Senior Citizen Savings Scheme (SCSS) Death Claim Closure Within Lockup Period or PMC in DOP Finacle

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Jul 13, 20200 comments

Senior Citizen Savings Scheme (SCSS) Death Claim Closure Within Lockup Period or PMC in DOP Finacle

 PMC Normal Case:

(1) The account holder may withdraw the deposit and close the account at any time on an application in Form-2 subject to the following conditions, namely:-
(i) In case, the account is closed before one year after the date of opening of account, interest paid on the deposit in the account shall be recovered from the deposit and the balance shall be paid to the account holder.

SCSS Death Claim Premature Closure Dealt in DOP Finacle

When a SCSS account customer is expired, we may get the copy of death certificate after verification with Original Certificate we have to follow below procedure.

Modification at CIF Level:-

  1. 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
  2. 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:-

  1. 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
  2. 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.
  3. 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.
  4. Invoke the menu HINTTM select the function as "modify", Entity type as "Accounts" and Entity id as "customer account number"  as shown
  5. Then click on Go then the system will ask to enter the following 
  6. Then enter the column interest table code as "SBRATE"
  7. Enter the start date as "date of death of the customer"
  8. Then click on Submit and verify the same in another supervisor.

Closure of SCSS account:- 

  1. 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
  2. Then visit the closure details and closure exceptional details.
  3. Select the reason code as "DTCLM" for death closure as shown
  4. 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.
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