Interest flow changes from 01st November 2020 for the new Scheme Code SRSCM, SRDEF, SRVRS - Senior Citizen Scheme

Implementation of change in interest flow from end of quarter to beginning of quarter

Regarding implementation of change in interest flow from end of quarter to beginning of quarter

with reference to the above-mentioned subject the undersigned would like to inform that the related patch 16695/18890/20042 for implementation of change in interest flow from end of quarter to beginning of quarter has been successfully deployed in production and MIS servers on 25.10.0220 and the following changes have been implemented

• New scheme code SRSCM, SRDEF, SRVRS will be configured in production accounts opened from 1st November 2020 will be under the new scheme codes
• Changed interest flow (1st April, 1st July, 1st October, 1st January) is applicable for the accounts getting opened  in the new scheme codes only and the accounts under old scheme codes will continue to be paid interest on 321st March, 30th June 30th September and 31st December
• Renewal of accounts under the old scheme codes ca be done under the old scheme code only as the interest flow remains the same during renewal
• The new scheme codes will also belong to the existing product group SCSS to ensure that the existing functionalities and reports are automatically available to the accounts under new scheme codes
• It is requested that the content may be circulated to all concerned for information guidance and necessary action
• This issue with approval of competent authority