Withdrawal of Excess amount from MIS Account in case of death of one of joint holder where amount invested is more than the prescribed limit for single holder.

In case of Joint MIS Account where one of the joint holder dies and the investment in the account(s) is more than the MIS investment limit fixed for single holder, following process has to be followed:- 


  • The user needs to withdraw the excess amount by selecting part closure in the menu HCAACTD. 
  • Once HCAACTD is invoked the user needs to enter the date of death of the holder in closure value date and excess amount to be withdrawn in the withdrawn amount field.
  • Once the user goes into the closure details page of the menu HCAACTD, Collect penal flag has to be chosen as ‘No’ and in closure exceptions tab, closure reason code has to be selected as ‘DTCLM’.
E.g. Date of closure when legal heir asks for removal of name of joint holder due to death = 10-10-2013. Date of death - 7-7-2013.
  • So in the closure value date, the user will enter date as 7-7-2013.
  • In the above scenario, conversion has to be done at account level from joint to single as well.
  • For this the following steps need to be followed once part closure is done at HCAACTD.
  • If the deceased share holder is not the main holder of the account then in the menu CMISAM, the deceased share holder has to be marked as deleted.
  • If the deceased share holder is main holder of the account, then user needs to invoke menu HCCA and change the CIF id of the main holder to that of remaining holder, who would be the main holder in the account.
e.g. CIF A, B and C are joint holder. CIF A dies and remaining holder want to make CIF B as main holder. Then the user will invoke menu HCCA and change the CIF id from CIF A to CIF B. (In Finacle, First Holder is the main Holder)"

Short Note on MIS Joint to Single Account Conversion

Invoke Menu : HCAACTD
Value date : Date of Death
Amount : Excess amount to be withdrawn.
Penal Falg : No
Reason Code : DTCLM
Note : In case, Changes required in name of the second holder as Main holder in MIS Joint Account Invoke HCCA to Change the Account Level Name Change

Detailed Process of MIS Joint to Single & Decrease the Amount to MIS Limit