SB Order No. 26/2021 - Adjustment of outstanding RD Loan/interest of matured RD Account through office account (SOL ID+0023) in CBS post offices - Reg.

Adjustment of outstanding RD Loan/interest of matured RD Account through office account (SOL ID+0023) in CBS post offices - Reg.

SB Order No. 26/2021

F. No. FS-13/7/2020-FS

Govt. of India

Ministry of Communications Department of Posts

(FS Division)


Dak Bhawan, New Delhi-110001

Dated: 09.09.2021

To,

All Head of Circles/Regions

Subject: - Adjustment of outstanding RD Loan/interest of matured RD Account through office account (SOL ID+0023) in CBS post offices - Reg.

Sir/Madam,

This office is receiving many representations from RD account holders about the need for credit of outstanding RD Loan/interest amount on matured RD accounts in Finacle. The issue was examined in detail and to avoid any inconvenience to the RD account holders, necessary amendments have been made in Finacle.

2. Accordingly, I am directed to say that, henceforth the CBS Post Offices shall deduct outstanding RD Loan/interest amount from the matured RD account. The deducted amount shall be adjusted through office account (SOL ID+0023) at the time of RD maturity payment. In other words, the outstanding RD Loan/Interest of matured RD accounts shall not be collected from the account holders at the time of payment of maturity value.

3. The following procedure shall be followed by the CBS Post Offices for adjustment of outstanding RD Loan/interest of matured RD accounts through office account (SOL ID+0023): -

A. Counter PA

Run menu HAPYOFF

ii. Select Function = P — Pay Off Loan Amount

iii. Enter A/C ID = RD Loan Account number

Select Transaction type= T/BI- Transfer Bank Induced. Enter Collect/Refund Account ID: - Enter (SOL ID+0023)

Go

vii. Submit

viii Accept


B. - Supervisor

Run menu HPAYOFF

1.Select Function = V — Verify

2.Enter A/C lD — RD Loan Account number Go

3.Submit

4. After completion of HPAYOFF process, counter PA shall proceed for closure of RD Loan Account and Recurring Deposit (RD) account. Post Otfices shall ensure thai the RD account and RD Loan account are closed on the same day I n sUch cases.

Note: - 1 . Closure of such RD account shall be done only through Cash (below 20,000)/Transfer to Account holder's PO Savings Account/Cheque.

2. Closure of mature RD accounts having outstanding RD loan/interest is not allowed through ECS outward facility, due to adjustment of RD loan/interest paid through office account (SOL ID+0023) from maturity value.

5. Procedure shall be followed for closure of respective RD Account in CBS post offices.

A. Counter PA

i.Run menu CRDCAAC

ii. Select Function = Z-Close

iii. Enter Account ID — RD Account.

Select repayment mode = Cash/Transfer

› Enter repayment account = PO Savings Account or SOL ID+0340

vi. Select Reason Code =

ii. Click on check box C lose

› ii . Submit

B. Supervisor

i. Run menu CRDCAAC

ii Select Function Verify

iii. Enter A/C lD = RD Account number i› . Go

iv. Submit

6. The RD Loan and interest adjusted from SOL ID+0023 will get adjusted by the system, either from counter Teller Account/Customers PO Savings Account/SOL ID+0340 as the case may be.


7. Concerned CBS Post Office shall check SOL ID+0023 office account through HACLINQ menu and ensure that at the end of the day this office account is zero balance.

8. The zero balance in SOL ID+0023 office account and transaction types other than T/BI on this office account should also be checked and verified by the SBCO on daily basis and by inspecting/visiting officers during the inspection/visit.

9. It is requested to circulate this amendment to all CBS Post Offices for information, guidance, and necessary action.

10. Hindi version will be issued in due course.

11. This issues with the approval of Competent Authority.

Yours Sincerely

(Devendra Sharma)

Assistant Director (SB-II)

Copy to:-

I . Sr . PPS to Secretary (Posts)

2. Sr. PS to Director General (Postal Services)

3. PPS/ PS to Add1. DG (Co-ordination)/Member (Banking)/ Member (O)/ Member (P)/ Member (Planning & HRD)/ Member (PLI)/ Member (Tech)/AS & FA

4. Addl. Director General, APS, New Delhi

5. Chief General Manager, BD Directorate / Parcel Directorate / PLI Directorate

6. Sr. Deputy Director General (Vigilance) & CVO) / Sr. Deputy Director General (PAF)

7. Director, RAKNPA / GM, CEPT / Directors of all PTCs

8. Director General P & T (Audit), Civil Lines, New Delhi

9. Secretary, Postal Services Board/ All Deputy Directors General

10. All General Managers (Finance) / Directors Postal Accounts / DDAP
11. Chief Engineer (Civil), Postal Directorate
12. All Sections of Postal Directorate
13. All recognized Federations / Unions/ Associations
14. GM, CEPT for uploading the order on the India Post website.
15.MOF (DEA), NS-II, North Block, New Delhi.
16. Joint Director & HOD, ICCW Building, 4 Deendayal Upadhyay Marg, New Delhi-1 10002
17. Guard File

18. Spare copies.

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Postal RADAR: SB Order No. 26/2021 - Adjustment of outstanding RD Loan/interest of matured RD Account through office account (SOL ID+0023) in CBS post offices - Reg.
SB Order No. 26/2021 - Adjustment of outstanding RD Loan/interest of matured RD Account through office account (SOL ID+0023) in CBS post offices - Reg.
Adjustment of outstanding RD Loan/interest of matured RD Account through office account (SOL ID+0023) in CBS post offices - Reg.
Postal RADAR
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