ECS Process in DOP Finacle as per SB Order 09/2021

 Monthly/Quarterly/Yearly Interest payment and Premature/Maturity closures for TDA type of accounts(MIS/SCSS/TD/RD/KVP/NSC) to Account Holder’s BANK ACCOUNT through ECS mode

Pre Requisite

1. ECS Mandate form
2. POSB Passbook
3. A cancelled cheque leaf or first page of Bank passbook of customer
4. Counter PA will check the name of depositor on cancelled cheque leaf or first page of passbook with respective POSB account’s passbook 

Process

Counter PA to invoke the respective account modification menu and update ECS mandate for existing accounts. i.e.

• CMISAM – MIS/TD
• CSCAM – SCSS
• CSCACM – NSC/KVP certificates issued before 01.07.2016
• CMISAM – NSC, KVP issued on or after 01.07.2016
• CRDACM - RD

Update Fields as below

Note: - User shall enter value in above mentioned fields only, User shall not enter or change any value in other fields.

Note:

1. Both PO (Principal Outflow) & IO (Interest Outflow) flow code to be selected for TD/MIS/SCSS accounts one by one.

2. For NSC/KVP/RD accounts, ONLY TO (Total Outflow) flow code to be selected.

• After all modifications click on Submit.
• After modification, the account should be verified by the Supervisor. Supervisor must tally account number, depositor name, city code, bank code, branch code with mandate form and cancelled cheque/copy of first page of passbook.

Closure of Account

After verification of account modification, Counter PA should proceed for Account closure through respective closure menu.

During Closure, Customer Instruction option should be selected from the Repayment Mode/Close Mode dropdown for amount to be credited to Bank Account.

a. CRDCAAC _ RD Closure

b. CSCCAAC – SCSS Closure

c. HCAACTD – TD/MIS/KVP/NSC

Account closure to be verified by the Supervisor.

1. After verification of Closure, account closure report will be automatically generated in Supervisor login. Supervisor will invoke HPR menu and print account closure report generated in Finacle. This report has to be printed immediately.

2. Supervisor will sign and seal on this account closure report and provide the closure report as acknowledgement of account closure to the customer.

3. ECS mandate form along with cancelled cheque leaf/copy of first page of passbook to be attached with account closure form/premature account closure form and sent to SBCO along with vouchers.

4. ECS mandate form shall be filed in a Guard file in the Post Office for Interest payment.

Customers will get their maturity credits on D+1 working day (D = Date of Closure) in his bank account.

ECS Outward credit facility is not available for 

A. SB, PPF, SSA, NSS87 and NSS92 schemes closures

B. NSC/KVP Bulk closures using menu CNSBCV