SSA Death Claim Closure procedure in DOP Finacle

Death claim closure procedure in Finacle for SSA

SSA Death Claim Closure procedure in Finacle

(1). As per rule 7(2) of Sukanya Samriddhi Account Scheme, 2019 in case of death of account holder “the Interest for the period between the date of death of the account holder and date of closure of the account shall be paid at the rate applicable on Post Office Savings Account for the balance held in the account”. Accordingly, the interest rate is to be configured through the HINTTM menu in Finacle by the CBS post office in case of SSA death claim closure before the closure of such account. The following procedure is to be followed by CBS post office in Finacle

(i). Counter PA shall invoke menu HINTTM; Select Function = M – Modify; Entity Type = A-Accounts; Entity ID = SSA Account number; Go; Interest Table Code = SBINT; Start Date = Date of death of account holder + 1 (For example, in case depositor dies on 03-04-2021, date to be entered as 04-04-2021); End Date = 31-12-2099 and then click on Submit.

(ii). The Supervisor shall invoke menu HINTTM; Select Function = V – Verify; Entity Type = A-Accounts; Entity ID = SSA Account number; Go. The supervisor shall verify the account number and date of the applicable SB Interest rate and then click on Submit.

Note1: After configuration of SB Interest rate from the date of death, counter PA shall follow the procedure for account closure.

Note2: During the closure of the account through the HCAAC menu, the option for the field ‘Apply Interest till Date’ is to be selected as YES in the CLOSURE tab.

Note: - The counter operations such as creation of CIF, opening of account, subsequent deposit, withdrawal, closure, transfer, claim etc should be carried out in Finacle platform using appropriate menu by Counter Assistant and by SPM/Supervisor, in respect of SSA scheme as followed in PPF Scheme.

Source : POSB CBS manual Page 212 ( Rule No 131)