Understanding the SSA Death Claim Closure Procedure in Finacle: A Comprehensive Guide in 2024

Understanding the SSA Death Claim Closure Procedure in Finacle: A Comprehensive Guide in 2024

SSA Death Claim Closure Procedure in Finacle: Sukanya Samriddhi Account is a savings scheme intended to secure the future of a girl child, offering attractive interest rates. In the event of the unfortunate death of an SSA account holder, the account can be closed, and the balance claimed by the nominee or legal heir. This process includes the closure of the SSA account and the determination of the interest applicable between the date of death to the date of closure of the SSA account.

In this blog article, we will guide you through the step-by-step process for closing an SSA account in Finacle against the death claim scenario along with common questions to clarify doubts.

SSA Death Claim Closure Procedure in Finacle Step by step Guide

As per the Sukanya Samriddhi Account Scheme, 2019, the interest on the balance of the SSA account will be paid at the Post Office Savings Account rate for the period between the date of death and the date the account is closed. The following steps are involved in this process:

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Step-by-Step Procedure:

(i) Configuration of Interest Rate by Counter PA:

• Invoke Menu: The Counter PA (Postal Assistant) will use the HINTTM menu in Finacle to change the interest rate applicable for the SSA account.
• Select Function: Select M – Modify and then select Entity Type = A – Accounts.
• Entity ID: Enter the SSA Account number.
• Interest Table Code: Select SBINT as the applicable table for Post Office Savings Account.
• Start Date: Enter the date of death of the account holder +1.

For example, if the depositor passed away on 03-04-2021, enter 04-04-2021 as the start date.

• End Date: Set the end date as 31-12-2099.
• Submit: Click Submit to confirm the changes.

(ii) Verification by Supervisor:

• The Supervisor will invoke the HINTTM menu again.
• Select Function: Choose V – Verify.
• Verify Details: The Supervisor checks the account number and the rate that is applicable, so that the correct rate is applied.
• Submit: Once verified, click Submit to complete the process.

Important Things to Note on SSA Death Claim Closer in DOP Finacle

• Once the interest rate has been set up, the Counter PA will follow the standard procedure in closing the account.
• During account closure through the HCAAC menu, ensure that the field ‘Apply Interest till Date‘ in the CLOSURE tab is selected as YES.
• All counter operations (account opening, deposit, withdrawal, transfer, and claim) for the SSA scheme should be done by the Postal Assistant and Supervisor using the correct menu in the DOP Finacle system.

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FAQs About SSA Death Claim Closure in Finacle

1. What is the SSA account interest rate after account holder’s death?

Under rule conditions, the interest is debited at the rate of the Post Office Savings Account during the period of the date of death of the account holder till the date of the final closure.

2. How do I configure the interest rate in Finacle for the SSA death claim closure?

You have to access the HINTTM menu in Finacle and choose the modify function to set up the Post Office Savings interest rate.

3. Who checks the death claim closure of the SSA in Finacle?

The Supervisor is to check the details and confirm the applied interest rate for the account.

4. How do I ensure that the interest is applied correctly at the time of account closure?

Select ‘Apply Interest till Date‘ = YES on the CLOSURE tab to get the correct interest to apply up to the closure date while closing the process using the HCAAC menu.

5. Is the process for the SSA death claim closure a process that can be accomplished without the supervisor’s verification?

No, the process has to be verified with the supervisor so that no details are left out, hence submitted correctly.

Conclusion on SSA Death Claim Closure procedure in Finacle

The SSA Death Claim Closure procedure in Finacle is quite simple, but the details have to be very accurate so that the correct interest rate is applied and the account is closed accordingly. With the steps as outlined above and proper verification, you can successfully process the death claim closure in the Finacle system.

This will help in closing the account on time and ensure that the amount is received by the beneficiary along with the proper interest.

For any further assistance or query related to the closure of SSA Death Claim in Finacle, please approach your nearest Post Office or contact the Finacle support team.