Standard Operating Procedure: Credit of Claimed Amount in PoSB Account

The step-by-step procedure for processing the credit of a claimed amount from a deceased account holder's PoSB account to the nominee, utilizing Finacle core banking system commands.

1. Initial Account Status Update & Closure

• Action: Update the Customer Information File (CIF) status and close the deceased's account.
• Procedure: Update the CIF status to "Deceased."
• Execute the HCAAC command to initiate account closure.
• In the closure menu: Select the closure reason as "DTCLM" (Death Claim).
• Designate the nominee's Savings Account (SB) as the beneficiary account for the balance transfer.
• Outcome: The account is formally closed, and the ledger balance is prepared for transfer.

2. Electronic Clearing Service (ECS) Mandate Setup

• Action: Configure the system to transfer the funds via ECS.
• Procedure: Execute the HCCA command.
• Within the command: Select the appropriate Transfer Type.
• Set the Transfer Account as SOL+ECSOW.
• Verification Requirement: This initial ECS setup transaction must be verified and authorized by a supervisor before proceeding.

3. ECS Fund Transfer Execution

• Action: Initiate the actual transfer of the claimed amount to the nominee's external bank account.
• Procedure: Execute the HOTCE command.
• Click the "Add" button, followed by "Go."
• On the transaction screen: Enter the full closure amount in the designated Amount field.
• Navigate to the subsequent screen to input the nominee's complete external bank account details (e.g., account number, IFSC code, bank name).
• Submit the transaction for processing.
• Verification Requirement: The HOTCE fund transfer transaction must also be verified and authorized by a supervisor.

4. Final Verification & Record Keeping

• Action: Confirm the successful generation of the transaction.
• Procedure: Upon successful supervisor verification in HOTCE, a unique Transaction ID is generated within Finacle.
• This Transaction ID and the associated details must be verified by the Counter Posting Authority (PA) as a final check.
• Outcome: The process is complete. The funds are scheduled for transfer via ECS to the nominee's designated bank account. The Transaction ID serves as the definitive audit trail for this claim settlement.

Summary: The process involves four critical stages: 1) updating records and closing the account (HCAAC), 2) setting up the ECS mandate (HCCA), 3) executing the transfer (HOTCE), and 4) final verification. Supervisory authorization is mandatory after both the HCCA and HOTCE steps, with a final check by the Counter PA on the generated Transaction ID.