When an RD account having loan approached for closure then there will be 2 cases they are mentioned below
- RD account having loan account approaches for before maturity period (Premature closure).
- RD account having loan approaches after maturity period (Mature closure).
- If the customer approaches for RD account closure having loan before maturity period (Premature closure) then as per the POSB norms we will not collect the loan interest from the customer
- In Counter PA login invoke the account closure menu CRDCAAC and close the account.
- Then the system will auto calculates the Net amount i..e, it will deduct loan amount and net balance to be paid to the customer will displayed by the system.
- Supervisor has to verify the account closure using the menu CRDCAAC.
- Counter PA has to invoke loan repayment using HLAUPAY menu.
- Supervisor has to verify the transaction done in HLAUPAY menu.
- Counter PA has to invoke the menu HPAYOFF to make the loan amount '0'(zero) and system will calculates the loan interest.
- Supervisor has to verify the transaction done in HPAYOFF.
- Counter PA has to invoke the menu CAACLA to close the loan account.
- Supervisor has to verify the transaction done in CAACLA. Now the loan account is closed we have to proceed for account closure in the next step.
- Counter PA has to invoke the menu CRDCAAC to close the account.
- Supervisor has to verify the transaction done in CRDCAAC. Then the system will calculates the net amount to be paid to the customer after deducting the loan amount and interest on loan amount.
- Note:- In Case 2 if the customer repaid total loan amount in Sanchay Post then the system will not generate the loan account number during migration. For loan interest system will mark LIEN hence we have to modify the LIEN amount to '0'(zero) and the same should be charged under RD loan interest then proceed for RD account closure.