We heard some good news and also some bad news about finacle. Good news is that HTV is working for BO RD deposits as well. Well at least some time will be saved. The bad news is that, recent fraudulent activities have compelled our authorities to impose some restrictions at sub offices. They have give us a list of steps to be followed to prevent frauds. 

Click below links to read the full details about steps to prevent frauds.




Some important points to be noted are

1. All freezing and unfreezing has to be done at HO only
2. All transfers are to be done at HO only. SOs will collect all the required documents along with KYC documents. Then they will forward them to HO for transfers.
3. All value dated transactions whose back value date is more than 3 days will be thoroughly checked by the auditors.

This will also ease some burden on SOs. We hope these measures will give some good results. Share your opinions by commenting.

Now lets get back to our lessons. We have stopped after learning about how to close MIS/TD/SCSS accounts. Now let's see how RD closure is done.

RD Account Closure:

There are several cases in RD account closure. Though the closure itself is easy, the procedure is a little different for some cases. The cases are as follows.

1. RD Account closure on Maturity.
2. RD Account premature closure.
3. RD account closure on maturity with loan.
4. RD account premature closure with loan.
5. RD account closure when an SI exists. 

Now let us see each case one by one.

1.. RD Account closure on Maturity.

This is pretty straight forward. The menu for any RD closure is CRDCAAC. So, invoke the menu and you will see a screen as shown in the figure below.

In the above screen, choose function code as Z-Close. Then enter the a/c id and click on Go. Other fields are not necessary. After Clicking on the Go button you will get the screen as shown below.

1. In this screen before doing anything, first click on the check box as shown in the above image. 

2. After clicking the check box, enter closure reason code as the case may be. For most of the closures, the closure reason code will be NORMAL CLOSURE - NORML only. In case of claims the closure reason code will be DTCLM - DEATH CLAIM. So choose the appropriate closure reason code.

3. Then enter repayment mode as CASH or TRANSFER as the case may be. If you are transferring the closure proceeds to SB account of the customer, then enter the customer SB account no in Repayment A/c ID. If you are making payment by RBI cheque then enter the repayment account id as your SOL ID+0340 ( Office Repayment account or postmaster account).

That's all click on Submit button. After clicking the submit button you will get a screen as shown below.

Finacle will show the full maturity value as one entry and interest as one entry. So DO NOT ADD interest again to the first entry shown in this screen. 
That's it, verify the account using CRDOAACV. 
Note : If you want to cancel the closure in any case, you can cancel the closure in CPA login only. If you are cancelling the closure in Supervisor login, system is not allowing to close the account and problem is not yet resolved.So keep this point in mind.

2. RD Account premature closure.

Follow the same steps in RD account closure on maturity. The procedure is same but there is one point you should remember. 

In the last step of closure where the closure values are shown on screen, refund of default fee, if any, is shown as a separate entry. This amount is not included in the closure amount, so add this amount to the closure value. 

Hope you got my point.

3. RD account closure on maturity with loan.

If a customer takes withdrawal or what we generally call as RD loan, then before closing the RD account customer must repay the loan amount with interest. Only after paying the loan amount system will allow the closure of RD account. 

Previously in sanchaypost, system would have shown the net value after deducting the loan amount and interest. But in Finacle loans are processed differently. We have to open a new loan account for giving loan withdrawal to customer. So close the RD account with loan, we have to close this loan account first. Hope you are following what I'm trying to say.

Before we close the loan account, we have to make the repayment of loan using the menu HPAYOFF.
Invoke the menu HPAYOFF and you will get the screen as shown below.


1. Choose function as P- Payoff Loan amt. 
2. Enter A/c id ( RD loan account number will be 11 digits {RD ac no+1 eg. 30189252731}
3. Select Transaction Type as C/Cr - Cash Receipt if customer is paying off loan amount by cash, or Select Transaction Type as T/CI - Transfer Customer Induced if customer is paying off loan amount by SB cheque.

Its better not to accept bank cheques for paying off loan amounts. Because interest will change after 10th of every month. So to avoid such confusions better not accept bank cheques.
4. Click on GO.

After clicking on GO You will get a new screen. In the screen you will see the pending loan amount and interest.

  • Click on CREATE TRANSACTION button. System will show loan amount along with interest amount.

Click on Submit.

5. Verify using the same menu.

After doing the payoff transaction we have to close the loan account. To close the loan account invoke the menu CAACLA and follow the below steps.
1. Choose function as close.
2. Enter RD loan account id.
3. Click on GO
4. Click on SUBMIT.

That's it. Then verify using the same menu.

This is how we close RD loan accounts. Only after the closure of loan account, actual RD account can be closed.

After closing the loan account, you can follow the steps in RD Closure on maturity to continue closing of RD account.

Most of the times customers do not make loan amount payment, but the request us to deduct the loan amount from closure proceeds itself. Finacle will not deduct loan amount from actual RD account closure proceeds.

In this situation what we have to do is, make the PAYOFF transaction by choosing transaction type as Cash Receipt and close the loan account.

Later while closing the actual RD account, make payment either by cash or by transferring closure proceeds to SB account only. Don't give RBI cheque in this case. If you are making payment by cash, deduct the loan amount along with interest and make payment. If you are transferring closure proceeds to SB account of the customer, then don't forget to collect withdrawal voucher for loan amount plus interest from the customer beforehand. After transferring the closure proceeds to SB account of the customer, make the withdrawal for loan amount from SB account of the customer.

I hope you got my point.

4. RD account premature closure with loan.

Follow the same steps in RD account closure on maturity in this case also. For premature closure of account with loan, system will deduct the loan amount and shown the balance amount on screen. Also remember if any RDF is due it should be added to the closure amount.

In case of premature closure of RD, loan withdrawal is treated as normal SB withdrawal and hence no loan interest. Hope you got my point.

5. RD account closure when an SI exists.

If SI exists for RD finacle will not allow closure of such accounts. What we have to do is first delete the SI. To delete the SI follow the below steps.

1. Invoke the menu HSSIM
2. Choose the function as Delete
3. Enter SI Srl No ( if you don't know the SI no click on the searcher beside it and enter rd account number and click on submit. You will get SI no. Note it down and click on it.
4. Click on GO
5. Click on Submit.

Verify using the same menu. 

In case if there are multiple accounts of RD in single SI, then don't delete the SI. Modify the SI and remove the RD account which you are closing.

After deleting or modifying the SI as the case may be, just follow the closure steps in RD closure on maturity and close the account.

So these are the various cases in RD account closures.