Revised Re-investment procedure in DOP Finacle

Revised Re-investment procedure in DOP Finacle

  • Previously we use to credit the total maturity amount in the office account 0387 and debit from the same in order to open a new account.
  • Now as per the SB Order 07/2015 Scenario 14 re-investment of matured amount in CBS post offices should be done by crediting into customer's SB account only.
  • Kindly stop using the office account 0387 for re-investment of matured accounts in CBS Post Offices.
  • As per the SB order 07/2015 Scenario 14 follow the following procedure for re-investment of matured amount in CBS Post Offices.

Revised Re-investment Process

  • When a customer wants re-investment from one scheme maturity value to another scheme, customer should be asked if he/she has a Savings Account in any CBS Post Office.
  • If Yes, then signature in that account available in the system should be tallied with the signature on the Closure Form.
  • If Not, customer should be asked to pen a new savings account under the same CID(fresh KYC documents and Form should be taken if account/certificate matured belong to Pre-migration period).
  • Customer should write on the receipt side of the Account Closure Form or Certificate, the amount to be re-invested, name of scheme and Savings Account number under his/her signatures.
  • In case of new AOF presented for re-investment, under the field "Mode of Deposit", he/she has to write savings account number.In such case, no separate withdrawal form is required to be given and this transaction should be treated as non-cash transaction for the purpose of eligibility of commission to agents(if AOF contains details of agent).
  • Once Postmaster/Sub Postmaster is sure about the genuineness of the depositor (from signatures/photograph /any other identification), total maturity value+interest should be credited into that Savings Account and then amount to be re-invested should be debited/withdrawn from this Savings Account and credited/deposited in the concerned new account while funding.
  •  No re-investment should be accepted if customer does not have a savings account in a CBS Post Office or customer is not ready to open new savings account, in such a case, payment should be made by Postmaster Cheque only.

  


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