RD Claim Closure – the following points to be noted during claim process.

RD Claim Closure – the following points to be noted during claim process.

(Recently RD claim closure in Finacle given wrong interest & short payment in some cases)

1. Upto 11 Installments - Deposit amount only paid / No Interest.
2. Exceeding 12 installments and less than 5 year – please refer Gazette notification released during time to time interest changed ( as per Date of Opening )
3. In case of Completion of 5 years – Treated as like normal maturity & Proportionate amount of maturity value should be given to claimant and PMI also eligible if any.
4. Nominee or legal heir can continue till maturity or transfer of account in his/her name by submitting claim application and continue till maturity.
5. Deposit after the date of Death - Treated as Excess Deposit ( No interest )

M.Rajendran, Supervisior, SBCO, Dindigul HPO