Solution for the Rd disbursement error -"account open date of SB account is greater than loan value date" in DOP Finacle

Loan against RD in DOP Finacle

Scenario:-

             A customer has a RD account He/She wants a loan/half withdrawal against his account.How we will sanction the Loan/half withdrawal against RD is explained in this post step by step.

Loan/Half withdrawal against RD:-

• Only one loan/half withdrawal against RD account will be allowed during the tenure of the account.
• For loan/half withdrawal against RD, amount not exceeding the 50% of the outstanding balance in the account can be sanctioned minimum after one year of A/c opening where minimum twelve deposit installments are collected.
• Loan\Half withdrawal against RD should be in multiple of Rs 5/- and should be repaid either in lump sum or equal monthly installments.
• The number of loan/half withdrawal installments shall not exceed the number of months remaining for maturity of the account or post maturity period for which account is continued.
• In case of repayment in one lump sum or equal monthly installments,interest shall be calculated on the amount of withdrawal for full calender months from the month of withdrawal to the month of repayment irrespective of the date on which the amount is withdrawn or repaid.If the repayment with interest is made on or before 10th of a month, no interest shall be payable for that month.
• Loan accounts can be opened for individuals or joint holders based on the RD accounts mode of operations.
• In DOP Finacle we will open the RD loan account using the menu CAOLARD for step by step procedure users can CLICK HERE.
• After creation of RD loan account by using the above mentioned procedure we have to disburse the amount by using the menu LARDD.
• But sometimes while disbursing the loan amount for RD account we will get the error-"account open date of SB account is greater than loan value date" in DOP Finacle.
• The error screen shot will be as shown in the below figure

• From the above screen shot it is clear that system is showing the above mentioned error and the solution for the above error is mentioned below.

Solution for the RD loan disbursement error :-

• The above error will occur when the user try to transfer the RD loan disbursement amount to the customer SB account which is opened after 1st date of a month. During this process system will give the above mentioned error.
• Generally in DOP for a RD loan account interest generation will start from the 1st of that corresponding disbursed month. For example if loan disbursed on 13/07/2017 then interest generation will start from 01/07/2017 in DOP.
• Hence only solution is transfer the disbursement amount to some other SB account which is opened before 1st of that corresponding disbursed month or issue the cheque for that amount by transferring to postmaster account(SOLID+0340).
• This is new validation kept in DOP Finacle recently in production hence the users are requested to follow the above mentioned procedure for the mentioned error.

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