Dealt Non Migrated POSB Account in DOP Finacle when date of opening wrongly migrated and resulting in excess payment

When date of opening of the account is wrongly migrated and resulting in excess payment to the Depositor

This illustrations explain clearly about the excess payment to the depositor due to wrong migration of of account opening date.

Assume that a llVP with Denomination t 15,0001 (Serial No. 4EFxxxx86) issued on 04.12.2015, in the name of Smt. Lavanya attends Lodi Road HO (SOL lD - 11000300) for maturity closure on 04.04.2024. While checking in Finacle it was found that the date of issue of KVP was wrongly migrated as 04.08.2015 instead oi 04.12.2015. The actual payment to be made to customer is t 30,0001, but in Finacle maturity amount is shown as t 30,400/-. Hence, there will be an excess payment of t 400/-.

(i) KVP account shall be closed normally and maturity payment shall be credited into Post Office Savings Account or made through Postmasteis Cheque as follows:

(a) lf the payment opted to be made through credit into Post Office Savings Account (POSA): the following transaction entries are to be made in Finacle using HTM menu, for contra accounting.

(b) lf the payment opted to be made through Postmaster's Cheque: the following transaction entries are to be made in Finacle using HTM menu, for contra accounting

Note: No cash payment should be made and there is no facility for credit in other  bank savings account. When the payment is made through cheque, the cheque should be issued for actual maturity amount i.e. Rs.30,000/-