the very next day, they will begin to modify and once again initiate closure. This needs to be attended rapidly.
4) Kindly note that whenever a Modification is made @ CIF/Account Level, either it has to be cancelled (by same user) or verified in respective menu. If not, either Int. will not get executed during EOD or those accounts cannot be closed due to such pending/unverified records.
5) Always check for any pending/unverified records in HAFI menu even before proceeding for account closure. This is also essential for proper submission of EOD.
6) Bonus (only for MIS), Int., & PMI (if applicable), will be generated only if the account closure is attempted in aforementioned closure menus for respective schemes. If SI (applicable only for RD) is given, please make sure that before closing RD accounts, this SI has been lifted from such RD A/c and verified at the same time.
7) For any emergency or investigative cases arising during account closure, kindly address those with concerned SBCO/D.O/R.O/C.O. Also refer the Rules, Regulations as laid down in various POSB Manual Volumes & SB Orders released from time to time. Status Quo has to be maintained for such cases.
8) It is always advisable to credit the closure proceeds to Savings Account of the Depositor benefiting the customer to withdraw as per norms/their wish. It is also necessary to make sure that CIF of the matured account is the same CIF as that of SB account. If not, kindly arrange to merge the same through HCCA and proceed for account closure.
9) While closing the accounts held in other SOL, it is necessary to obtain SOL transfer request along with SB 10(b), from the customer with fresh KYC. Thereafter proceed for SOL transfer through HACXFSOL & notify this to the concerned SOL through HO/SBCO. Even before closure, check whether the entries are up-to-date as listed in the above points.
10) There is a limitation for extending accounts beyond maturity as for eg: For RD/TD, there is automatic renewal. However for PPF and SCSS A/cs, please obtain the request from the depositor & extend manually through HCEXTN, HEXCDM menus respectively. As if PPF is extended, it cannot be closed for a further period of 5 years & if SCSS is extended, it cannot be closed within a year.
Based on these, we can reduce the manual errors to a large extent apart from technical limitations in Finacle. It is hereby kindly requestedto address these to associating all 23,199 Live SOL's till date by any good means of communication. This may be shared to all concerned for future reference as well.
Thanks and Regards,
Hariharan S
DOP Service Desk,
CEPT, Chennai - 02
Final accounting Procedure for the Scheme called "Sukanya Samridhi Account Rules,2014"
Final accounting Procedure for the Scheme called "Sukanya Samridhi Account Rules,2014"
To view please Click Here.
To view please Click Here.
Posting of PPF/SSA Intersol deposits by PM at HO in DOP Finacle
Implementation of 25,000 intersol limit in DOP Finacle
- Cheques accepted for subsequent deposits in Sub Office PPF / SSA accounts are lodged at HO in 0017 account of HO and posting is carried out at HOs after clearance, to facilitate posting, as per SB order 5 of 2016 intersol limit has been configured as 1.5 lakhs on 07/01/2017 as a temporary solution.
- In order to settle the above issue new patch deployed in DOP Finacle for intersol transactions
- All PO's are instructed to follow the below procedure for posting high value PPF/SSA deposits
- Postmaster role users at HO are given access to CPDTM/CPWTM menus (for PPF/SSA accounts) for posting the subsequent deposits through cheques of sub offices.
- The high value deposits for PPF/SSA will be done by Postmaster instead of PA handling Cheque clearance.
- Please revert immediately in case of any issues.
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