Issues
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Process in Sanchay Post
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Process in Finacle
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1. A/c Open
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A/c opening with CIF
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No Customer Information File (CIF) concept in Sanchay Post.
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CIF has to be created for every depositor. On migration, CIF is created for each depositor or guardian
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Funding of accounts
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Deposit is accepted at the time of A/c opening and purchase of certificates.
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Deposit is called Funding. Account can be funded either at the time of opening or after opening.
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2. Cash Certificate
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Issue of certificate
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1. Certificates are issued against new registration No.
2. On issue of certificate stock is reduced & certificate No. comes.
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1. On migration, account is created for each certificate. One account is opened against each certificate. Under one Registration No. 25 A/cs (certificates) can be opened / issued.
2. Stock is linked to printing of certificate. User has to invoke the menu of printing a certificate to issue certificate & get certificate Number. Then the stock gets reduced.
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Certificate transfer / Name change
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For Certificate transfer from one person to another or single to joint or joint to single, old certificate is to be discharged and new certificate is to be issued.
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CIF is to be created for new depositor and then CIF of earlier depositor is to be suspended. New CIF is to be attached to the existing certificate. On the physical certificate, name of old customer is to be rounded and new customer to be added. In case of single to joint, name of new customer is to be added on the existing certificate.
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NC4a issue
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If certificates are not in stock, NC4a receipt is issued from Sanchay Post and amount is accounted against certificate issue. Later, certificates are issued on receipt of stock against this NC4a receipt.
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Receipt from NC4(a) has to be issued indicating denominations selected in A/c opening (denomination selected cannot be changed later). An account is opened against each certificate and Counter PA has to enter the NC4(a) receipt number in the relevant field. On of stock, the Counter PA has to print certificates against account created under NC4(a).
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3. Cheque Transaction
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Cheque clearance
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Cheques are entered against A/c Nos. and for new A/cs marking as New Account against A/c No. Lists are printed at SOs and sent to HO with cheques. In HO, cheques of SOs and HO are entered in Sanchay Post and combined list is handed over to Treasurer along with cheque for clearing. After clearance, HO Counter makes accounts of his own cheques, accounts for SO cheques as Part-II and sends intimation to SO under part-III for posting in SO ledger.
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Cheque clearance is totally different from Sanchay Post. It has a full-fledged Cheque Clearing Module. Cheque for Savings A/cs, can be lodged/entered against the relevant account. Cheques for other schemes are to be lodged against specified Office Account.
Till CSI, comes, the cheque clearance will be handled by the Treasurer as earlier. Treasurer will be handed over two lists, i.e one of Sanchay Post and another of Finacle.Posting of cheques lodged in Finacle will be done in Finacle at HPO level.
When SOs will come in Finacle, there will be no need to send any intimation to SO for posting. In case of new accounts, SO can see the credit happen in Office Account of HO and can open and fund/make deposit in account from the office account putting date of credit as value date.
Once CSI comes, the clearing house activities will be handled by Treasurer by using Finacle CBS cheque clearing module.
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Account opening through cheque
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Account opened through cheques can be opened and credited by selecting the cheque details from the list of cheques cleared in Sanchay Post.
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Cheques of other Banks cannot be lodged against the scheme or account number. These are to be lodged in Office A/c. On receipt of credit, the account can be funded /deposited by debiting/withdrawing amount from that Office A/c.
While opening new accounts, cheque details to be filled in Remarks field so that the same comes in remarks column of LOT.
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Subsequent deposits through cheque in RD & PPF A/cs
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These cheques can be lodged/entered against the RD and PPF accounts and on receipt of clearance, deposit can be given by just selecting the relevant cheque number from the list.
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Cheques have to be lodged against designated Office Account and on clearance, each and every deposit is to be made in the relevant RD and PPF account by debiting relevant office account. There are chances of mistakes and the procedure is time consuming also.
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4. Death Claim
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Death Claim closure
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The Counter PA has to enter date of death and all other calculations are done by the Sanchay Post system.
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Different processes are followed for different death claim cases. CIF of the deceased has to be suspended.
In case, nominee or legal heir wants to continue account, his/her CIF has to be created and existing account has to be attached with new CIF.
All the nominees or legal heirs have to come together to claim amount as there is no provision to keep the amount in the account for the nominee or legal heir who does not claim along with other one.
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5. Inventory
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Inventory process
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Inventory process is for local office and maintained for Cheque, KVP/NSC & Passbook with facility to enter invoice number details.
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There is no provision for Passbook inventory. Process of inventory of certificates and cheque books is also different.
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6. Office A/c
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Maintenance of Office accounts
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There is no concept of Office Accounts as it is based on Single Entry system.
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It is based on Double Entry Accounting system. Every entry has two legs i.e Debit/withdrawal and Credit/Deposit. Many Office Accounts have been opened for taking care of the second leg of posting. LOTs are also printed based on the second leg of posting and General Ledger Balances/Scheme-wise Balances in an office are also created with the second leg of posting. Some of the Office Accounts are to be operated by Counter P.As and Supervisors and some are maintained by the System itself.
Many of these accounts have to be watched by SBCO or Postmaster or Division/Region/Circle/DAP Offices in the shape of reports.
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7. RD
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RD agent portal
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There is a provision to attach RD Accounts with an identified MPKBY Agent and when agent presents List (LOT), amount of List can be accepted pending its posting. Amount of all such Lists are reflected in RD LOT and posting against pending LOTs can be done at a later date with date of presentation of List as date of deposit.
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There is no provision to accept RD List (LOT) without posting at the counter. Once account is attached to the agent (migrated from Sanchay Post or opened in Finacle), deposit cannot be accepted at the counter in that account unless depositor gives in writing to cancel the attachment with agent.
For bulk acceptance of RD deposits from MPKBY Agents, an Agent Portal has been developed which can be accessed through DOP website using internet.
All MPKBY agents are allotted Login ID and Password to operate Agent Portal. On login into Agent Portal, all live RD accounts attached with the agent are visible to the agent. Agent can select the installment month and default fee or rebate will be calculated by the system. MPKBY Agent can prepare List (LOT)s in three different modes i.e cash with limit of Rs.10,000/-, by POSB Cheque and by other Bank Cheque. One MPKBY Agent list should contain maximum 50 A/cs.
System generates one reference number on the printed List (LOT). On presenting the list, Counter PA enters the reference number and compares the entries in the printed LOT and does the needful. System once again validates the entries and accepts the deposits. If any deposit is rejected, Counter PA can print the revised LOT and return the excess money to agent. Counter PA will save the transaction posted and then Supervisor has to validate the posting. In case of other Bank cheques, no posting is done until clearance of cheque. On credit receipt, the List can be accepted for posting by debiting that Office Account.
There is no provision to keep the posting of RD pending. Agent commission automatically gets credited into Agent’s Savings account after deducting the TDS. All entries of all agent LOTs will be printed in the Counter LOT. Therefore, it is advised that only one counter should be identified for accepting agent LOTs.
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8. Savings A/cs
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Savings /NSS /PPF A/c closure
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Savings A/c closure, all calculations of closing interest are done by the software.
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The balance is to be made Zero by withdrawal. Then closing interest to be viewed, if required to be calculated. Closing interest has to be seen by going through transaction details or by invoking print report. Supervisor while authorizing closure is not able to see any amount.
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9. Specimen Signature
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Shifting of signature scanning and other related work to CPC.
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Signatures are scanned at the Post Office counter. There is no provision of signature scanning in SOSB and also no provision for photo scanning in Sanchay Post.
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Earlier Process: ECMS document scanning and storage system was implemented. Counter PA has to take additional signatures on the perforated slip of new Account Opening Form (AOF) and paste the same in SS Book after tearing from AOF. AOF with KYC documents was sent to CPC daily. At CPC, AOF & KYC documents were matched and on acceptance, these were scanned in ECMS and uploaded into Finacle Core. The scanned images were available in ECMS and CBS Finacle both and any CBS post office is able to view. Photo and signature were separately stored & available in the shape of an icon called “SVS” for Finacle withdrawal and closure screens. Physical documents are sent back to concerned Post Office by CPC along with rejected documents showing the objection for rectification. Post Office will get the rectification done and resubmit the documents with AOF to CPC.
Process from 1st April 2015: New simplified 1 Page (back to back) Account Opening/Purchase of Certificates Application Form (AOF) is to be used. The new customer has also to fill (for one time), KYC Form in duplicate and put photo and signature on the same. AOF, KYC Form (one copy) and KYC documents (New / existing customer & returned from CPC) should be preserved at Post Offices in A4 size Ring Binder date-wise. One copy of “KYC Form” is to be sent to CPC for scanning. At CPC, photo and signatures are attached with CIF & account level. “KYC Form” received at CPC will be preserved at CPC.
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10. Term Deposits
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Payment of interest in MIS,TD, SCSS etc.
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1. Interest is credited into the MIS/TD/SCSS Accounts and also paid from the A/cs.
2. Interest is credited to the customer’s Savings A/c on written request called Standing Instruction (SI) – Auto transfer.
3. Interest is paid for the day of account opening and not for the day of closure.
4. Rounding off was being done every quarter / month as the case may be, to the higher side of a rupee if interest is in 50 paisa or more.
5. Interest is calculated equally for every month.
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1. Interest is not credited to the MIS/TD and SCSS A/cs. Interest of these accounts is calculated and credited into specific office Sundry A/cs. Interest is also has to be paid from the Sundry Account.
2. Interest is credited to customer’s Savings A/c on due date automatically on specifying the repayment A/c. It is desired that all such customers should be requested to open Savings A/c and link as repayment A/c.
3. Interest is not paid for the day of account opening and is paid for the day of closure. Total interest in both the cases will be same.
When account is opened in Sanchay Post and closed in Finacle, one day’s interest will be paid extra. Therefore, this extra interest is being deducted in Finacle during first payment after migration.
4. Finacle adjusts rounding off every quarter/month to restrict total interest to the actual rate of interest. Therefore, any extra interest already paid in Sanchay Post due to higher rounding off is also deducted during interest credit of first quarter/month after migration.
5. Interest is calculating on basis of number of days in a month from the date of opening of account. That is why the interest amount differs from month to month / quarter to quarter.
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11. Transfer of A/c
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Transfers between finacle and non finacle offices
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There is a provision to transfer any account to any post office and it generates Advice of Transfer along with Transfer journals.
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The account transfer in / out can be done among CBS post office only. There is no need to generate any AT or Transfer Journals or do the pairing. Only, the post office, after satisfying the genuineness of depositor, has to change the home SOL(post Office) of the account and account will be transferred on the spot. A report can be generated showing accounts transferred from one SOL to another in all CBS post offices. Only PPF & SCSS can be transferred between CBS & non-CBS Post Offices.
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