Sir/Madam,
This
is regarding implementation of change in interest flow from end of
quarter to beginning of quarter. In this context it is intimate that :-
New scheme codes SRSCM, SRDEF, SRVRS will be configured in production; accounts opened from 1st November, 2020 will be under the new scheme codes.Changed interest flow (1st April, 1st July, 1st October, 1st January) is applicable for the accounts getting opened in the new scheme codes only and the accounts under old scheme codes will continue to be paid interest on 31st March, 30th June, 30th September, 31st December.
Renewal of accounts under the old scheme codes can be done under the old scheme code only, as the interest flow remains the same during renewal.
The new scheme codes will also belong to the existing product group SCSS, to ensure that the existing functionalities & reports are automatically available to the accounts under new scheme codes.
Kindly arrange to circulate above mentioned instructions to all concerned .
With regards,
Puneet Bijaraniya
Asst. Director General (FS-II)
Financial Services Division
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