Admin Saturday, February 15, 2025
Guidelines for RD Claim Closure
The following points to be noted while attending the RD Claim Closure process
Upto 11 Instalments - Deposit amount only paid / No Interest eligible
Exceeding 12 instalments and less than 5 year – please refer Gazette notification released during time to time interest changed ( as per Date of Opening )
Completion of 5 years – Treated as like normal maturity & Proportionate amount of maturity value should be given to claimant and PMI also eligible if any.
Nominee or legal heir can continue till maturity or transfer of account in his/her name by submitting claim application and continue till maturity.
Deposit after the date of Death - Treated as Excess Deposit ( No interest for credit after the date of death )
All the SPMs / Counter PAs are instructed that in Finacle "the RD Claim closure before maturity period – i.e., below 5 year cases” should be closed only by Cheque mode or ECS to the other banks.
Death claim is handled based on CIF and hence after marking CIF as deceased through CMRC command and SOL has to select death closure as YES in CRDCAAC criteria ( Enter CIF and fetch the Accounts number to be closed) then select reason code as DTCLM.
Note :
If any CIF merger with claimant CIF/ POSB Credit will give SB Interest rate (4%) like normal PMC and leads to Short / Excess payment to the claimant.
Information shared by Shri. M. Rajendran, Supervisor, SBCO, Dindigul HPO
