SCSS DEATH CLOSURE PROCEDURE WITHIN LOCKUP PERIOD IN DOP FIANCLE
- When a SCSS account customer is expired we have to follow procedure.
Modification at CIF Level:-
- Invoke the menu CMRC then select the function as "Modify" and enter the CIF id of the deceased customer as shown
- Then click on Go then the system will shown the screen as shown then select the customer status as "Deceased" and enter the date of death ________ as shown
- Then click on submit then the system will show the message modified successfully and verify the same in the supervisor.
Modification of Interest rate at supervisor level:-
- The menu HINTTM which is a supervisor menu which is used to change the rate of interest for any account.
- Generally HINTTM in practical scenario is used in two cases
- For transfer of PPF account from DOP to Bank in this scenario we have to make the interest rate as Zero for current year and then transfer to Bank.
- When we are closing the SCSS death closure we have to make the rate of interest as simple SB interest rate from the date of death.
- Invoke the menu HINTTM select the function as "modify", Entity type as "Accounts" and Entity id as "customer account number" as shown
Then click on Go then the system will ask to enter the following
- Then enter the column interest table code as "SBRATE"
- Enter the start date as "date of death of the customer"
Then click on Submit and verify the same in another supervisor.
Closure of SCSS account:-
- In the next invoke the SCSS closure menu HCAACTD then select the function as "Z-close" and enter the account id of the customer then the system will automatically fills the closure value date as shown
- Then visit the closure details and closure exceptional details.
- Select the reason code as "DTCLM" for death closure as shown
Then click on submit and verify the same in the supervisor.
- Note that in Finacle each reason code is coded as per the norms given by the DOP to Infosys so select the reason with utmost care for correct calculation of interest for any closure.
