Reason for non generation of interest for NSC/KVP accounts in DOP Finacle

• Generally in DOP Finacle we will use the menu CSCCAAC for the NSC/KVP accounts for closure operation.
• For bulk closure we will use the menu CNSBCV.
• Menu option for bulk discharge of certificates is CNSBCV in DOP Finacle.
• When we invoke the menu CNSBCV then the screen shot for the menu CNSBCV will appear as shown in the below figure

Salient Features of bulk closure menu CNSBCV

1.   Using this menu Users can close UP TO 50 certificates belonging to same Registration Number and CIF Id combination can be closed in one attempt.

2.       Both NSC and KVP certificates can be closed using the menu.

3.      Bulk Closure can be used only if ALL the certificates under Registration Number and CIF Id combination are mature and due for closure, ELSE accounts need to be closed manually.

4.      Users can Close, Verify and cancel the Certificates using the same menu.

5.      Function Code, Registration Number, CIF ID and Product Type are the fields mandatory to be provided by the user.

6.  Other fields such as Sol Id, Closure Value Date and Closure Reason Code are auto populated.

7.       Only same sol operations are allowed in this menu so the field is un-editable.

8.   If customer does not want to receive cash and wants to specify a specific Repayment Account Number instead of Operative Account mentioned at Account Level, value can be entered in Repayment Account Field Provided.

9     Once the closure request is initiated, the same needs to be verified by another user on the menu by providing same Registration Number and CIF Id combination.

10.  After verification the closure for the available mature certificates (maximum 50) will be initiated.

11.   Discharge Journal will be generated in HPR after 10mins, where user can check the status of individual account closure.

• But in some cases system will not generate the interest due to the below mentioned reason.

Root cause for non generation of the interest for NSC/KVP accounts in DOP Finacle :- 

• We observed that many of the users are using the menu HCAACTD for closing the NSC/KVP accounts which is a flaw.
• When we use the menu HCAACTD to close the NSC/KVP accounts system will not generate the interest as this menu is used for closure for MIS/KVP accounts only. 
• Hence it is kind advise for the DOP Finacle users not to use HCAACTD menu for closure of NSC/KVP accounts.
• Always it is advised to use the respective menus for the respective schemes in DOP Finacle otherwise we will face this kind of errors.
• I am illustrating an example in the below screen shot where only principle amount transferred when NSC accounts closed and transferred to SB account of the customer in the below screen shot for all the viewers

• From the above screen shot it is clear the user closed the NSC accounts of 5000 each and transferred to respective SB account of the customer but system not generated the interest only principle amount was transferred due to the reason that user closed the account using the menu HCAACTD.

Solution for the above Problem :-

• When any user by mistake done the NSC/KVP closure using the menu HCAACTD then immediately report the same to your respective Divisional Head take the permission and pay the interest amount accordingly.