Interest Withdrawals in Finacle

Transcription

1 Interest Withdrawals in Finacle MIS / SCSS / TD CEPT FSI Team, Chennai

2 Unpaid Interest prior to Migration Unpaid interest prior to migration for each account is available in schemewise Sundry Accounts: MIS : SOLID+0337 [Eg ] SCSS : SOLID+0338 TD : SOLID+0335

3 View Unpaid Interest (pre-migration) Menu: HIOT Select OAP Pointing Account Start Date should be blank End Date can be upto current date Enter Finacle account ID in Reference No. field

4 HIOT Menu Options Sundry A/c ID Current date Customer A/c ID

5 Clicking on Contra Details will show payments made for this Tran Id / Account ID after migration HIOT Result Screen

6 Interest Due after Migration From the date of migration onwards, interest due is automatically paid to the SB account of the customer on the due date, in the case of accounts with linked SB account for interest credit For accounts without linked SB account, the interest is parked into the Sundry Account of the respective scheme

7 View Interest Credits (post-migration) HTDTRAN Menu Transactions with type IO indicate interest payments calculated automatically during day-begin Click on the date shown in blue color Transaction details will be shown in pop-up Check whether the interest is paid to customer s SB account or Sundry Account

8 HTDTRAN Credit to SB a/c SB A/c ID

9 HTDTRAN Credit to Sundry A/c Sundry A/c ID

10 Withdrawal of Interest shown in HTDTRAN If the interest is credited to the SB account of the customer, there is no need to make further interest payment. Customer can be paid from his SB account If the interest is parked in Sundry account, pay to the customer using HTM menu. In reference number field account id should be followed by the letters IO when paying post-migration interest amount

11 Withdrawal of Interest from Sundry A/c MIS / SCSS / TD Use HTM menu Select - Add Select Tran Trype - Cash/Normal Payment If the amount has to be paid by cheque or transferred to SB account, select TranType T/CI

12 Withdrawal of Interest HTM Debit Leg Enter exact interest amount before posting For post-migration interest, enter IO after A/c ID in Ref. No. field

13 HTM Additional PartTran Details Leave amount as blank

14 HTM PartTran screen shows amount due to the customer This account has unpaid interest prior to migration & after migration also

15 HTM Credit Leg For Cash payments, credit the Teller Account For Cheque payments, credit the Office Account ending with 340 Post the Transaction Transaction should be verified by Supervisor

16 Account ID in Reference No. Field IMPORTANT The account ID must be entered in the reference number fields in HTM debit leg and in Additional part-tran screen Debiting the Sundry Accounts without entering the account ID will be treated as misappropriation by SBCO / Audit.

17 TDS Transactions - SCSS TDS happens on SCSS accounts without 15G/15H entry in CSCAM menu 20% if the customers CIF ID has NO-PAN status in PAN card field TDS transaction is displayed as a separate entry in HTDTRAN

18 TDS Refunds Enter SCSS account holders CIF ID Enter SCSS A/c ID From A/c ID & To A/c ID Select trantype as Transfer Do not use the Cash option in trantype. Cash transactions in HRFTDS stay as partly-posted transaction and will block EOD On clicking GO, TDS amount is displayed Enter customer's SB a/c or office account 340, as the Refund A/c ID Click on Submit

19 SCSS / MIS FAQ 1: Difference in Interest Amount Check TIPM menu in which the interest paid to the accounts prior to migration is shown as a ledger. When SCSS / MIS interest is calculated for the first time after migration, Finacle calculates the total interest payable from the date of opening till the date of payment and the actual interest paid till date; if there is any difference between due amount and paid amount, the difference gets adjusted in the first payout. Due to this adjustment, first interest payment in Finacle could be higher or lower than the fixed quarterly / monthly interest paid in Sanchay Post. The total amount payable to the customer during the 5yr/6yr period of the account, remains the same as in Sanchay Post and as per the rate of interest at the time of account-opening

20 SCSS / MIS FAQ 2: Interest Amount not Fetched in HTM Use HTDTRAN to check interest posting for the quarter is done for the account on the due date If interest entry is shown, check if paid to the SB account of the customer (click on trandate as explained earlier); such interest amount will not be fetched in HTM as it is already credited to customer s SB account If Interest entry is not shown, check whether any verification is pending for the account in CSCAM/CMISAM menu and do the verification. Interest will get posted during the next EOD. Also, check the EOD reports (in the HPR of the user who ran HSCOLD menu) and check for "Interest Application Failure Reports" which should contain the list of accounts for which interest could not be posted and the reason thereof.