Recap:
In the previous lesson we have learnt about how to close SB and PPF accounts. In this lesson we will see how to discharge certificates (NSC/KVP).
Discharge of Certificates.
All certificates (NSC/KVP) will be discharged in the same way. There are two cases in certificates discharge and different procedure is to be observed in each case. The cases are
1. Premature discharge of certificates (in case of KVP) and discharge of certificates by Cash (NSC/KVP)
2. Discharge on maturity and closure proceeds transferred to either customer's SB account or payment by RBI cheque.
Now let us see each case in detail
1. Premature discharge of certificates (in case of KVP) and discharge of certificates by Cash (NSC/KVP)
For premature discharge of certificates and for discharge of matured certificates where payment is made by cash the following procedure is to be followed.
For premature discharge of certificates and for discharge of matured certificates where payment is made by cash we have to discharge each certificate individually.
The menu used in this case is CSCCAAC. Invoke the menu CSCCAAC and the following screen will appear. See the image.
As you can see in the image, choose function code as Z-Close. Choose the product type as NSC for NSC certificates and KVP for KVP certificates. Then enter the CIF id of the customer.
Now click on the searcher beside the Certificate No field.
When you click on the searcher a new window will open showing all the details of individual certificates relating to the CIF.
Please note that each certificate is treated as an individual account of the customer. For example a customer has NSC worth Rs.100,000/- , we will issue him 10 certificates of denomination 10,000 each. In finacle these certificates of Rs.10,000/- each will treated as an individual account of Rs.10,000 under the scheme NSC85 (scheme code of NSC 10,000 denomination of certificates). I hope you are getting my point.
So when we click on the searcher, system will show us the list of all the certificates relating to that CIF id of the customer.
As I have told you in the beginning of this lesson, for cash closures and premature closures, we have to discharge all certificates individually. That means, if a customer has 10 certificates, we have to discharge 10 certificates, one certificate at a time. Hope you are getting my point.
Now click on the first certificate
- After you click on the certificate all other fields will be automatically filled as shown in the next figure. See the image below.
- After all fields are filled up, just click on Go button or press F4 on the keyboard.
- Now you will get a screen as shown in the below image. See the image now.
- If you have noticed , this screen is similar to RD account closure screen. Only Encashment details are extra in this screen.
- In this screen the first thing you have to do is to click on the Close Check box as shown in the image.
- After that choose the repayment mode as cash for cash closures and transfer for SB transfer or cheque payment.
- Enter the appropriate closure reason code. (Try to remember the closure reason codes. For most cases it will be NORML - normal closure, DTCLM for death claim and EXP for exceptional closures.)
- That's all click on SUBMIT.
As in the case of other closures we will not be able to see any maturity value on the screen in case of closures on maturity. In case of premature closures, in the above image, in encashment details we can see total interest on premature encashment.
Full maturity value and post maturity interest if any will be seen only in Supervisor login, that too after verification only.
So just be sure that the date of opening is correct in case of certificates discharge.
Now follow the same method and discharge all the certificates one by one in counter pa login.
After discharging is over in counter pa login, supervisor can verify them using CNSBCV menu. All certificates can be verified in a single step.
After verification is over, system will generate reports containing the interest and maturity values of the certificates.
After verification is over, Supervisor shall invoke the menu HPR. A new screen will appear. Just click the GO button in the new screen. A list of reports will appear below the GO button.
In those lists open the report which will be named as "NSC/KVP CLOSURE SUCCESS REPORT". In this report , you will find all the interest and grand total figures.
Hope you have understood the procedure.
Now let us move to the second case.
2. Discharge on maturity and closure proceeds transferred to either customer's SB account or payment by RBI cheque.
If you want to make payment of the certificates by transferring the maturity value to SB account of the customer or by RBI cheque please follow the below procedure.
1. Invoke the menu CNSBCV. After invoking the menu you will get a screen as shown below. See the image.
As you can see in the image
1. Choose the function as Z- Close
2. Enter CIF id and Registration number of the certificates.
3. Choose product type as NSC for discharge of NSC certificates and KVP for discharge of KVP certificates.
4. If you are transferring the closure proceeds to SB account of the customer, then enter the SB account number of the customer in Repayment account field. If you are making payment by giving RBI cheque then you need not enter anything in Repayment account field.
Thats it click on SUBMIT.
These are the steps to be followed in counter PA login.
Now we have to verify the discharge of certificates in supervisor login.
In the supervisor login enter the menu CNSBCV. Same screen as shown in the above image will appear. Now choose function as verify, enter registration number and CIF id.Also choose product type.
That's it. Click on SUBMIT.
Please not that maturity values will not appear on screen in counter pa login and as well as supervisor login.
After verification of certificates in supervisor login, a report will be generated. Use the menu HPR to view the reports. Find a report named as "NSC/KVP closure success report". Open this report and you will find all the details of certificates along with principle and interest values.
So this is how we discharge certificates in finacle.
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