Also Read : Finacle Training Lesson 15
FINACLE TRAINING LESSON 16
Important Note: We at PO Updates are working very hard for preparing these lessons. It is taking 2-3 days for preparation of each lesson. Unfortunately we have been ordered to give hands on training to 15 offices in our division which are almost 100 Km away from our homes. So it will become extremely difficult for us to post lessons every day. From now on we will post lessons as and when a lesson is completely written by us. We are in a helpless situation and hope you will understand and stay with us till the end of this training series. Thanks in advance for your patience.
Recap:
In the previous lesson we have learned in detail about HTM transactions and its uses. In today’s lesson we will start learning about how to close accounts.
Closure of accounts
Closure of accounts is
probably easier than doing transactions. Even in account closures one account
gets debited and one account gets credit. Obviously the account which is
getting closed will be debited and customer’s SB account should be credited.
It will be extremely
useful to have an SB account for every customer. So encourage customers to open
SB accounts. If SB account is not available one of the office accounts will be
credited.
This office account is
called as Repayment account {0340}. We commonly call this account as post
master account. We transfer the closure amount to 0340 and we will give RBI
cheque to the customer.
Technically closure
amount is called as “closure proceeds” in Finacle. So we should say closure
proceeds of TD account 323XXXYYYZ are transferred to SB account or closure
proceeds credited to an SB account.
So let’s see closures one
by one.
MIS/TD/SCSS account closures.
The menu to close MIS,
TD, and SCSS is same. Invoke the menu HCAACTD. Since we are closing the account
choose function as Z-Close. Z here is used only as a key board shortcut.
Instead of using the mouse, just press Z on the keyboard.
(We should pronounce Z as
zee not as zed)
Now enter A/c id and
press tab. After pressing tab button we see that Closure value date and
principle amount are automatically fetched from server.
See the image
Click on GO.
After clicking GO,
Finacle will alert us to pay any pending Interest amount available in Sundry
accounts. Please check the corresponding sundry accounts for any pending
interest amounts and make the payments.
Note: Many times counter staff forget to make payments of interest amounts pending in sundry account. This can be a serious issue if any customer gives complaint. If account is linked with SB account interest will be automatically credited to SB account. So again I’m telling you to encourage customers to open SB accounts.
SO, now after clicking GO the following
screen will appear.
In the image I have
identified some sections in square boxes. Lets discuss about them first.
On the top there is a
section we can see 4 items
a. Error Details
b. A/c Information
c. Closure Details
d. Closure Exceptions
All these are called as
TABS. In each TAB we have to enter some information to close the account. Don’t
worry we have to make only 2 entries.
Error Details: In this
tab we will see If there is any missing entry in the closure process. Also
system will show us any important messages. In the above image system is
telling us that it is a premature closure. Read those messages and if you don’t
understand anything ask your doubts by commenting below.
A/c Information Tab
contains all the basic details of the account. It will show you the account
holder’s name, scheme of the account, date of opening of account, principle
amount, maturity value etc.
Make sure you check all
these details in the account information tab. Since the account numbers are 10
digit numbers, chances of customers writing wrong account numbers are very
high. So it is essential that you check all these things.
Also while migration to
finacle from Sanchay post which was done in hurry many accounts are transferred
with wrong account details. Even though we cannot do anything for that, atleast
make an error entry while transacting with those accounts.
If you have checked a/c
information tab and all information is found correct, click on CLOSURE DETAILS
TAB.
Closure Details tab will
look as shown in the image below. See the image below.
In this tab we have to
enter Close Mode details only. Close mode means we are telling finacle where we
want to transfer the closure proceeds.
If the amount is below
20000 and want to pay the closure amount by cash choose Close Mode as C- Cash
Only
If you want to transfer
the closure proceeds to SB choose Close Mode as S – SB Account
If you want to pay the
closure proceeds by RBI cheque choose Close Mode as R – Repayment A/c only
I don’t know why the
option N – Customer Instruction is available :-P (sworry)
(Actually customer can
give option for automatic closure of account at the time of account opening
itself. May be customer instruction is available for automatic closure of
account. But I’m not sure)
Some times after
selecting SB account option we have to enter Cash CCY Code. Enter INR as Cash
CCY code in such cases.
That’s it no other fields
are required to be entered in this screen.
Now click on Closure
Exceptions TAB. It will be as shown in the below image.
In the third screen we
have to enter closure reason code. What is closure reason code? As you can see
in the image there are some reasons displayed while closing the account. For
example we will choose closure reason as NORMAL CLOSURE for closing of all
general accounts. If the closure is done due death of any customer we will
choose closure reason as DEATH CLAIM. Similarly there are other closure reasons
available.
Choose appropriate
closure reason in this screen. For most of the closures this closure reason
will be NORMAL CLOSURE only.
After entering closure
reason code click on SUBMIT button.
That’s it your closure is
over.
Very simple, isn’t it?
After clicking on Submit
button you will see the closure details.
You should be aware of
the fact that in closure details it will clearly show that which account is
debited and which account is getting credited. So there will be 2 entries again
for each amount shown after closure. Don’t get confused with double entries.
So this is how we close
MIS/TD/SCSS accounts.
Same procedure may be
applied even for premature closures also.
For verification of
closures no separate transaction ID will be generated. Account closure can be
verified by using account number only.
To verify the closure
invoke HCAACVTD menu. Choose function as Verify and enter account number. Click
on GO. Same screen with all the tabs will be displayed. View details in all
tabs and click on submit. Your verification will be over.
While verification or
closing some exceptions might come. For example CIF ID MISMATCH HAS OCCURRED,
CUSTOMER ID IS DIFFERENT, PREMATURE CLOSURE HAS OCCURRED etc.
While migrating from
Sanchay to Finacle every account will get its own CIF id. Even though the
customer is same different accounts will have different CIF ids. Finacle
identifies the customer based on CIF id only. But if you are sure you are
transferring the closure proceeds to correct SB account you can ignore this
exception.
Even while transferring
closure proceeds to Repayment account {0340} this error will come. It’s obvious
isn’t it? Repayment account will not have any cif id and hence that exception
will come.
Premature closure
exception will come to warn us so that we do not close account on a wrong date.
While migration to finacle many accounts are transferred with wrong account
opening dates. So be a little careful when this exception comes. If you are
sure the closure is premature closure then you can ignore the exception.
So that’s it for today’s
lesson. In the next lesson we will see how to close SB, PPF and RD accounts.
Important Note: We at PO Updates are working very hard for preparing these lessons. It is taking 2-3 days for preparation of each lesson. Unfortunately we have been ordered to give hands on training to 15 offices in our division which are almost 100 Km away from our homes. So it will become extremely difficult for us to post lessons every day. From now on we will post lessons as and when a lesson is completely written by us. We are in a helpless situation and hope you will understand and stay with us till the end of this training series. Thanks in advance for your patience.
Points to Remember:
1. Try to convince customer
to open SB accounts for transfer of the closure proceeds to SB account.
2. Pay all the pending
interest amounts before closure itself
3. Don’t forget to like us
on facebook and follow us on google plus.
