Standard Operating Procedure for 40% withdrawal in MSSC account in Post Office Finacle

 

Standard Operating Procedure for 40% withdrawal in MSSC account

SOP for 40% withdrawal in MSSC account has been deployed in DOP finacle on 06-03-2025 and Standard Operating Procedure has been communicated vide SB Order 02/2025 - DOP Letter No-CBS-25/4/2023-FS-DOP dated 17/03/2025

As per Rule 7 of MSSC 2023, The account holder shall be eligible to withdraw maximum up to forty per cent of the Eligible Balance once after the expiry of one year from the date of opening of the account but before the maturity of the account.

Withdrawal option has been provided in TDA account Closure menu HCAACTD Process in Finacle MSSC Account No. 020000295125 (Illustration)

Counter PA

• Invoke menu HCAACTD – Function – Close - Enter the MSSC account number
• Once MSSC account number is entered withdraw label will get enabled. This option will get enabled only for MSSC account and not for other scheme accounts.
• Closure value date in criteria page will be auto-populated as the last quarterly interest due date, and the field will be in disabled status. This value date need not be modified by CPA, as interest calculations will get done internally, according to the actual BOD date on which withdrawal is done.
• Click on Yes
• Enter the amount of withdrawal required in the Withdrawal Amt (Original Deposit Amount) field. Only 40% of deposit amount has to be entered in this field. Appropriate error will be thrown if the amount entered is more than 40% of the deposit amount.
• Total withdrawal amount will be including Interest for the amount entered in the above field.
• Once the principal amount of withdrawal is entered, final amount of withdrawal including interest will be displayed. Counter PA has the option for entering /modifying the prinicpal amount according to the need of the customer

(For example, in an account opened with a deposit of ₹ 2 Lakh having a balance of ₹ 2,15,427/- after expiry of one year, if the withdrawal of 40% is sought, Counter PA has to enter the amount of ₹ 80,000/- (40% of the Deposit amount) and the amount payable will be 40% of ₹ 2,15,427/- i.e. ₹ 86,171/-)

• Click on OK if the amount of withdrawal matches the amount requested by the customer.
• System will move to Closure Details page.
• Withdrawal amount is payable by the cash if the amount is within the prescribed limit or by credit in to PO savings account or through Postmaster cheque account. Credit to other bank account through ECS option is not available.
• In case of credit into POSA or through cheque, Repayment account ID is to be entered by the Counter PA

Then, In Closure exceptions - Select Closure reason code as MSWD – MSSC Withdrawal only

After entering all the required information, Click on SUBMIT from Closure Details Screen

• ON clicking SUBMIT, total withdrawal amount breakup will be shown.

Supervisor

• Supervisor should verify the MSSC withdrawal using the menu HCAACVTD 

Note: Due to product functionality, Withdrawal will be treated as part closure only.