Introduction Business Scenario Finacle CBS Process Overview Key Terminologies Step by Step Process Demonstration Summary.

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Presentation transcript:

Introduction Business Scenario Finacle CBS Process Overview Key Terminologies Step by Step Process Demonstration Summary

Lesson Objective Duration Intended Audience To understand the process of managing a Public Provident Fund (PPF) account Duration 2 Hours Customer Service Intended Audience

Business Scenario Business Scenario 1 A person wants to open a PPF account with some initial amount. How will you open the PPF account for him or her?

Business Scenario Business Scenario 2 A customer wants to deposit some amount in his PPF account. How will you help him in depositing the fund?

Business Scenario Business Scenario 3 A customer has maintained a PPF account for five years. She wishes to withdraw partial amount from the account. How will you help her with partial withdrawal? Let us see the generic process in detail for these activities in Finacle CBS.

Finacle Process Overview The approach for managing a Public Provident Fund Account: Public Provident Fund (PPF) is a Savings deposit scheme with a specified minimum and maximum amount of deposit per annum. The deposits into the account in a year qualify for exemption under Income tax Act. The management of a PPF account include the following processes: Opening of the PPF account Funding of the account Transacting (deposits and withdrawals) in the account Sanctioning loan against the deposit (Covered in a separate module ) Closing of the account Inquiring and generating reports

Key Terminologies TERMS DESCRIPTION 1 Deposits Various denomination of money credited to the PPF account. According to the present rules, the minimum amount per annum is Rs.500 and the maximum amount is Rs.100000. 2 Withdrawals Partial amount could be withdrawn from the account after the completion of a minimum period of five years. 3 Discontinued account An account is discontinued where the minimum deposit for a year is not received. Loan and withdrawal are not allowed in such accounts. 4 Extension A matured PPF account can be extended for another five years. This can be extended for further blocks of five years. 5 HUF Hindu Undivided Family. Such customers are not allowed to open PPF.

Step by Step Process Given below is the step involved in managing a Public Provident Fund account in Finacle: Invoke the menu option CPPFAO/PPFAO to open a PPF account. The account requires verification by another user using the menu option CPPFAV/PPFACVF. You can fund the PPF account by invoking the menu option CPDTM and posting the transaction. You will use the same menu option CPDTM for all future deposits. You can perform part withdrawal by invoking the menu option CPWTM and posting the transaction. Invoke the menu option HCAAC to close a PPF account. Which requires verification using the same menu option.

Demonstration

Summary Congratulations!! You have successfully completed the lesson on Public Provident Fund account in Finacle. Following are the summary of important points discussed in this lesson: PPF is a Savings deposit account which qualifies for tax exemption. A person (even minor) can have one individual PPF account. There are restrictions regarding deposits, withdrawals and tenure of such account. In Finacle, the menu option for opening a PPF account is CPPFAO/PPFAO which requires verification using CPPFAV/PPFACVF. You can deposit fund in the account using CPDTM and withdraw using CPWTM. A PPF account can be closed using the menu option HCAAC and is verified using the same menu option.