Wedding Expenses Withdrawal - Instructions in DOP Finacle

Finacle news SB

• Instructions to be communicated regarding the wedding expenses withdrawal  are given below for  circulation as directed:
• For wedding expenses, the Government has allowed withdrawal limit as Rs.250000-. Patch for the same is being deployed in Finacle.
• As per RBI guidelines / DoP rulings, the officials should check all the relevant documents and obtain the declarations from the customer requesting for withdrawal from their POSB account in connection with wedding expenses.
• The following conditions are mandatory for withdrawal in respect of wedding expenses:

1. KYC documents should have been submitted for the account; PAN card should have been updated. These checks are done on the CIF of account holder..
2. The maximum withdrawal allowed is  Rs.250000 or the closing balance of the account as on 08/11/2016, whichever is lesser and subject to the minimum balance limits applicable on the account. ( Rs.50 for non-cheque accounts and Rs.500 for cheque accounts)
3. ​​

SBCO is advised to monitor the high value withdrawals at all the POs under their control. Report on such transactions can be generated using HFTR / HFTI menu with the Report Code field filled as WEDLM, on daily basis.