SB Order 26/2021 -RD loan Amount adjustment in CBS Post Office

FS Division Issued SB order 26/2021 on dated 09.09.21 regarding Adjustment of outstanding RD Loan/Interest of matured RD Account through office account in CBS Post office.

SB Order 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 Heads of Circles/Regions

Subject of SB Order 26/2021 : 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 accounts 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 HPAYOFF
  • Select function =P – Pay off loan amount
  • Enter Account ID = RD Loan account number
  • Select Transaction Type = T/BI – Transfer Bank Induced
  • Enter Collect/Refund Account ID – enter (SOL ID+0023)
  • GO
  • Submit
  • Accept

B. Supervisor

  • Run menu HPAYOFF
  • Select function = V-Verify
  • Enter Account ID = RD Loan account number
  • Go
  • Submit

4. After completion of HPAYOFF process, Counter PA shall proceed for closure of RD Loan Account and Recurring Deposit (RD) account. Post offices shall ensure that the RD Account and RD Loan account are closed in the same day in 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

  • Run menu CRDCAAC
  • Select function = Z Close
  • Enter Account ID = RD account
  • Select repayment mode = Cash/Transfer
  • Enter repayment Account = PO Savings Account of SOL ID+0340
  • Select Reason Code
  • Click on Check box close
  • Submit

B. Supervisor

  • Run menu CRDCAAC
  • Select Function = Verify
  • Enter Account ID = RD Account number
  • Go
  • 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 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 issued with the approval of Competent Authority.

Yours Sincerely
(Devendra Sharma)
Assistant Director (SB-II)

Copy to:-

  • 1. Sr.PPS to Secretary (Posts).
  • 2. PS to Director General Postal Services.
  • 3. PPS/PS to Addl. 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 India Post Website.
  • 15. MoF (DEA), NS-II, North Block, New Delhi.
  • 16. Joint Director & HOD, ICCW Building, 4 Deendayal Upadhyay Marg, New Delhi – 110002.
  • 17. Guard file.
  • 18. Spare copies.

Download PDF of SB Order 26/2021

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